This is the third gigantic bubble that the Federal Reserve has inflated and when this one pops it's not going to be the third time's the charm. It's gonna be three strikes you're out because I think that this bubble is too big to pop. It's the mother of all bubbles and when it bursts there is not a bigger one that the Federal Reserve is going to be able to inflate to mask these problems meaning that we can't kick the can down the road anymore we're gone we're going to have to deal with these problems.
I think the problem that we're going to be confronted with is going to be much worse than a financial crisis, it is going to be a dollar crisis and it is going to be a sovereign debt crisis where the bonds that people are worried about are not some subprime mortgage that some guy borrowed money to buy a house that can't afford. It's going to be the US government that people are worried about and the the the solvency of the government and the Treasury bonds.