Hold on To Your Hats - Wave II of the Financial Crisis is Hitting

If you haven't heeded what Allen and I have been saying about the economy in our "Out of The Fire" series regarding continued credit tightness.... you need to watch this more than ever.
The residential sub prime crisis was bad. The bubble it represented burst and some things went back down to the pre-bubble inflated state. Others went right past the low water mark, like housing.
Industrial production is down to 2002-2003 levels. Housing is 75% below it's peak. Commercial Construction is 33% off it's peak. Credit is virtually non-existent for small business. And now it's about to get a lot...... WORSE.
Why? the banks are going through round two of the big asset value meltdown. I don't need to say more. Listen to Ms. Warren, who chairs the congressional oversight committee.