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Chris Whalen: US Foreclosure Crisis A ‘Cancer’

Chris sees the foreclosure crisis developing into a drip, drip of foreclosed property, unpaid property taxes, and loan losses. In his view, the Obama Administration is in a similar position to the Hoover Administration during the Depression.

I’ve been saying for a long time Barack Obama is walking in Herbert Hoover’s shoes. And they’re making the same mistakes – almost unconsciously. I think it’s much the same as it was in the Twenties and the Thirties. The government then didn’t realise what was happening. And I think our leaders are caught in the same problem."

The video is below. It runs 7 1/2 minutes.

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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