Personally, I think "Lehman Brothers II" is a lousy name for a company. But I digress...
Sept. 16, 2011, 12:01 a.m. EDT
Lehman Brothers II crisis is coming soon
Commentary: Canadian strategist says debt will produce ‘ugly’ result
By Howard Gold
NEW YORK (MarketWatch) — Three years ago, the House of Lehman collapsed like a house of cards. And if you thought the original was scary, just wait until Lehman II comes to a theater near you — in IMAX 3D with digital surround sound.
That’s the view of sober-minded Canadian strategist and money manager John Stephenson, senior vice president of First Asset Management in Toronto.
He predicts a new, Lehman-like financial crisis in the next six to 12 months, only this time involving the debt of governments and European banks.
He thinks it could drive stocks much lower, to levels at which they traded, well, just after the collapse of Lehman and AIG in fall 2008.
“When it happens, it’s going to happen fast, and it’s going to be ugly and very deep,” he told me in a telephone interview, adding that he expects it to be “worse than the last crisis. Last time around, the governments had some room to bail people out. They don’t have that capacity [now].”
Stephenson isn’t well-known in the United States, but I find him smart and credible. He’s been named one of the 50 best money managers in Canada and is steeped in Toronto’s conservative Bay Street culture.
Other famous investors agree with him. Investing giant George Soros, for one, said: “This crisis has the potential to be a lot worse than Lehman Brothers.”
Full Story: http://www.marketwatch.com/story/lehman-brothers-ii-crisis-is-coming-soon-2011-09-16?link=MW_story_popular
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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