"....would those of you in the doom&gloom and Chicken Little camps be able to suspend your rumor-mongering for a few minutes to see if you can produce some links tied to a credible reporting source?"
I don't know about the others, but my source is credible
If you like to read some links about the second round of mortgage defaults, here are a few references:
"...the next round of mortgage defaults is coming from two classes of mortgage lending that are slightly (but barely) more financially responsible than sub-primes. There were nearly $1 trillion in sub-prime mortages, but these new (to most Americans) forms of mortgages, the Alt-A and Option ARM mortgages, total roughly another $1.5 trillion. Given the fact that the banking industry has already sustained some devastating shocks, there is increasing doubt about the continued viability of many of the largest banks still left standing."
The Next Round of Mortgage Shocks
"Subprime was the tip of the iceberg," said Thomas Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. "Prime will be far bigger in its impact."
A second, far larger wave of U.S. mortgage defaults is building - International Herald Tribune
My banking friend actually suggested that there were more problems in the works than this alone.
It would be nice if some "credible" source would actually tell us in advance of all of these financial crisis. Seems like we would just wake up one day and another big finanacial institue was in dire staits. My Fidelity advisor was telling me to buy more stocks through much of the early stages of our recent meltdowns. Nor did I see articles in the WSJ advising people to get into allr cash positions. I think hearsay, a little common sense and some prudent apprehension are about the best we're going to have if there is indeed a new crisis in the works.