Pessimistic comments from Prem Watsa

"Fairfax Financial Holdings Ltd., like Campbell's Soup, has defied the stock market carnage as Wall Street and the global financial system melts down. Fairfax has defied gravity because the property and casualty insurance company, led by its Chair Prem Watsa, realized a few years ago this perfect financial storm was about to hit. So it positioned its gigantic portfolio of premium income and profits to not only withstand the storm, but benefit from it....

The Federal Reserve Board goosed the system, never took away the punchbowl, kept cutting interest rates leading to the real estate bubble. Now interest rates are at 2% and they have run out of ammo.....

This is more serious than the financial crises of 1972, 1974 or 1987. We have not seen this happen before, big huge institutions going out of business....."-Stock Article Link