Banks are continuing to take losses and write down loans.

Poor quarterly results from banks across the US over the past two weeks suggest credit problems once confined to high-risk mortgage borrowers are spreading across the consumer landscape, posing new risks to the economy and weighing heavily on the markets.

This is not a problem limited to one portion of the market. It is wide spread, and it is systemic, driven by the Fed’s, specifically Alan “Bubbles” Greenspan’s, decision to create a credit bubble to address the dotcom meltdown of 2000-2001.

Too many people owe too much money, and much of this money should never have been lent out in the first place.