Monday, Sep 29, 2008
The nation's entire financial system slid toward a terrifying abyss, they say
SOTT: Signs Economic Commentary for 29 September 2008
Summary: Let's start at the end and then go back to the beginning of the past week. The end result, as of Sunday night, the 28th, was a massive, $700 billion bailout agreed upon by the U.S. Congress and the President.
So what caused this massive action, one that no one seems comfortable with, to avoid "a full-blown economic meltdown?" What happened on Wednesday that so spooked the stewards of the global economy, that pushed aside as the top story of the day the largest bank failure in U.S. history? According to a report on NPR, it had to do with the "commercial paper" market. Money almost couldn't be borrowed for a day by even the most creditworthy borrowers...
Posted by malct @ 06:49 PM (392 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. malct said...
What happened on Wednesday that so spooked the stewards of the global economy, that pushed aside as the top story of the day the largest bank failure in U.S. history?
keep asking yourself the same question until you wake up.
or stay asleep HEY ! WAKE UP !
2. Ilejustwait said...
on the news,the bailout was rejected
3. planning4acrash said...
Again, its not $700bn, its an ever replenishing coffer of $700bn - effectively never ending, and the cost of bailout is probably more than $2trillion - but what about the bailout after this ponzi scheme fails?