Thursday, Nov 20, 2008
this is not a 100-year storm for the American economy; it’s a millennial rite of passage for all man
Market Oracle: U.S. Treasury the Final Bailout
it’s a millennial rite of passage for all mankind.
Treasury Secretary: Millennial?
Fed Chairman: I didn’t say I agree with that. I merely said that’s what’s being said.
Treasury Secretary: I accept the 100-year storm concept. But let’s not get carried away by the public mood of gloom. Yes, I know debt liquidation and price deflation continue to be at the heart of our economic challenges and remain our most significant downside risk. I know real estate prices are down as much as 50% in some sectors and stock market barometers are down nearly 70% from their former peaks. And I know all about the tsunami of home foreclosures.
Citigroup: I can no longer stand here before you and refute the fact that Citigroup is effectively insolvent.
Martin D. Weiss, Ph.D.
5 Comments
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1. stillthinking said...
The equivalent in the UK presumably being the point when the government can no longer sell debt and starts to monetise. I agree with this article. What is not made clear though is that when you shut down a failed bank without a bailout all the depositors lose their funds, and that panic is likely to spread to all other banks healthy or not. Also there is a presumption that there are healthy elements left in the system, I am not so sure that there are in the UK.
2. What Price Drops? said...
WELL I HAVE A LARGE SUM IN EGG WHICH IS OWNED BY CITI GROUP,WHAT WITH THE JOB LOSES THEY ANOUNCED AND THE ADMITION THEY ARE SKINT I JUST WITHDRAWN MY DOSH,I LOST MONEY IN ICE SAVE ,I CHOSE TO IGNORE THE WARNING SIGNS,NOT THIS TIME!
3. planning4acrash said...
I disagree. Banks with good reserves, the dirt one to market that will suck in funds. At the moment? We see that happening with gold. What you will see, with collapse, all prudent banks with gold holdings will take over from debt based illuminists.
4. Malct said...
WARNING this article is future news, a scenario based on possible developments from current events
It is however imho well thought out and comprehensive
5. Willsmith said...
What a load of tosh. Anybody can write armageddon articles. It's all the rage.