Sunday, September 28, 2008
So far, more than a 190 prominent economists have urged Congress not to pass the $700 bailout bill.
Last week, there was a digital run on the banks that most people never even heard about; a "real time" crash. An article in the New York Post by Michael Gray gave a blow by blow description of how events unfolded. Here's a clip from Gray's "Almost Armageddon": "The market was 500 trades away from Armageddon on Thursday" Roubini added: "The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown." and over here, the banks get B&Bsavers deposits and the tax payer gets the debt.