Monday, September 29, 2008

The nation’s entire financial system slid toward a terrifying abyss, they say

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 (803 views)
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3 thoughts on “The nation’s entire financial system slid toward a terrifying abyss, they say

  • 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 !

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  • on the news,the bailout was rejected

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  • planning4acrash says:

    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?

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