Senate Banking Committee Chairman Chris Dodd: The United States May Be “Days Away from a Complete Meltdown of Our Financial System”
September 19th, 2008Thousands of bailout stories around. Nobody knows WTF is going to happen now that we have passed the “oh shit” moment. There’s lots of “hope” though. HA
Via: AP:
Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working quickly to prevent that.
Dodd said Friday that Democrats and Republicans on the Hill are coming together to support the Bush administration’s developing plan to buy up bad debt from financial institutions and get the credit system working again. Dodd told ABC’s “Good Morning America” that the nation’s credit is seizing up and people can’t get loans.
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There’s lots of “hope” though. HA
Yeah, like I told my brother, anything they do to stop the hemorrhaging will just be a bandaging job that postpones the inevitable, at this point.
But even though this is very banal of me, it would be nice to have one last normal or at least semi-normal Christmas season before it all goes down the shitter.
I shouldn’t be so pessimistic, though. I’m sure President Palin will be able to restore normalcy through a diligent application of Biblical principles, after the Republican Party cheats the way to victory for its ticket yet again! {snerk!}
Nouriel Roubini has called it for a long time. See this chilling read from the beginning of February, where Roubini lays it out in detailed sequence:
The Rising Risk of a Systemic Financial Meltdown: Twelve Steps to Financial Disaster
http://www.marketoracle.co.uk/Article3677.html