``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

[rabot10]

Re: ``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

Let us hope the "New US" is a lot better than the old, i see that the US Navy is heading down to Brasil to steal their oil!
Mike

And your point is?

[Slimprofits]

Re: ``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

36 Hours of Alarm and Action as Crisis Spiraled
By JOE NOCERA
Published: October 1, 2008

“If we don’t do this,” Mr. Bernanke said, according to several participants, “we may not have an economy on Monday.”



Representative Barney Frank, the Massachusetts Democrat who leads the House Financial Services Committee, asked Mr. Bernanke if the Fed had $85 billion to spare. “We have $800 billion,” Mr. Bernanke replied, according to Mr. Frank.

[LargoWinch]

Re: ``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

36 Hours of Alarm and Action as Crisis Spiraled
By JOE NOCERA
Published: October 1, 2008

“If we don’t do this,” Mr. Bernanke said, according to several participants, “we may not have an economy on Monday.”



Representative Barney Frank, the Massachusetts Democrat who leads the House Financial Services Committee, asked Mr. Bernanke if the Fed had $85 billion to spare. “We have $800 billion,” Mr. Bernanke replied, according to Mr. Frank.

Scaremonger short-term tactics can't possibly be the seed for good long-term results. Hold-on to your tinfoil hat.

[c1ue]

Re: ``We are literally maybe days away from a complete meltdown of our financial system,'' NYTimes

Wheee! (popcorn munching mode)

From the NYTimes, no less.

http://www.nytimes.com/2008/09/20/wa...9cnd-cong.html

Then:

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

Today's Obama remarks:

http://finance.yahoo.com/news/Obama-...-14250882.html

"No plan is perfect, and we should work to make it stronger," Obama said at the White House Wednesday. "Let's not make the perfect the enemy of the essential. Let's show people all over our country who are looking for leadership in this difficult time that we are equal to the task."

"A failure to act, and act now, will turn crisis into a catastrophe and guarantee a longer recession, a less robust recovery, and a more uncertain future," Obama said in his prepared remarks.

The squeeze (II) for TARP (II) is on!