Posted on 09/11/2008 2:52:43 PM PDT by Rufus2007
The fragility of the U.S. banking system puts the country in a more dire position than many people realize according to CNBC “Mad Money” host Jim Cramer.
Cramer, in his September 11 “Stop Trading” segment on CNBC’s “Street Signs” told host Erin Burnett the situation puts the United States in danger of “Great Depression, No. 2.”
Burnett questioned Cramer’s assertion that banks should be bailed out by the federal government, in turn passing the cost off to the taxpayer. “It’s obvious the bank system is falling apart,” Cramer said. “Let’s save it before it goes to zero.”
Here is the blow by blow:
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
Someone with such unusual brilliance must be worth billions.
And live on the French Riviera.
CDOs were used universally. Why? Because lenders make money by passing debt onto other business entities or other investors. No lender wants to take on the risk themselves. They want to pass it along to other people. Credit was like a hot potato. But loan originators were under pressure to write more and more loans. That was fine for a period of time. But it was a bit like playing monopoly with real money.
Video: Now even the Aussies are dealing with the Credit Crisis
Video: Now even the Aussies are dealing with the Credit Crisis
Psst, hey buddy, want to buy my debt?
;)
Thanks ex-tex!
Inflation buy gold
- depression -buy P&G and pharm
or foreigners freak at massive debt and feel treasuries aren't safe, pull their money out and we have interest rates at 20% and the dollar's not worth crap...
What's your take?
>>What’s your take?
Let it burn.
When it’s finished, rebuild from the ashes; begin with a foundation of the idea - that the purpose of governance, the function of government, is to secure the inalienable rights of the governed.
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