Posted on 12/22/2008 9:11:49 AM PST by TaraP
The governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a "total" financial meltdown unseen since the Great Depression. "The lack of confidence is total," Miguel Angel Fernandez Ordonez said in an interview with Spain's El Pais daily. "The inter-bank (lending) market is not functioning and this is generating vicious cycles: consumers are not consuming, businessmen are not taking on workers, investors are not investing and the banks are not lending. "There is an almost total paralysis from which no-one is escaping,"
(Excerpt) Read more at breitbart.com ...
But do you think he and his colleagues will be fired for their part in it? Hello—whose incompetence do you think created the mess?
Doomed. Fire and Brimstone. Dogs and Cats Living Together. TOTAL ANARCHY!
The finished product of affirmative action.
“World faces “total” financial meltdown: Bank of Spain chief”
Bravely stating the obvious....could this be a new trend?
So, crossing the streams is bad? Good safety tip.
We should have Ben print enough money to nationalize the world. Then we will see a tidy profit when we sell the world back to the world.
Bring it on.
My advice to everybody is to brush up on how to grab as much money from the government as you can possibly get your hands on. Screw “pride” - - it’s about getting BACK some of the money you and your family have dumped down the government toilet for decades. You KNOW the Democrat parasite base already has a leg up on the ins and outs of gaming the system, so anybody who hopes to compete for “free stuff” from the government before it runs out better study up NOW.
The article speeks of a lack of confidence. They d’ont trust because the are not trustworthy. Who is less trusting than a theif?
Sound business practices (developed over decades) have lead to prosperity that was previously unknown. Many people now see these practices as an incumbrance instead of a path to success. One of the top market earners, shortly before the 1987 stock market crash, was bragging about his success and said that he was fortunate to not have the “inbred caution” of the depression era ... shortly afterwards the market crashed and one of his ilk fainted on the floor.
We will remain in decline until we return to proven business practices that work. I see our response to the financial crisis as similar to England’s response to the threat of war .. we will get what we so feverously try to avoid.
Is this all related to the housing crapola started by Bawney Fwank?
Is he even remotely aware of his role or is he too busy getting his brain poked at night?
No one has confidence in the Bailout, except for those who stand to gain directly from it.
This is by far the biggest thievery in the history of humankind.
Thanks W!
Where are this generations Alfred Sloans, Henry Fords, John D Rockefellers, Julius Rosenwalds and a thousand other men who REALLY BUILT this country?
I'll tell you where....taxed and regulated to death over the last 80 yrs.
Now we have the Barney Franks, Nancy Pelosis and BH Obamas.
And people wonder why this country is dying before our eyes!
I just got a very large unsecured loan (I used it to finance a new business venture) renewed -- and the term extended -- at a good interest rate. The bank was very accommodating, and seemed enthusiastic about doing business with me.
And now it includes you.
Confidence is a key factor, and all these politicians and economist bemoaning their lack of confidence becomes self-fulfilling.
One of my clients supports the lending industry. They’re doing fine. You just have to have good credit to get loans these days.
I should add that the slick dudes that loaned to everyone are on the streets. The shakeout got rid of a lot.
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