He is right.
This is so amazing. I am a die hard Conservative Republican, life long. Yes I work for a Large Wall Street Firm. Here is the deal, forget about the equity market, it is the Money market, Bond Market that is Frozen, that effects all of America! Last Wendsday Commercial Paper froze up. It will happen again if we do not do something, once that stops the game changes. Just like 7 day AMS it may never restart. What does that effect, everything from Visa transactions, to Payrolls, to all lines of credit, banks have stoped lending to each other.
THere has been 189 billion barrowed from the Discount Window THis week to keep things rolling. THis is not 1929, this is worst, not an equity collaspe, but a Fixed Income/Money market failure. lines of credit will be withrawn, small company that rely of that to meet its cash needs will not make payroll, companys that issue Paper for its daily liquidy needs will not beable to meet obligations.
I can handle the equity market down 2000 points, it would mean there are some great equity buys, but id the the entire financial credit market was to fail then it would change America forever. WE can not handle a 1930’s style run on the banks!
Capitalism is based on the flow of capital, if this fails, we will become a socialst country.
They might have a tantrum Friday morning...
Just damn.
The goldbug survivorman nutsos really come out on FR at night.
This glee at the thought of another great depression reminds me of the idiots who had a picnic at the first battle of Manassas.
It’s mostly folks too young or too old to have much of a stake in all this.
I’ve got kids to feed and put through school. I could afford to be a principled patriot if it were just me.
I do not have farming or hunting skills. Does that mean my children deserve to starve to death?
To hell with all of you who are cheering on the next depression. TO hell with you.
Fine.
Just say no to crony capitalism.
In case the wall street crowd has forgotten, the windows of modern skyscrapers don’t open. They’ll have to rethink their escape plans.
Let them “vote” - - I have my 5 acres of fertile ground, plenty of cash in the mattress, a Rottweiler, and loaded guns all over my paid-off house. Even better, I hardly owe anybody anything. So screw Wall Street. Not one thin dime.