posted on Aug, 10 2007 @ 10:36 AM
President Bush at least was expecting the worst since last year.
And I suspect the drumbeats of doom were being hammered even earlier than that, especially if you recall when the Treasury department quit reporting
on the M3 money supply as it had done for years. For those who want a good lesson on the Fed's ramifications of M3
read this article.
Now we get this brief NY Post article from a columnist who says, yes, there is
a President's Working
Group on Financial Markets,
and it probably was responsible for saving the collective economic butt of America in 1998, probably was responsible
for a 150-point jump in the DOW last week, and is probably trying to work overtime now.
Except no one knows anything about it. It's supersecret.
In short, what we may learn is that the President and his select cadre were probably more aware of the coming financial downfall than anyone led on,
and instead of panic the markets, they tried to find a proactive fix or cushion behind the scenes.
Seems like things may be spiriling out beyond their control now. I truly never believed I'd actually see a new Great Depression, that perhaps we'd
find a way to steer around the doom and gloom scenarios and into safer territory. Apparently, I was wrong. We are about to see the advent of soup
and bread lines again, millions homeless, thousands of jobs lost a month. This is truly scary stuff.