I've added a line which shows US bank reserves went from
negative $187Billion in September to negative $363Billion in
October.
Reference is the latest Federal Reserve release for H3.
www.federalreserve.gov...
- December - Bush trys to warn Congress
- January - depository institutions reserves go negative for the first time
- March - Congress holds secret session, followed by Congressional leaks about a September market crash followed by a February government crash
- September - US market starts to crash
- October - global market started to crash
- October - Credit Default Swap issue starts to appear in mainstream news ($55Trillion in insurance of Bonds)
- October - Lehman Brothers bonds settle for less than 10cents per dollar - insurers hold the balance
- October - employees log into their 401K accounts and make a run from mutual funds to bonds
- October 31st, employee changes to their 401K options hit
- October-November is the Hedge fund window, 50% of investors are projected to withdraw
This is going to be bad. Even the federal reserve says the banks have no money, and the trendline is getting worse.
[edit on 12-10-2008 by Dbriefed]