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Originally posted by DangerDeath
Don't worry people. Here comes Abu Dhabi to save the Dwbbya ...
Obama, he said, "has to say he's mad, because if he's not mad, he doesn't have any emotions … But exactly what he's prepared to do is much less clear."
Part of the problem, economists say, is that the administration and government regulators have been sending banks mixed messages.
"Making more loans right away at a time when the economy is weak isn't the formula for strengthening your balance sheet," Reinhart said.
Wall Street continued to creep forward during yesterday’s session. The NASDAQ, a loser in the previous session, led the charge with a 0.99 percent (21.79 points) gain. The NASDAQ was followed by the S&P500, which gained 0.70 percent (7.70 points), and the Dow Jones (0.28 percent, 29.55 points).
Unfortunately, following an unimpressive showing overnight, stocks slipped at the opening bell today.
As it coped with the restrictions of the recession and a growing need to build up liquid assets, our government pumped money into the financial system, flooding it with excess cash.
According to John Williams, of ShadowStats.com, the United States is on a trajectory toward runaway “hyperinflation” which it would not be able to contain.
As he sees it the U.S. may, within a decade or less, find itself buried under a worthless currency akin to Zimbabwe today or the Depression-era Weimar Republic.
The claim that America will soon see its dollar driven into the sand the way the Zimbabwe dollar or German mark once were is a bit extraordinary, but it does highlight an important point. The U.S. is undermining its own financial foundations through continuing its “loose money” policies.
Some nations, Japan in particular, have been able to survive and prosper despite having virtually zero interest on central bank loans. However, Japan also keeps tight control of its money supply, it does not organize multibillion dollar industry bailouts, and it exports more than it imports. The U.S. and Japan may share common zero interest rates, but that is where the economic similarities end.
On December 7 Federal Reserve chairman Ben Bernanke stood by his on-going decision to keep U.S. interest rates at historic lows. Investors had actually seemed hopeful that the Fed would opt to raise rates, if only slightly, as a sign that the economy was getting stronger and there was no more need for easy money. After his statement to the contrary investors went into a day long tailspin.
290 billion... hahahaha, how long is this gonna last... 2 months?
The U.S. House of Representatives on Wednesday passed legislation giving the federal government the ability to borrow a whopping $290 billion to finance its operations for just six additional weeks.