POISED ON THE BRINK?

16 03 2008

Wall Street fears for next Great Depression

 By Margareta Pagano, Business Editor
Sunday, 16 March 2008

Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed’s emergency funding procedure was first used in the Depression and has rarely been used since.

A Goldman Sachs trader in New York said: “Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we’re just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow.”

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2 responses

17 03 2008
Chris

It looks like we are on a ride to the bottom, and I use the term “we”
loosely.
Either the government will keep printing money to try and keep enough in
circulation, but deflation is already occuring, I think eventually the dollars are going to end up on a nail in the outhouse, as that is the only useful function they will be good for.
Look for commodities….groceries, energy, ect to skyrocket in price, time for
the victory gardens, folks.
Those that are living in houses and on land that is un-incumbered by debt have the best hope of maintaining some quality of life, whilst the rest will soon be lining up for their daily dose of government issued Prozac, maybe if they can keep the cable television going, the masses will be appeased.
Just maybe all them guys in the suits aint as smart as they always wanted us to believe…….. but it’s us people who are used to getting our hands dirty who will do just fine, as long as someone doesnt show up to
do us out of the fruits of our labors. I myself am growing plenty of
vegetables this year, and maintaining a healthy stockpile of ammo.

A Carpenter/Gardener in North Florida

18 03 2008
brothermartin

watch it with that ammo, bro…sooner or later somebody’s always gonna have more than you do…

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