Trance Dance Master
10-10-2008, 10:31 AM
According to Mortimer Zuckerman's US News and World Report. The story made a 4 page article.
http://www.usnews.com/articles/business/economy/2008/10/03/americas-credit-catastrophe.html
America's Credit Catastrophe
The financial freeze starts to envelop Main Street. Thanks, Wall Street
By Kirk Shinkle
Posted October 3, 2008
This, the shaky American economy did not need. If an imploding housing bubble and energy price superspike weren't damaging enough, our ailing financial system decided to slide into full cardiac arrest. And while the White House, Congress, and Federal Reserve have all shifted to DEFCON 1 to try to deal with the exploding credit crisis, even the perfect mix of fiscal and monetary policies seems unlikely to now prevent the worst recession in a generation. As JPMorgan Chase summed things up in a note to its clients: "The fat lady sings." The whole financial fiasco has moved far beyond liquidity problems on Wall Street. "This is the big one—the biggest financial crisis since the Great Depression," says financial historian Niall Ferguson. "It is, in fact, unlikely that even $700 billion will suffice to contain this great credit crunch we're witnessing."
http://www.usnews.com/articles/business/economy/2008/10/03/americas-credit-catastrophe.html
America's Credit Catastrophe
The financial freeze starts to envelop Main Street. Thanks, Wall Street
By Kirk Shinkle
Posted October 3, 2008
This, the shaky American economy did not need. If an imploding housing bubble and energy price superspike weren't damaging enough, our ailing financial system decided to slide into full cardiac arrest. And while the White House, Congress, and Federal Reserve have all shifted to DEFCON 1 to try to deal with the exploding credit crisis, even the perfect mix of fiscal and monetary policies seems unlikely to now prevent the worst recession in a generation. As JPMorgan Chase summed things up in a note to its clients: "The fat lady sings." The whole financial fiasco has moved far beyond liquidity problems on Wall Street. "This is the big one—the biggest financial crisis since the Great Depression," says financial historian Niall Ferguson. "It is, in fact, unlikely that even $700 billion will suffice to contain this great credit crunch we're witnessing."