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READ THIS RIGHT NOW:

September 19th, 2008 by Andrew Cochrane
 

Immediately read this article in the NYT (for some reason dated tomorrow) about the severity of the financial crisis.  We are apparently within days of the potential utter meltdown of our entire economic system.  Sober, scary times have arrived.

WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

 
 

One Response to “READ THIS RIGHT NOW:”

  1. Andy
    Says:

    a more in depth, even more sobering article on last night’s emergency meeting. Excerpt:

    “And on Friday, a conference call in which Paulson and Bernanke briefed House GOP members struck a similar tone, according to GOP aides who were on the call.

    “The call was very sober, very strong on seriousness and very vague on details,” one aide said.

    The potential cost of the plan – as high as $500 billion according to leading Republican Senator Richard Shelby, R-Ala. – has raised a lot of concern. But apparently not as much as the concern raised by not doing anything.

    “Chairman Bernanke made all too clear the cost of inaction. When I heard his description of what might happen to our economy if we failed to act, I gulped,” said Sen. Charles Schumer, D-N.Y.”