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Strategies & Market Trends : Waiting for the big Kahuna

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To: gregor_us who wrote (85361)	1/31/2009 8:51:00 AM
From: Real Man	8 Recommendations Read Replies (1) of 94695

“A good many years have passed since I last appeared before this committee but during all of that time, there’s never been a more critical time for the American economy and particularly for financial stability. That’s true not just for the United States but globally. To put it starkly we are in a serious recession with no end clearly in sight. The financial system is broken. It’s a serious obstacle to recovery. There’s no escape from the imperative need for the federal government to come to the rescue to right the economic and financial ship of state. Over time, the hard fact is that several trillions of dollars will be necessary to be committed in a combination of budgetary expenditures and various guarantee and insurance programs and extensions of credit by the Federal Reserve. Obviously, commitments made of that magnitude raise very large questions. They are not only questions of avoiding waste of the tax payers money as important as that is; there are also risks of undermining confidence in the dollar and raising fear of future inflation... we are in the midst of the mother of all financial crises.” Former chairman of the Federal Reserve Paul Volcker, January 21, 2009

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