Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (11848)	9/26/2008 1:03:01 PM
From: LTK007	Read Replies (1) \| Respond to of 71456

In that interview i viewed early this morning he gave a tabulation list to his calculation. But this just the generalized release. Please pay special note to what i boldfaced--now that's scary. <<Marc Faber Says $5 Trillion Needed for U.S. Financial Bailout By [bn:PRSN=1] Jeremy Naylor [] and Ben Sills Sept. 26 (Bloomberg) -- Marc Faber, managing director of Marc Faber Ltd. in Hong Kong, said the U.S. government's rescue package for the financial system may require as much as $5 trillion, seven times the amount Treasury Secretary Henry Paulson has requested. U.S. lawmakers will meet again today in a bid to reach agreement on Paulson's $700 billion rescue. Republicans are resisting the plan to buy troubled assets because they say it would force taxpayers to bail out financiers. ``The $700 billion is really nothing,'' Faber said in a television interview. ``The treasury is just giving out this figure when the end figure may be $5 trillion.'' Republican lawmakers offered a plan calling for Wall Street firms to purchase insurance on mortgage-backed securities and advocating tax cuts and relaxed regulations. Treasury officials had previously rejected an insurance approach in favor of one that purchased troubled assets, Virginia Republican Eric Cantor said. President George W. Bush said Sept. 24 the U.S. faces ``a long and painful'' recession and will suffer ``financial panic'' unless the plan is approved. ``The decline in home prices of 20 percent is a relatively minor decline so far and it has created so many problems,'' Faber added. ``The US is in much worse shape'' than Japan was when its stock market crash ushered in a decade-long slump in 1990. To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net >>