You have got to be kidding. $500B is not significant enough to do that. The total of just our house mortgages is $10Trillion. Our economy is around $50 Trillion. This actually is another reason why the so-called bailout bill in our Congress is not going to do much except add to our national debt for future generations to deal with.
Our politicians are trying to keep up the wages of our citizens just where they have been for the past five years. It is not going to happen. The only way to cure the 30 to 1 ratio of lending by our "prudent" banking system is through a recession where everybody has to take a hit. The quicker it happens the quicker we can get on with rebuilding our economy. Bush, et al, has already borrowed trillions. I don't see how Obamo spending that much again in a matter of months is going to jump start the economy. ----- Original Message ----- From: "Jean Laeremans" <[email protected]> To: "ProFox Email List" <[email protected]> Sent: Wednesday, February 11, 2009 5:24 AM Subject: [OT] USA was 3 hrs away from Economic, Political Collapse in September 2008 > According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of > 2008, the United States of America came just three hours away from the > collapse of the entire economy. In a span of 2 hours, $550 billion was > drawn out of money market accounts in an electronic run on the banks. > > Rep. Kanjorski: "It would have been the end of our economic system and > our political system as we know it." > > > http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/695504 > > > A+ > jml > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/00a101c98c5c$dad8a200$6401a...@dual ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
