Friday, September 19, 2008

"Complete Meltdown"

Apparently the financial situation is deteriorating so quickly (don't know why this should come as any surprise) that it will probably cost up to $1 trillion when all is said and done to alleviate the situation.  And even then, we're not out of the woods.

Here's Sen. Richard Shelby (R-AL):
I figure it will be at least half a trillion.  But if you look at what the Fed has already done [by rescuing insurance giant AIG], and the extension of power to treasury with Fannie Mae and Freddie Mac, I believe we're talking about a trillion dollars.
And here's Sen. Chris Dodd (D-CT):
...We're literally maybe days away from a complete meltdown of our financial system, with all the implications, here and globally. ... What you heard last night is one of those rare moments - certainly rare in my experience here - was that Democrats and Republicans decided we needed to work together, quickly."
This is some crazy shit.

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