Is The US Bankrupt?
25/09/08 17:35
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As the American economic situation spirals ever and ever faster to a complete collapse, lawmakers are still unable to come to an agreement on the bailout package. After signaling that a deal had been reached late this afternoon, the latest reports indicate the deal is now very close to falling apart.
Secretary of the Treasury, Henry Paulson, is afraid that the bailout deal is coming apart after a turbulent and chaotic meeting at the White House. Paulson reportedly asked lawmakers to “please don’t blow this up”. Read the story here.
China has told its domestic bank to cease from lending to US financial institutions. The move is seen as a defensive move by China, to protect itself against the US financial crisis. The ban is only against lending to the US, no other countries have been affected. If the US cannot secure credit from foreign lenders, our financial system is effectively ruined. Read the story here.
The FDIC (Federal Deposit Insurance Corporation) is now in need of a $150 Billion Dollar bailout as banks continue to fail. The corporation is supposed to provide insurance as a guarantee, that will allow depositors to retrieve their funds from defunct banks. Read the story here.
Billionaire Warren Buffet characterizes the current US financial situation as an “economic Pearl Harbor”. Buffet is still confident that Congress will put together a deal and rescue the US financial sector. Read the story here.
Panic stricken depositors made a run on a Hong Kong bank, as news of a pending failure began to circulate. The bank was quick to deny the stories and to label the rumors as “groundless”. Officials are urging calm. Read the story here.
Until next time...
As the American economic situation spirals ever and ever faster to a complete collapse, lawmakers are still unable to come to an agreement on the bailout package. After signaling that a deal had been reached late this afternoon, the latest reports indicate the deal is now very close to falling apart.
Secretary of the Treasury, Henry Paulson, is afraid that the bailout deal is coming apart after a turbulent and chaotic meeting at the White House. Paulson reportedly asked lawmakers to “please don’t blow this up”. Read the story here.
China has told its domestic bank to cease from lending to US financial institutions. The move is seen as a defensive move by China, to protect itself against the US financial crisis. The ban is only against lending to the US, no other countries have been affected. If the US cannot secure credit from foreign lenders, our financial system is effectively ruined. Read the story here.
The FDIC (Federal Deposit Insurance Corporation) is now in need of a $150 Billion Dollar bailout as banks continue to fail. The corporation is supposed to provide insurance as a guarantee, that will allow depositors to retrieve their funds from defunct banks. Read the story here.
Billionaire Warren Buffet characterizes the current US financial situation as an “economic Pearl Harbor”. Buffet is still confident that Congress will put together a deal and rescue the US financial sector. Read the story here.
Panic stricken depositors made a run on a Hong Kong bank, as news of a pending failure began to circulate. The bank was quick to deny the stories and to label the rumors as “groundless”. Officials are urging calm. Read the story here.
Until next time...