08-10-2008, 08:21 PM
(This post was last modified: 08-10-2008, 08:26 PM by Jan Klimkowski.)
OMG.
Paulson just said that which must not be said: that banks will fail. Because to say so has always been considered likely to provoke massive bank runs....
http://www.ustreas.gov/press/releases/hp1189.htm
Paulson just said that which must not be said: that banks will fail. Because to say so has always been considered likely to provoke massive bank runs....
Quote:One thing we must recognize – even with the new Treasury authorities, some financial institutions will fail. The EESA doesn't exist to save every financial institution for its own sake.
Therefore, a second prong in our strategy is designed to mitigate financial market disruption when a bank fails. In addition to insuring deposits up to the new, temporary level of $250,000, the FDIC has the ability to use its insurance fund and its substantial lines of credit with the Treasury to address systemic financial risk that may be posed by a bank failure.
http://www.ustreas.gov/press/releases/hp1189.htm
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war