Dept. Of Here's Your New 9/11, Wingnuts: Federal Reserve Buys Up All the Crap Nobody Wants |
| Published: August 10, 2007, 4:29 pm |
| Tags: 9 11, apocalypse, collapse, dept of here s your new 9 11 wingnuts, dow, great depression, stocks |
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Sad conservatives who pray every day for a terrible new 9/11-style attack on a big American city full of ethnics and gays sort of got their wish today, at least in a financial sense. The Federal Reserve has made three massive cash infusions in an attempt to stop the horrible August collapse that has already shaved some 800 points off the Dow Jones Industrial Average along with trillions of dollars of corporate and individual wealth. But the market keeps going south as one major lender after another announces that they’re broke because all their rotten mortgages are failing. The $38 billion in “liquidity” that the Fed dumped on the market yesterday and today to buy collapsing mortgage-based securities and all the other crap nobody wants is the largest emergency cash drop since the 9/11 stock wipeout after U.S. markets reopened on September 14, 2001. But it can’t help! Federal banks in Germany, France and Japan are also dumping billions into markets to try [ Full article ] |
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