Wednesday, September 24, 2008

Bernanke: The most serious financial, economic crisis since the end of WWII

Posted By on Wed, Sep 24, 2008 at 1:05 PM

America's Money Crisis. That's what CNN is calling its special report on the fact that our economy is going down the tubes.

Federal Reserve chief Ben Bernanke testified before the Joint Economic Committee today, calling for Congress to act on the Bush administration's proposal to give the Treasury Department authority to buy as much as $700 billion in mortgage-backed securities to address serious problems afflicting the credit and financial markets.

What does that mean exactly? Well, it means that there's still a lot of talking going on about the issue. I don't blame them. As one blogger puts it, if you as a member of Congress don’t agree with the proposal, "you risk a meltdown of the entire global financial system." But on the other hand, the public sees "fat cats on Wall Street who have raked in zillions for years, now extorting in effect $2,000 to $5,000 from every American family to make up for their own nonfeasance, malfeasance, greed, and just plain stupidity."

What to do, what to do.

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