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World Recession


Cosmo
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  • 3 weeks later...

Rep. Barney Frank (D.-Mass), Chairman of the House Financial Services Committee, confirmed in a statement Saturday that Treasury Secretary Henry Paulson is set to put the federal government in control of the two troubled mortgage owners - Fannie Mae and Freddy Mac.

Here is the link for those interested....

http://www.marketwatch.com/news/story/rep-barney-frank-confirms-treasury/story.aspx?guid=%7B46D1439E%2DA2C4%2D418C%2D9BE0%2D09BE0B9EE60D%7D&siteid=bnbh

Whew!!!

Finally....can breathe a sigh of relief for now.... :roll:

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Looks like the US government has decided to draw a line in the sand as far as Lehman Brothers goes..... :roll:

Fingers crossed that the big banks and the US government can work something out.....otherwise, Lehman goes into Chapter 11 for sure.....

And one no knows what flow on it will have on world financial markets.... :cry:

Damn :roll: , how much worst can it get?

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Lehman has just filed for bankruptcy.

It has debt of $600 billion dollars....others are likely to follow.

Washington Mutual and AIG could be next to go.

Whilst Merrill Lynch has just been snapped up by Bank of America.

The US Fed will need to stop drop interest rate again, when they meet tomorrow, to stop this free fall in the financial markets.

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Finally, we have reached a bottom....fingers crossed...

One can only hope van the market will still remain volitile for the time being!!!

(Our dollar has gone to the Shizenhousen!!!! :lol::lol::lol: )))

Hey Dave,

How's going?

Still believing in the Pilbara?

Yeah, it sucks big time regarding the AUD.

IMHO, I think the US government and other world government have finally come to the conclusion that this credit squeeze has now become a credit freeze.

And if nothing was done quickly (in the next few days), the financial markets worldwide would go into a meltdown...and we would be facing a repeat of the 1930's depression.

After some piecemeal approach, the US government has finally come to their senses - they are now proposing a wholesale bailout of the financial system (well at least, that is how I iinterpret it).

Credits should ease from now and banks and financial institutions should start lending to each other again - the spread should start to come down immediately.

However, this bailout is going to cost the US taxpayers heaps....probably to the tune of $800 Billions (two Iraq wars, I guess).

Just my humble opinion.... :roll: :roll: :roll:

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