It ’s increasingly familiar to a ritual. Markets panic. A group of G-men in dark suits for their routines interrupted an urgent meeting or a conference call on a piece of rescue plan. You announce the plan. Panic subsidies. Then, a week after a few months later, he started again.
I count six episodes since August 2007. In the early days of the Federal Reserve Board has done all the work and, in general, to his great announcement on a Friday. Since then, Treasury Secretary Hank Paulson has come to the fore, and it took a Sunday afternoon floating its proposal for the development of the devastated mortgage giant Fannie Mae and Freddie Mac. The base model, but remains the same: financial tizzy. Dramas government action. Period tizzy reduced. Repeat.
For the financial mass, it may very well - how many times proclaimed - the worst crisis since the Great Depression. But you don ‘t have to agree, Phil grams, it is a “recession mental ” to recognize that things don & # 39; t look equally bleak beyond Wall Street - unless you ‘re fighting for payments in a house, the ‘ worth 30% less than the mortgage. So you ‘re in the crisis. Most Americans are not ‘t, the economy seems on the rise. The job losses have been transparent. Yes, people are very unhappy about the economy. But day after day, they ‘even more concerned about the price of natural gas as the soundness of the financial system. [Read the rest of this entry...]
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