The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.
The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added.
Hmmm, the same "experts" who lied us into invading Iraq? The same "experts" who somehow didn't see this disaster coming in the first place?
One Republican said that the message from government officials is that “the economy is dropping into the john.” He added: “We could see falls of 3,000 or 4,000 points on the Dow [the New York market that currently trades at around 11,000]. That could happen in just a couple of days.
“What’s being put around behind the scenes is that we’re looking at 1930s stuff. We’re looking at catastrophe, huge, amazing catastrophe. Everybody is extraordinarily scared. It’s going to be really, really nasty.”
Next is my very favorite:
Peter Spencer, economic adviser to the Ernst & Young Item Club, said: “This is the time you have to bail people out and ask questions later. It is very difficult to see how the US banking system would survive without that.This has the potential to make 1929 look like a walk in the park.”
He means bail out the plutocrats RIGHT NOW and don't ask any troubling questions at all, you ignorant peons.
Then we have that fraud from the phony party of the people, Senate majority leader Harry Reid:
“We hope sometime [Sunday] evening we can announce some kind of agreement in principle. We may not have another day.”
Good god, the sky is falling, we may not have another day!
Liars and thieves, every last one of them!
And as the House Republicans are caving with a rip-off plan of their own, my new temporary hero is another Republican, Sen. Richard Shelby.
Some lawmakers have made clear that they will not vote for the bailout plan under virtually any terms. “I didn’t want to be in the negotiations because I object to the basic principles of this,” said Senator Richard C. Shelby of Alabama, the senior Republican on the banking committee, who would normally be his party’s point man.
Pressed about his role, Mr. Shelby replied, “My position is ‘No.’ ”
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