No, this headline is not from 1929.
It's from October 9, 2008. Today. Real time. This is really happening. And if they DON'T do it? Armageddon. So they will.
And that $700 billion? That was just the start-up money. They'll need trillions to recapitalize and save the banks, companies 'too big to fail', and the shadow financial system. Trillions. Trillions.
Did you ever thing you'd see it in your lifetime?
White House considers taking ownership stakes in private banks to deal with credit crisis
WASHINGTON (AP) -- The Bush administration is considering taking ownership stakes in a number of U.S. banks as one option it might use to deal with a serious credit crisis, an administration official said Wednesday.
October 09, 2008
Posted by blogger at 10/09/2008