I’ve watched CNBC more in the last week than I have in years.
Sobering.
http://corner.nationalreview.com/post/?q=NjVlNGI5Njc4ZDcxNTE2YWJkNGNiODE3OTJmY2I3ZWI=
From The Corner
Via the Treasury:
Testimony by Secretary Henry M. Paulson, Jr.
before the Senate Banking Committee
on Turmoil in U.S. Credit Markets: Recent Actions regarding Government Sponsored Entities, Investment Banks and other Financial Institutions
Washington, DC—Chairman Dodd, Senator Shelby, members of the committee, thank you for the opportunity to appear before you today. I appreciate that this is a difficult period for the American people. I also appreciate that Congressional leaders and the Administration are working closely together so that we can help the American people by quickly enacting a program to stabilize our financial system.
We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families’ financial well-being, the viability of businesses both small and large, and the very health of our economy.
The events leading us here began many years ago, starting with bad lending practices by banks and financial institutions, and by borrowers taking out mortgages they couldn’t afford. We’ve seen the results on homeowners – higher foreclosure rates affecting individuals and neighborhoods. And now we are seeing the impact on financial institutions. These bad loans have created a chain reaction and last week our credit markets froze – even some Main Street non-financial companies had trouble financing their normal business operations. If that situation were to persist, it would threaten all parts of our economy.
~snip~
(read the rest at the link)
Downright scary.
Beware See NBC........they have been selling gloom gloom gloom. Pushing the market down, confidence down, and generally having guests who see nothing but doom.
At least FNC Cavuto’s business roundtables has both sides of the issues.