Fortis Bank: Total US Financial Meltdown Coming

http://www.indiadaily.com/editorial/19672.asp


Federal reserve wrong again as US economy faces round three financial meltdown and heads towards depression
Mike Moran, India Daily, NJ - Jun 27, 2008

The Federal Reserve is wrong again. They are talking about raising rates while the US economy silently faces round three (massive) financial meltdown from unjustified M&A activities and regional bank failures.

The gas price is making every one shake up. The incentive to new investments and risk has disappeared. That is a dangerous sign for any free market economy. The commodity inflation and wage deflation is degrading the standard of living.

The lack of common sense of the Bush Administration and the lack of economic sense of the Federal Reserve have brought the economy to its knees. People in the main street say “bush ruined our economy.’

Supply side economy has failed miserably. It is not clear how much Obama can do in the short run to recover the economy from the real mess it is in.

In the middle of all this, the Federal Reserve is looking at raising rates. They do not realize they are sitting on an economic time bomb called depression. They have no clue that the leveraged M&A blow up will be ten times larger than the subprime fiasco.

Like in last year and early this year, they will raise rates (if al all) only to lower it to 9% in the next several quarters.
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http://www.lewrockwell.com/blog/lewrw/archives/021756.html
June 30, 2008
Fortis Bank: Total US Financial Meltdown Coming
Posted by Lew Rockwell at June 30, 2008 09:10 AM

The Dutch bank has warned its customers that up to 6,000 US banks are at risk, as are many giant corporations like General Motors. Could the Federal Reserve, the Bush administration, the Pentagon, the congress, and the academic-corporate-media elite really have combined to destroy our economic future? Yes. There could be dark days ahead, though without the government and the central bank, they need not stay so. And we always have the remarkable creative and regenerative powers of capitalism and its entrepreneurs working for prosperity and civilization. (Thanks to Tom Lombardi.)
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U.S. 'meltdown' reason
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