Depression Deepening


	Depression Deepening

robm47

10-6-2008 9:39 PM

198 views

tags:

economic

robm47 says:

by David N. Vaughn, Gold Letter Inc. | October 6, 2008

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/de7727b2-0d0e-4182-8b04-3a5ed205f4d5/BA9F1F8A-AFDF-40ED-AC1A-2105BAF33B5F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://financialsense.com/fsu/editorials/vaughn/2008/1006.html" href="http://financialsense.com/fsu/editorials/vaughn/2008/1006.html" style="font-size: 11px;">financialsense.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://financialsense.com/fsu/editorials/vaughn/2008/1006.html"><STRONG>“GEORGE Soros, billionaire, philanthropist and hedge  fund legend, has characterized today's situation in global markets as the most  severe since the Great Depression.”  “We  are in a period of financial wealth destruction ...” “The billionaire blamed  the lack of transparency in the credit default market, which he calculated at  $US45 trillion, as the root of the curtailing of bank-lending, and hence the  credit squeeze.” “That is an amazing figure,” Mr Soros said, noting that the  size of the CDS (credit default swaps) market is equal to the total wealth of  US households and five times the national debt level.”  theaustralian.news.com.au/story/0,25197,23515757</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://financialsense.com/fsu/editorials/vaughn/2008/1006.html"><P class="text">Sounds like 1929 is repeating  again.  Is the economy in a serious  financial crisis NOW?  The simple fact is  that many, many banks are anticipated to go under in coming months.  1,000 banks estimated to fail soon.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BA9F1F8A-AFDF-40ED-AC1A-2105BAF33B5F/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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