You have to go to the foreign press to get the news about our economy. Very hard to get any information here at all. All anyone says is that, "It's an excellent time to buy equities".
If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States."
Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago.
"The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin.
In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed".
Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages."
The Times 7-14-08
If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States."
Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago.
"The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin.
In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed".
Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages."
The Times 7-14-08
