Crisis shows current financial system must be abandoned
Lending must be seen as an opportunity to be benevolent rather than to enrich oneself
ON Feb 10, the Obama administration, Federal Reserve and Senate announced the seriousness of their attempt to solve the deepening economic crisis in the United States, an attempt which entailed public and private money to the tune of more than US$3 trillion.
In response, the Dow Jones industrials dropped 382 points. This disappointing response to the initiatives points to a number of possible implications.
The first implication is that the US$3 trillion was judged by the market to be inadequate to solve the crisis. The problem is that nobody is able to figure out exactly how much is needed. It could very well be an additional US$10 trillion. Nobody really knows.
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