The pandemonium at Wall St. they (Financial Gurus) say will cause a recession not only in America but globally…so they say. However, for the past year, a few honest observers have predicted the coming of the Great Depression in 2010. Well…the latest report (below) seems to hint that the situation is really really bad, and the Federal Reserve (FRB) is... “invoking Depression-era emergency powers” to salvage the sinking Financial ship.
What do ya think?
I’m not a finance guy, and I only have questions everytime I read the financial reports. Questions like:
1. Who and what the hell is FRB? (watch the video) They seem to be very powerful that they could invoke ’emergency powers’
2. They seem to have huge sums of money in their pockets and they are going to spend USD 1.3 trillion to buy ‘Commercial Papers‘ ??. Wow! What the hell is Commercial Papers?? Do they really have that mind-boggling amount of money? Geezz! If I have that much I’d rule the world…maybe the universe 🙂
3. Why do they keep saying that they are buying ‘debts’ whenever they buy the fallen giant banks?
I don’t know…maybe you too are puzzled? Perhaps watching the “Money As Debt” video (previous post) might make you and I understand a little bit about all these financial garbs they keep repeating on TV and newspapers.
Note: You’d need Flash video player to view the videos. Download here