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 IMF Warns of Pending Global DownturnPosted on Oct 8, 2008
With all the negativity in the ether regarding the stability of the world economy, it’s surprising that the International Monetary Fund took so long to throw its two cents into the fray. Never the fund to disappoint, the IMF issued a report Wednesday that warns of a pending global downturn following the U.S. credit crisis, as confidence falters in finance and credit markets around the world. Read the actual IMF report here.
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By Christopher Robin, October 9 at 12:02 pm #
(Unregistered commenter)
The IMF is great at looking out the window and telling you what the weather looks like.
Report thisBy thebeerdoctor, October 8 at 12:06 pm #
As Art Cashin recently pointed out: “The market has lost its religion.”
Report thisBy lawlessone, October 8 at 11:35 am #
(Unregistered commenter)
Why do so many reporters, pundits and politicians keep referring to the “700 Billion dollar bailout” when that was changed to 840 Billion? In fact, shouldn’t we really be referring to the 1,180 Billion dollars granted in just the past month or so counting the Fannie Mae/Freddie Mac, AIG, Bear Stearns, and Auto Industry funds and guarantees? Weren’t those also bailouts (or “rescues” as the Republicans wanting to continue in power would obviously prefer to have them called)? Worse yet, I don’t believe that $1,180,000,000,000.00 subtotal includes the FDIC bailout of several banks which has crashed. If not, then shouldn’t those be added as well?
If we also added in the 18 Billion dollars for the Airline Industry bailout in 2001 and the 293 Billion dollars in bailouts handed out for the Savings and Loan Industry collapse in 1989 (which by the way were also during Republican Administrations if I recall), that bumps the total of handouts by Republican White House occupants to mostly Republican run, owned and/or “regulated” entities in the last two decades up to about a Trillion and a Half dollars at the very least.
No wonder the Republicans sneer at Democrats. In comparison when it comes to raping the Treasury, the Democrats seem to be bush league players.
Report thisBy FENWICK, October 8 at 9:23 am #
The whole thing was planned and executed in broad daylight. Everyone was warned, but they went ahead and did it anyway. They used several historical examples and went one better. They used the 1929 collapse of the stock market, the S&L;Fiasco, and the bubble-to-bubble economy.
Report thisLike the cynical Boston journalist says about the Massachusetts legislature, “They’ll steal a hot stove and come back for the smoke.” Only this time, they left an I. O. U. They contrived this strategy to make money out of debt. The gap between market’s high and its current low represents debt that they can now collect on. Of course the Credit Debt Swaps are the weeds where they’ll drag you if you try to figure out the details. It was meant to be that complicated to dissuade investigators and cover their trail. If you look at it macro-economically, the story becomes quite clear.
To say the poor with the help of Barney Frank sold these bogus investments to these sharks is laughable. Only now, laughing makes me angrier.
By troublesum, October 8 at 9:12 am #
This means that the nearly $1 trillion in bailouts was meaningless in terms of getting the economy back on track but it effectively undercuts the governments ability to help the public sector later on, when inevitably, push comes to shove.
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