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Financial Armageddon Barely Averted on Sept. 18

Oct 02, 2008

According to the New York Post, the collapse of Lehman Brothers on Monday, Sept. 15, resulted in a financial meltdown that came within 500 trades of financial Armageddon. Treasury Secretary Paulson quickly injected $105 billion of liquidity into the financial system to prevent this from happening. This averted a near disaster, but it also showed the need for more cash to be created in order to keep it from happening anyway. The article below is dated Sept. 21, a full week before the 777-point drop in the Dow on Sept. 29.

http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm

See also the New York Times article related to this, dated Sept. 20, where the Fed chairman shocked congressional leaders by telling them a financial meltdown was imminent:

http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html


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Dr. Stephen Jones


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