US Congress will do nothing to stop coming financial disaster - by Devvy
The U.S. Treasury is not only empty, it's overdrawn nine $9 TRILLION dollars, Congress has been wasting their time, again, on nonsense.As the housing bubble continues to implode in the US, the financial fallout will result in nothing short of an international economic disaster. The Federal Reserve's September 18, 2007 one-half percent cut in the fed funds rate will not do anything to head off America's looming household-insolvency crisis."
If you think this won't spread to more banks despite the $100 BILLION dollar bail out attempts we saw recently, think again.ING Direct, a subsidiary of the Dutch financial group, is to take over the customers and insured deposits of NetBank, an online lender with $2.5bn in assets that was shut down on Friday by the US government following losses on subprime mortgages and other loans. The closure marks the largest US bank failure since the end of the savings and loan crisis in the early 1990s.
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