This is huge. It’s been rumored for a long time, so the reaction to it will probably be somewhat muted, but it’s a huge sign that our entire financial system is in trouble. This belies an extended period of stagnation, if not recession. The feds have to be careful with how they handle this over the next couple of years.

This entry was posted on Saturday, September 6th, 2008 at 6:32 pm and is filed under economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.