NEW YORK (AP) - A top investment banking official says U.S. and foreign banks are planning major steps to inoculate the global financial system as a bankruptcy filing by Lehman Brothers appeared likely.
The official said Sunday the banks would create a pool of money up to $50 billion to lend troubled financial companies. And officials at the U.S. Treasury and the Federal Reserve are expected to say they are prepared to make additional loans.
Emphasis added by me.
Fifty billion -- when there is at least five-hundred billion still to be admitted?
This is absolutely absurd.
All prior Chronicles of Depression 2.0 posts. Read them before you must.
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