Chronicles Of Depression 2.0: #326: O’Neill 2
Paul O’Neill: Blunt Talk About the Crisis
President Bush’s first Treasury Secretary on the root causes, the Paulson plan, the House vote defeating it, and more
This is the quote I want:
Business Week: Then what happens to the economy and the markets?
O’Neill: The markets freeze up. In the most extreme case, people go to the gas station, swipe their credit card, and the machine says cash only. We revert to a cash-only economy, which is a disaster for us. The next step is barter, which is what happened in Germany in 1923.
What I said: Atlas Shrugged 2008Bank Collapse Watch, C.O.A.T. - Belief, C.O.A.T. - Money, C.O.A.T. - Politics, C.O.A.T. - Scams, C.O.A.T. - Self-Defense, Depression 2.0