Chronicles Of Depression 2.0: #397: $1T UP

Financial system may need over $1 trillion: dealmakers

NEW YORK (Reuters) – The U.S. government’s $700 billion bailout fund is unlikely to be enough, with the financial system needing more than $1 trillion to get through the crisis, two of Wall Street’s top dealmakers said on Wednesday.

The global crisis appears to have passed its most intense phase, seen around the time of the collapse of Lehman Brothers Holdings Inc in September, but financial institutions still face losses in the fourth quarter and early next year as the economy and credit quality deteriorate, said Gary Parr, deputy chairman of investment bank Lazard Ltd.

Emphasis added by me.

And, more bluntly:

“The government’s $700 (billion) is not enough. It’s going to be over a trillion,” he said. “It has to come from somewhere. And indeed in the last three months around the world, the primary source of capital for the financial services industry was the government.”

Emphasis added by me.

Remember that when you’re living in a cardboard box.

Especially when your Food Stamp allotment runs out before the end of the month.

Explore posts in the same categories: Bank 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

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