THURSDAY SEPTEMBER 18
Credit Crisis Enters Critical Phase; Central Banks Freak

The U.S. Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank, et all, practically air-dropped hundreds of billions of dollars, spreading them all over the face of the earth, in a desperate attempt to maintain liquidity yesterday. Where did they get these dollars from? Warren Buffett, of course. Meanwhile, president Bush took drastic measures: he canceled a trip – no, really – to focus on masterminding a fresh economic plan. Always wanted to buy that favorite bank or insurance company? Go for it. If you act now, they will probably throw in Wachovia or Washington Mutual. And, heck, let’s not lie about it. THEY will pay YOU to take Wach or WaMu. And (obviously we don’t need to say this) either way they are probably available in some kind of twofer. So what are you waiting for? More on the latest maneuvers being employed in this serious new phase of the credit crunch.

September 2008

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