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September 27, 2008
Bill Kristol: 'A Genuine and Immediate Crisis '
Topics: Political News and commentariesBill Kristol writes:
I've received phone calls in the last hour from two economists I respect, one of them Larry Lindsey, the other in a position where he'd prefer not to be named. Both have government experience, neither is alarmist by nature, and they say this:And the bad news is that the current bailout bill, whatever its merits and likelihood of passage, does nothing to address this.The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system.
Posted by Richard at September 27, 2008 2:17 PM
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- Bill Kristol: 'A Genuine and Immediate Crisis ' - Sep 27, 2008
