Diane Francis on America’s “dangerous financial period”

Posted on: September 14, 2008

In Canada it seems business as usual, but in the United States, there is a whole lot of hurt. But don’t hold your breath. If the U.S. financial system gets sick, we sneeze, too.

Across the border hundreds of thousands of home foreclosures, 11 bank failures, and lately the U.S. Treasury takeover of Fannie Mae and Freddie Mac – the superstar backstops on the ball diamond of the entire United States home loan system, guaranteeing half of the $10 trillion market. (How much is 10 trillion? Well, 10 trillion seconds equals 316,880 years. That is a time well before anyone drank capicino. It’s actually about the time homo sapiens woke up in Africa and walked around.)

Banking giants have fallen and more threatened. Imagine, Bear Sterns survived the 1929 crash and was felled by the 2008 American banking crisis.  Another investment banking giant, 158-year-old Lehman Brothers, with $275 billion in assets at its peak, is  on the ropes and looking for a buyer to survive.

What the heck is happing and how far will this go?

Who better to turn to for a comment than Diane Francis, financial commentator and National Post Editor-at-Large. This is the most dangerous financial period in the United States since the 1930s,  Francis says in a September 7 article,  well worth reading.


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