America came frighteningly close to economic Armageddon in 2008. “The nation is gripped by the worst financial crisis since the Great Depression,” the New York Times wrote Sept. 20, 2008. “Before Thursday night, when the Treasury secretary, the Federal Reserve chairman and leaders on Capitol Hill proclaimed their intentions to take over bad debts, the prognosis for the American financial system was sliding from grim toward potentially apocalyptic” (emphasis mine throughout). A former vice chairman of the board of governors of the Federal Reserve said, “It looked like we might be falling into the abyss.”
Regarding that Sept. 18, 2008, meeting, the New York Times said congressional leaders sat in “stunned silence” while listening to the assessment. According to Sen. Christopher J. Dodd, congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally” (Sept. 19, 2008).
If congressional leaders sat in “stunned silence,” just how sobering was this problem? It had to be frighteningly serious to impact our leaders that way.
America came frighteningly close to economic Armageddon in 2008. “The nation is gripped by the worst financial crisis since the Great Depression,” the New York Times wrote Sept. 20, 2008. “Before Thursday night, when the Treasury secretary, the Federal Reserve chairman and leaders on Capitol Hill proclaimed their intentions to take over bad debts, the prognosis for the American financial system was sliding from grim toward potentially apocalyptic” (emphasis mine throughout). A former vice chairman of the board of governors of the Federal Reserve said, “It looked like we might be falling into the abyss.”
Regarding that Sept. 18, 2008, meeting, the New York Times said congressional leaders sat in “stunned silence” while listening to the assessment. According to Sen. Christopher J. Dodd, congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally” (Sept. 19, 2008).
If congressional leaders sat in “stunned silence,” just how sobering was this problem? It had to be frighteningly serious to impact our leaders that way.
America came frighteningly close to economic Armageddon in 2008. “The nation is gripped by the worst financial crisis since the Great Depression,” the New York Times wrote Sept. 20, 2008. “Before Thursday night, when the Treasury secretary, the Federal Reserve chairman and leaders on Capitol Hill proclaimed their intentions to take over bad debts, the prognosis for the American financial system was sliding from grim toward potentially apocalyptic” (emphasis mine throughout). A former vice chairman of the board of governors of the Federal Reserve said, “It looked like we might be falling into the abyss.”
Regarding that Sept. 18, 2008, meeting, the New York Times said congressional leaders sat in “stunned silence” while listening to the assessment. According to Sen. Christopher J. Dodd, congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally” (Sept. 19, 2008).
If congressional leaders sat in “stunned silence,” just how sobering was this problem? It had to be frighteningly serious to impact our leaders that way.
