Warum gibt es etwas und nicht nichts? (Why is there something rather than nothing?) - Leibniz
Friday, October 03, 2008
Financial white-water dead ahead
Jesse reports on an FT article from Wednesday, which suggests that the "hurry-up-and-give-us-$700bn" is to do with the need to renew credit default insurances on Fannie, Freddie and Lehman this month - the first two immediately after this weekend.
Maybe I was right, then, when I thought I saw panic in Hank Paulson's demeanour the other night, as he responded to Congress' rejection of the bailout proposals.
Oh, and London Banker reflects bleakly: "The crash in equities will still happen."