Wall Street fears for next Great Depression – Business News, Business – Independent.co.uk

So if Bear Sterns is being bailed out, where is the money coming from?

There is money being pumped into the markets this is very concerning. This is building up yet more problems in the future. At some point we are delaying the inevitable. There will be a correction, and we will see defaults on loans.

Wall Street fears for next Great Depression – Business News, Business – Independent.co.uk: “Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150m) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed’s emergency funding procedure was first used in the Depression and has rarely been used since.”

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