Financial Meltdown...
15/09/08 17:43
Watch for a special Feast of Trumpets audio message coming soon!
The financial house of credit cards that the US built up, has finally fallen down. Wall Street suffered an economic meltdown that is unprecedented today. It all started with Lehman Brothers filing for Chapter 11 protection and snowballed from there. Late night meetings and last minute bail out pleas could not prevent the institution, a landmark on Wall Street, from going under. Another huge investment firm, Merrill Lynch, had to be sold after the collapse of Lehman Brothers. Now the insurance giant American International Group is gasping desperately and trying to keep it’s head above water. Last minute deals are desperately trying to be brokered, to prop up AIG. Market analysts are calling this a disaster, the likes of which have not seen, since the Great Depression. Can the US survive? We have been hanging on by our fingernails as it is!
It is not only this country that is suffering. The economies of the different nations of this world have become so intertwined already, that what affects one affects all. Every time there is an economic crisis, the financial institutions become more and more consolidated as the failing companies are absorbed into other conglomerates. All this serves to drive us ever closer to the one world system that is prophesied to be in place at the time of the end. We are moving ever closer to that cataclysm.
The AIG (American International Group) is desperately searching for a life line to remain afloat. It has lost 90% of its value this year! The Federal Reserve hired an investment bank, Morgan Stanley, to look at alternatives for the AIG. Read the story here.
The Dow took a horrible pounding today amid all of the doom and gloom of terrible financial news and failures. In a loss that represented the biggest drop in 6 years, the Dow lost 504 points today. Read the story here.
In an attempt to keep cash flowing, The Federal Reserve injected $70 Billion worth of reserve funds into the banking system. Cash is drying up quickly due to the surge in borrowing related to the failure of Lehman Brothers. The funds amounted to the biggest addition to the banking system, since the 9/11 attacks on the US. Read the story here.
Washington Mutual, the savings and loan giant was reduced to junk status today by Standard and Poor’s due to the housing crisis. Shares of WAMU tumbled sharply on the announcement. WAMU has suffered losses of $6.3 Billion over the last 3 quarters due to the housing market and bad mortgages. Read the story here.
The Bible foretells a time when money will become worthless:
Ezekiel 7:19 They will throw their silver into the streets, And their gold shall be like refuse; Their silver and gold will not be able to deliver them In the day of the wrath of the LORD; They will not satisfy their souls, Nor fill their stomachs, Because it became their stumbling block of iniquity.
Until next time...
The financial house of credit cards that the US built up, has finally fallen down. Wall Street suffered an economic meltdown that is unprecedented today. It all started with Lehman Brothers filing for Chapter 11 protection and snowballed from there. Late night meetings and last minute bail out pleas could not prevent the institution, a landmark on Wall Street, from going under. Another huge investment firm, Merrill Lynch, had to be sold after the collapse of Lehman Brothers. Now the insurance giant American International Group is gasping desperately and trying to keep it’s head above water. Last minute deals are desperately trying to be brokered, to prop up AIG. Market analysts are calling this a disaster, the likes of which have not seen, since the Great Depression. Can the US survive? We have been hanging on by our fingernails as it is!
It is not only this country that is suffering. The economies of the different nations of this world have become so intertwined already, that what affects one affects all. Every time there is an economic crisis, the financial institutions become more and more consolidated as the failing companies are absorbed into other conglomerates. All this serves to drive us ever closer to the one world system that is prophesied to be in place at the time of the end. We are moving ever closer to that cataclysm.
The AIG (American International Group) is desperately searching for a life line to remain afloat. It has lost 90% of its value this year! The Federal Reserve hired an investment bank, Morgan Stanley, to look at alternatives for the AIG. Read the story here.
The Dow took a horrible pounding today amid all of the doom and gloom of terrible financial news and failures. In a loss that represented the biggest drop in 6 years, the Dow lost 504 points today. Read the story here.
In an attempt to keep cash flowing, The Federal Reserve injected $70 Billion worth of reserve funds into the banking system. Cash is drying up quickly due to the surge in borrowing related to the failure of Lehman Brothers. The funds amounted to the biggest addition to the banking system, since the 9/11 attacks on the US. Read the story here.
Washington Mutual, the savings and loan giant was reduced to junk status today by Standard and Poor’s due to the housing crisis. Shares of WAMU tumbled sharply on the announcement. WAMU has suffered losses of $6.3 Billion over the last 3 quarters due to the housing market and bad mortgages. Read the story here.
The Bible foretells a time when money will become worthless:
Ezekiel 7:19 They will throw their silver into the streets, And their gold shall be like refuse; Their silver and gold will not be able to deliver them In the day of the wrath of the LORD; They will not satisfy their souls, Nor fill their stomachs, Because it became their stumbling block of iniquity.
Until next time...