Breaking “literally” news
I don’t normally comment on the US economy, however, a couple of stories that have come out this morning, show that the US economy is failing hard, if not already broken.
US seeks $300 billion from Gulf states
Quoting “highly informed” sources, the daily said Washington has asked Saudi Arabia for 120 billion dollars, the United Arab Emirates for 70 billion dollars, Qatar for 60 billion dollars and was seeking 40 billion dollars from Kuwait.
The daily also said that the United States has asked Kuwait to forgive its Iraqi debt estimated at around 16 billion dollars
J.P. Morgan sees Fed cutting funds rate to 0% by end-January
J.P. Morgan Chase & Co. economists said late Wednesday they now expect the Federal Reserve to make two half-point cuts to its fed funds rate, currently at 1%, by the end of January, bringing the fed funds rate to 0%. The U.S. central bank will then hold this benchmark rate at 0% for the rest of 2009
welcome to office Obama / Biden, what a mess. This news & the proposed drip feed auto bailout, which is effectively putting the Big 3 on a life support machine for six months, in my opinion, shows that the US Economy is broke, break out the canned food.
