* Grave words about the economy... * OPEC warns of a higher Oil prices... * FDIC in need of $150 Billion? * Citigroup calling for a higher euro... ** Cash For Trash... Good day... And a Tub Thumpin' Thursday to you! Well... The President sure painted a rosy picture for the U.S. economy last night didn't he? NOT! Whoa there partner! With words like 'collapse' and 'danger' and 'panic', President Bush was telling the country that we're in deep dookie! In telling the public that the government must put $700 Billion of taxpayer's money at risk to bail out the financial system, he said... 'We're in the midst of a serious financial crisis. Our entire economy is in danger. America could slip into a financial panic.' Now... Those are some serious statements, folks... And were followed up by the comments by the chairman of the House Financial Services Committee, Barney Frank, who said, 'Whatever you think about whether or not there was a need for a bailout... Once the president, secretary of the Treasury, and the Federal Reserve Chairman have announced that if you don't do this, there will be a collapse, there's probably going to be a collapse if you don't do it.'...
Filed under: Dollar, Oil, Bailout, Recession, Euro, Citigroup, Bear Stearns, Henry Paulson, Financial Crisis, OPEC, FDIC