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Times Online: Which bank is going to follow the Bear?
However, Chris Whalen, of the Wall Street consultancy Institutional Risk Analytics, said ...

... that should the US Federal Reserve, the US Treasury and the Securities and Exchange Commission not devise a broad rescue plan to address the credit turmoil on Wall Street this weekend, "I would not be surprised to see an emergency bank holiday announced. That hasn't happened since Roosevelt." During the Depression, 75 years ago almost to the day, Franklin Roosevelt declared a four-day bank holiday, which stemmed a frantic run on banks. Mr Whalen added that should banks such as Lehman continue to be unable to sell the billions of dollars of mortgage-backed securities held, they were doomed. He said: "Broker dealers have to be able to get rid of assets. If they are illiquid, they die."



It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris
by Carrie (migeru at eurotrib dot com) on Tue Mar 18th, 2008 at 11:16:42 AM EST
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