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Friday, September 19, 2008: Morgan Stanley and Goldman Sachs “toast”
From an internal Federal Reserve Bank of New York email dated Saturday, September 20, 2008, recently revealed in the AIG trial:
“FYI, [Morgan Stanley] called [NY Fed President Tim Geithner] late last nite [Friday September 19, 2008] and indicated they cannot open on Monday [September 22, 2008]. [Morgan Stanley] advised [Goldman Sachs] of this and [Goldman Sachs] is now panicked because they feel that if [Morgan Stanley] does not open, then [Goldman Sachs] is toast . . .”
Underwater Homes: Mortgages more than homes could sell for
There are tens of millions of Americans and their families
behind those numbers.
Thousands of people turned out Wednesday, Feb. 11, 2009 for a job fair at the Atlanta Federal Center in downtown Atlanta. The line snaked around the block and then back again on itself, requiring three lines in spots.
Children at Wicklow Elementary in Sanford, Florida, get lunch at the cafeteria, October 14, 2011. Every weekday more than 200,000 hungry students in Central Florida public schools line up to get lunch for free or a few cents because their families cannot afford to feed them. In the County, the economy is so bad that seven out of every 10 students - 71% - are eligible for free or reduced price meals under the federally subsidized school lunch program.
Fellow firefighters applaud as a five-year-veteran of the Camden Fire Department tells them to keep their hopes up as they prepare to turn in their gear after being laid off. Camden laid off a third of its firefighters.
A recently laid off man waits to apply for food stamps at the Cooperative Feeding Program on February 10, 2011 in Fort Lauderdale, Florida. Recent statistics show that nationwide, one in seven Americans receives help from the Federal government with buying food. The food stamp program was used by 43.6 million people in November 2010, up from 26 million just two years ago.
In this Dec. 17, 2010 photo, a woman holds an unemployment check in her home in Burbank, Calif. Before she was laid off from a quality assurance job at Yahoo! in July 2009, she earned around $100,000 a year. “It really gets me when they say ‘you lazy people,’” she said. “They have no idea how depressing that is when you have been beating your head against the wall, trying to find work.”
With tax revenues plummeting and social needs skyrocketing, government deficits and debt