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Friday, September 19, 2008

NY Times: Congress Stunned by Warnings

by Calculated Risk on 9/19/2008 06:47:00 PM

From the NY Times: Congressional Leaders Stunned by Warnings

[A]s the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
...
Senator Christopher J. Dodd [said] the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
emphasis added
It's amazing how long it takes for some people to realize what is happening. There were plenty of warnings.

Oh well, it sounds like there will be more breaking news this weekend.