New Report Details Wall Street Crisis In 2008

Posted By on January 27, 2011

“As a scholar of the Great Depression, I honestly believe that September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” ….. Ben Bernanke.

The common thought out there is that this can’t happen again….WRONG! The causes have not been remedied.  All eyes should be on the economic road dead ahead from 2012 to 2014.  Risk of currency crashes, inflation, revolutions and food shortages among other problems will be unusually high during the next few years according to the Kress cycle.  It shows a potential period that may be worse then 2008.  Let’s hope it’s wrong, but by nature our best advice is to plan for the worst and hope for the best.  If things work out for the better, we’ll all be fine….if not, well you can see where this will be going.

Twelve of the 13 largest U.S. financial institutions “were at risk of failure” at the depth of the 2008 financial crisis…..and at least 50 hedge funds tried to capitalize on it, according to a report released Thursday by a U.S. panel investigating what happened to the financial system during the melt down in 2008.

The report for the first time quantifies a huge run on the bank at Morgan Stanley, describes the alleged trading practices of a secretive hedge fund and tallies the number of such funds betting against U.S. homeowners.

The 545-page report paints a picture of a financial system let loose by lax regulation and careening out of control. Regulators now are hammering out the details of a major financial-regulatory overhaul. 

“As a scholar of the Great Depression, I honestly believe that September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” Mr. Bernanke said, according to the commission’s report.  Of the 13 most important U.S. financial institutions, “12 were at risk of failure within a period of a week or two,” the report continued.

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