The largest bank has been seized by the Government, the stock market is closed until Monday and they are on the verge of bankruptcy!
AIG now holds a $111 Billion loan from the Fed. The $700 Billion "rescue package" money is yet to be spent or details of how it's to be spent released and well... they had to make a new US debt clock for Time's Square as there weren't enough decimal places available.
The interest rate in Canada was cut .5% but the banks are only giving us lowly consumers .25%. They are holding on to their cash showing they don't have too much faith in these measures being made to shore up the economy.
I figure at this rate, China will end up my next door neighbour. China's holding of US Treasury securities combined with Taiwan & Hong Kong's portion total $607.7 Billion as of April, 2008!
I'm going to look at the bright side. Living 5 minutes from Detroit, I'd be able to drive to China which is way better than a 23 hour flight!
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