Bailout’s Edgy Fate
There are some very nervous bankers and others in the financial world awaiting the approval of the $US700 billion bailout from the US Congress and Government. Amid uncertainty about the plan’s prospects, US cash funds and banks stampeded to safety, buying short-term government debt, selling commercial paper and withdrawing funds from the interbank market. As a result, the rates that banks charge each other soared, while yields on short-term Treasury bills plunged. Now it seems the plan is hea
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