“In 2008, we’re going to see some major, giant financial firms fall as they get hit by an economic 9/11.” - Gerald Celente, The Trends JournalDecember 21, 2007 Rhinebeck, New York - On December 19, 2007, the Federal Reserve announced it was lending another $20 billion to American banks in the first of four special “auctions” designed to help alleviate the credit crunch on Wall Street caused by the subprime loan collapse in real estate. That $20 billion brings the total money pumped into the United States financial sector since June 2007, to about half a trillion dollars. In its announcement, the Federal Reserve said it was responding to requests for $61.6 billion in loans from 93 bidders – illustrating strong demand by banks that need short-term funds.
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