That time-bomb eventually exploded on October 9, 2008. That day, a devastating financial tsunami destroying Wall Street’s trillions of dollars, not only accelerated institutional and corporate insolvencies nationwide, but quickly turned itself into a global financial fiasco with stock markets around the world melting down. The frozen US consumer wealth soon dragged other economies along, with annualized GDP plunging 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, and 9.8% in the euro zone. It couldn’t more devastating for leading US industrial giants such as GE, GM, IBM, and Ford. Not only did Wall Street gambling burn them beyond recognition, with the party over, they came to the discovery of having also lost their hard earned industrial leads to foreign competitors.

Shocked by the level of devastation, government after government had to massively inject direct cash into banks, all with the hope to stop bleeding banks which was already freezing domestic loans. Setting aside $13.9 trillion to strengthen Wall Street soon turned the Fed from “lender of last resort” to both “lender of only resort” and the “buyer of last resort.” But to fully restore order and reduce banks’ stock price volatility as a result of illiquid assets, a ”Troubled Asset Relief Program” (TARP) was quickly created by US government with the goal to purchase toxic assets and equity from financial institutions.

Besides the US, mitigating the banking crisis and the accompanying credit squeeze, government after government had to intervene with massive injection of bailout money. In England, cleaning up banks’ balance sheets led government to inject 850 pounds of taxpayers’ money into the country’s banks via preferred stock. Eurozone governments on their joint intervention injected 2.7 trillion euro to bailout the zone’s banks. With $3.4 trillion in foreign currency reserves, Chinese government had no difficulty throwing hundreds of billions of dollars at its banks in effort to recapitalize them.

http://www.nigeriansinamerica.com/how-amcon-saved-our-banks-from-global-financial-fiasco-i/

Yes, we are all connected by those invisible threads and that dominoes effect precariously keeps us all from toppling each other into the abyss!

WOW...now how's that for a dooms-day statement

tealbreeze stated >>>

No, that sounds more like Quantum String Theory and not a select few poker players.

Clearly, the long wavelength predictions (-$$$$) were close to matching with experiment, but the short wavelength light was not. The theory was over-predicting the amount of light that would be produced at short wavelengths, so he needed a way to limit this short wavelength $$$$