Brief Economic Update and Previews

BRIEF ECONOMIC UPDATE: Reuter’s (reuters.com) on 9/24/08 presented the article, “China banks told to halt lending to U.S. banks- SCMP”. To quote the Reuter’s article: “Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.” and “The decree appears to be Beijing’s first attempt to erect defenses against the deepening U.S. financial meltdown…”

“Street Talk” over at News Max (money news.newsmax.com/street talk) offered the article: “Bill Gross: Total Bailout At Least $1.2 Trillion”. In the article, the head of the largest bond fund in the world, PIMCO, expresses the view that banks will need another $500 billion on top of the $700 billion being requested by Treasury Secretary Henry Paulson. In separate news, “banking experts already predict that the FDIC could need $150 billion more to cover coming bank failures.”

The two preceding economic articles were published before the failure if the largest bank in U.S. history and before polls that seem to indicate an overwhelming majority of Americans oppose this bailout.

PREVIEWS: Next week we hope to cover some very important food and water topics along with the economic and other news.

Until next week then, keep your eyes on the horizon.