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Kashkari Tries to Explain Collapse in Plain Language

Testifying before the House Financial Services committee right now, Treasury's Neel Kashkari -- finally -- put into real terms what a "collapse of the financial system" would have looked like.

"It's hard to know for sure, but it's conceivable the financial and banking system would not function," he said. "Imagine going to an ATM and you couldn't get money out of your checking account."

It's hard for regular folks -- such as the Ticker -- to really get their heads wrapped around what a financial collapse would mean. This helps.

This, however, doesn't: "Imagine your 401(k) is half what it was," Kashkari continued.

Um, it already is. But thanks for preventing the financial system from collapsing!

-- Frank Ahrens
The Ticker is Twittering!


By Frank Ahrens  |  December 10, 2008; 1:32 PM ET
Categories:  The Ticker  | Tags: Neel Kashkari  
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Next: Rep. Manzullo Calls for Kashkari's Resignation

Comments

"Imagine your 401(k) is half what it was," Kashkari continued. WTF? I wish it was 1/2 of what it was.

Posted by: obrier2 | December 10, 2008 4:06 PM | Report abuse

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