Quote of the Day – 10.12.08

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QUOTE OF THE DAY….From IMF chief Dominique Strauss-Kahn, commenting on the financial crisis:

“Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.”

If he means “largest” literally, he’s talking about Citi, Chase, and BofA. I wonder if he’s talking literally?

Also: why only U.S. and European banks? How are things going in Asia and Australia? How have they managed to avoid the contagion?

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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