Prime Risk Quote
Federal Reserve Executive: London, West Germany, France, all the European markets. Somehow the Saudis were also convinced...
Paul Minsky: Saudi markets?
Federal Reserve Executive: Don't ask me how. It's beginning a snowball effect across the country. We've got a liquidity crisis you wouldn't believe! Chase Manhattan's prime lending rate is already at 20%!
Paul Minsky: *Twenty* percent? It was 15 a half-hour ago!
Federal Reserve Assistant: Janet, I gotta have your authorization right here.
Federal Reserve Executive: What am I signing here?
Federal Reserve Assistant: I don't know.
Paul Minsky: So what does the cash reserve situation look like?
Federal Reserve Executive: We store approximately $500 billion in emergency cash. And that was gone in the first hour.
Paul Minsky: I can't believe this!
Federal Reserve Executive: This screen over here gives us the current picture... of the Reserve's deposits. We're 950 billion dollars short right now.
Paul Minsky: [indicating pink line over red zone] So what does this line represent?
Federal Reserve Executive: One *trillion* dollar deficit. Give me a graphic expansion on that please, Ed. That level has been determined as *rock bottom*. Go under this line, and this glorious country we call America will be completely bankrupt.
Paul Minsky: Saudi markets?
Federal Reserve Executive: Don't ask me how. It's beginning a snowball effect across the country. We've got a liquidity crisis you wouldn't believe! Chase Manhattan's prime lending rate is already at 20%!
Paul Minsky: *Twenty* percent? It was 15 a half-hour ago!
Federal Reserve Assistant: Janet, I gotta have your authorization right here.
Federal Reserve Executive: What am I signing here?
Federal Reserve Assistant: I don't know.
Paul Minsky: So what does the cash reserve situation look like?
Federal Reserve Executive: We store approximately $500 billion in emergency cash. And that was gone in the first hour.
Paul Minsky: I can't believe this!
Federal Reserve Executive: This screen over here gives us the current picture... of the Reserve's deposits. We're 950 billion dollars short right now.
Paul Minsky: [indicating pink line over red zone] So what does this line represent?
Federal Reserve Executive: One *trillion* dollar deficit. Give me a graphic expansion on that please, Ed. That level has been determined as *rock bottom*. Go under this line, and this glorious country we call America will be completely bankrupt.
Movie: Prime Risk
