Aces High Bulletin Board
General Forums => The O' Club => Topic started by: rpm on August 07, 2007, 01:52:06 AM
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Where is that old Mission Accomplished banner at?
The Washington Post says GAO investigators found that the U.S. military couldn't account for 190,000 rifles and pistols that were handed out to Iraqi cops and soldiers, the paper says. That's about one-third of all the AK-47s and handguns that the Pentagon distributed in 2004 and 2005. In addition, The New York Times says the military "cannot confirm" that the Iraqis received 115,000 helmets and 135,000 pieces of body armor.
"They really have no idea where they are," Rachel Stohl, a senior analyst at the Center for Defense Information, tells the Post. "It likely means that the United States is unintentionally providing weapons to bad actors."
link (http://blogs.usatoday.com/ondeadline/2007/08/pentagon-cant-a.html)
190,000 AK's & body armour floating around Baghdad that we paid for. How is this fighting the war? How is this supporting the troops? Who is running this circus?
(http://alaskareport.com/images6/george_bush_genius.jpg)
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ha, the neo-con controlled right wing media has fooled you again, haliburton sold the weapons to the rebels to keep the war going so haliburton/chaney/bush could make more billions in profit and steal more iraq oil.
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I don't know how many weapons got lost in WWII or Korea or vietnam but I bet it was a bunch.
Why does it surprise anyone that weapons get lost in a war?
lazs
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This is most likely just accounting errors - which the Army does all the time. Even if it's not an error, it's then probably the Iraqis who lost them, not us.
The US Army is extremely careful about losing rifles & pistols. If soldiers on a training outing in the US lose a rifle, the entire unit has to go out into the field and search until they find it.
At a certain point you have to show trust in the Iraqi police and armed forces by letting them be accountable for their own inventory. Not sure if that "power" was transferred or not, but it appears to be a bigger screw up on the part of the Iraqi's and not so much on the US Army
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rip, stop fooling yourself. iraq is a joke. anything you give to the iraqi government/military/police might just as well be considered aiding the enemy.
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Blaming that on Bush is a really long shot.
The weapons were given to the Iraqi government for their soldiers and police. Iraqi folks did not track the weapons. We went back checking and found there is no information on where all of the weapons went. It's not like they were on a train in shipment.... they were already delivered.
I think we need to understand, folks over there NEED someone to rule them. Someone who will kill them for breathing, someone to scare them into submission with instant death. That is all they have ever had. You can't change that in a few years. It is ingrained into every human over there.
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I would think that if the weapons were falling into enemy hands our troops would have already started finding then by now. My guess is the IA is taking them home, or they are ending up on the black market and maybe headed out of the country. Or am I wrong and the AK-47s that we provide the IA look just like all other AK-47s?
In a related story, the Brits are starting to pull out of Basra and the place is already going to hell. I feel this is an indication of what is to come all over Iraq.
http://www.msnbc.msn.com/id/20137025/
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I'm somewhere between Yeager and Shuffler on this issue.
One thing is certain, if we pull the plug completely, and pull out, Iraq will be just an extension of Iran, and I believe the hell that is going on over there now would be miniscule compared to the hell that they'll have *when* we completely pull out.
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Originally posted by Yeager
rip, stop fooling yourself. iraq is a joke. anything you give to the iraqi government/military/police might just as well be considered aiding the enemy.
yes
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Originally posted by lazs2
I don't know how many weapons got lost in WWII or Korea or vietnam but I bet it was a bunch.
Why does it surprise anyone that weapons get lost in a war?
lazs
We have the ability and technology to keep up with them much better these days, and should do so.
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As Rip and possibly others have mentioned, once we give the weapons to Iraq we lose the ability to account for them. Why should it be otherwise? Claiming these are all lost sounds like nothing more than petty politics to me.
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Originally posted by AKIron
As Rip and possibly others have mentioned, once we give the weapons to Iraq we lose the ability to account for them. Why should it be otherwise? Claiming these are all lost sounds like nothing more than petty politics to me.
and rpm is "lefty lockstep" with them.
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skyrock... pretty hard to keep track of em once you give them away to allies.
It would be like asking england and russia and south vietnam to account for all the weapons we had given them.
lazs
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Originally posted by Yeager
rip, stop fooling yourself. iraq is a joke. anything you give to the iraqi government/military/police might just as well be considered aiding the enemy.
Bingo.
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I brought them all home with me to sell on E-Bay:aok
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Originally posted by Ripsnort
and rpm is "lefty lockstep" with them.
RPM hasnt had a reasonable argument in ages. He chose a good nick, he likes to spin ;)
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Originally posted by Yeager
rip, stop fooling yourself. iraq is a joke. anything you give to the iraqi government/military/police might just as well be considered aiding the enemy.
If we want the Iraqi army and police to start providing their own security we have to give them weapons and supplies, or let them buy them for themselves. At some point, the Iraqi army and police NEED to step up and take charge of their own country. I'm of the opinion that this should have already started.
As far as the original subject goes, it really is a long stretch to blame the Bush administration for supplies the Iraqis were given and then lost. It is the Iraqis responsibility to account for these items, we don't need to hold their hands forever.
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Originally posted by Elfie
As far as the original subject goes, it really is a long stretch to blame the Bush administration for supplies the Iraqis were given and then lost. It is the Iraqis responsibility to account for these items, we don't need to hold their hands forever.
Actualy it isn't such a long stretch.
Given the fact that, in that part of the world, lies, bribery and murder between tribes is and has been the rule for thousands of years, expecting to be able to waltz in and reverse thousands of years of such behaviour was and still is the mark of an incopetent and ill informed leader.
Unfortunatly, American blood has been spilt in a 'country' who will never appreciate our efforts and change the way they interact with themselves and their neighbors.
The lying, bribery and sectarian murder will likely go on for another few thousand years no matter what happens short of all out nuclear war in the region...then the survivors will lie, bribe and murder just to get by and think nothing of it because that's the way it has been for thousands of years.
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Originally posted by Flatbar
Actualy it isn't such a long stretch.
Given the fact that, in that part of the world, lies, bribery and murder between tribes is and has been the rule for thousands of years, expecting to be able to waltz in and reverse thousands of years of such behaviour was and still is the mark of an incopetent and ill informed leader.
Unfortunatly, American blood has been spilt in a 'country' who will never appreciate our efforts and change the way they interact with themselves and their neighbors.
The lying, bribery and sectarian murder will likely go on for another few thousand years no matter what happens short of all out nuclear war in the region...then the survivors will lie, bribe and murder just to get by and think nothing of it because that's the way it has been for thousands of years.
you have no faith, the song says "people everywhere just want to be free",
you have to show them what being "free" means. You can not turn around "thousands of years of such behaviour" overnight. You must stabilize the country until they find out that working together is better than killing each other.
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Funny photo rpm.
"Dick . . . Dick . . . Dick, what do I tell them . . . where ARE the guns?"
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This will make RPM happy:
The guns were never actually even made.
Bush has a buddy who manufactures arms and they paid his company for weapons never actually produced.
Then Bush called a friend of his who owns a shipping company and had that guy bill the govt for shipping these ghost weapons to Iraq.
Then Bush called a buddy who owned warehouses in Iraq and had him bill the govt for storing the weapons.
Then an inspection team comprised soley of personal friends of Bush discovered the guns were missing.
Now Bush is going to get some of his buddies together and pay them to try to discover the location of all the missing arms.
It's all Bush's fault.
There you go RPM, you must feel really good by now.
:noid
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Yeah Steve, I'm doing backflips. Meanwhile, American troops are dodging AK-47 bullets from armoured Iraqis. That makes me real happy.:huh
LePaul, I'm not even in the same class as the Bushbois. Now THEY know how to spin.
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Given the fact that, in that part of the world, lies, bribery and murder between tribes is and has been the rule for thousands of years, expecting to be able to waltz in and reverse thousands of years of such behaviour was and still is the mark of an incopetent and ill informed leader.
That really has nothing to do with Bush being held accountable for the Iraqis losing 190,000 weapons. The Iraqi government was responsible for those weapons once they took possession of them. Now that they are missing it's Bush that is to blame? Rediculous. :lol
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Elfie, it's called incompetence.
Bush is the dog that caught the car and has no idea what to do with it.
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Incompetence on the part of the Iraqis maybe. Their army and police need to get weapons from somewhere. Even if they had bought them from somewhere else I suspect that many of them would have gone missing.
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why AK47's? why not M16's or some other US issued weapon?
the article as it is an attempt to blame something else totally out of Bush's control on the man is j another witch hunt.
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Originally posted by Eagler
why AK47's? why not M16's or some other US issued weapon?
the Iraqis were familiar with the AK's and so would need less training, also the M16 cost too much, i think the US govt paid something like $25-$50 for each AK.
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It was Boosh. I heard it from a guy who knows a guy in the unit that was there. He saw it all.
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Originally posted by lazs2
skyrock... pretty hard to keep track of em once you give them away to allies.
It would be like asking england and russia and south vietnam to account for all the weapons we had given them.
lazs
If they have been given to someone, then there should be a record, period.
Mark
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Originally posted by USRanger
I brought them all home with me to sell on E-Bay:aok
Feed me your coords please. I am fueling the black chopper up as we speak.
Anyone heard from "The Big Guy" lately?
We may need his help on such a delicate, patriotic mission. :)
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Just because there is a record that they were given to a government doesn't mean you can find em 5 years later.
lazs
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Originally posted by SkyRock
If they have been given to someone, then there should be a record, period.
Mark
If there's a record and it shows that 1,000 AK's, serial numbers listed, were given to an Iraqi Division and the Iraqi Division can't show them to you... then what?
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Originally posted by Ripsnort
This is most likely just accounting errors - which the Army does all the time. Even if it's not an error, it's then probably the Iraqis who lost them, not us.
The US Army is extremely careful about losing rifles & pistols. If soldiers on a training outing in the US lose a rifle, the entire unit has to go out into the field and search until they find it.
At a certain point you have to show trust in the Iraqi police and armed forces by letting them be accountable for their own inventory. Not sure if that "power" was transferred or not, but it appears to be a bigger screw up on the part of the Iraqi's and not so much on the US Army
Part of the training that our Military advisers afforded the Iraqi's should have been the proffesionalism to be accountable for all of their weapons' and other gear.
In that sense, our failing was from the ground up.
If that professionalism was instilled, then those weapons' would have to have been purposefully hidden or misplaced; That is a more serious matter, implicating treasonous' action on the part of the Iraqi army.
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Originally posted by lazs2
Just because there is a record that they were given to a government doesn't mean you can find em 5 years later.
lazs
I guess if it was the Democrats that did it, you would have something to finally be upset about.
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Originally posted by FrodeMk3
Part of the training that our Military advisers afforded the Iraqi's should have been the proffesionalism to be accountable for all of their weapons' and other gear.
In that sense, our failing was from the ground up.
If that professionalism was instilled, then those weapons' would have to have been purposefully hidden or misplaced; That is a more serious matter, implicating treasonous' action on the part of the Iraqi army.
I'm sure this likely has nothing to do with actual Iraqi soldiers and rather someone at the top of the food chain somewhere whom made a bunch of money.
My thoughts are either a contractor overbilled, meaning they claimed more rifles were given then actually were, or some Iraqi's in the right position made a loit of money on reselling the guns to someone else.
You don't just have 200k rifles go missing because soldiers misplaced them..
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If it turns out that there is something to get upset about then I will... I will certainly not get upset about your speculation or about a story by the liberal media.
I always looked at it as an interesting statistic about all the weapons that got lost in wartime... any wartime... no matter which party was in power.
I believe your agenda is showing.
lazs
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Originally posted by crockett
I guess if it was the Democrats that did it .....
if the dems actually did anything productive, I would be in a state of shock
LOL LOL LOL
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AK47's in the hands of bad guys is the LEAST or the Army/Marines' worries--these guys are starting to get .50 cal sniper rifles from Austria (via Iran) now, and a few are quite good with them
(http://www.telegraph.co.uk/news/graphics/2007/02/13/wiran13.jpg)
Austrian sniper rifles that were exported to Iran have been discovered in the hands of Iraqi terrorists, The Daily Telegraph has learned.
More than 100 of the.50 calibre weapons, capable of penetrating body armour, have been discovered by American troops during raids.
A Steyr HS50 rifle, Austrian supplied rifles, arms trade, Iran equipping Iraq insurgents
The guns were part of a shipment of 800 rifles that the Austrian company, Steyr-Mannlicher, exported legally to Iran last year.
The sale was condemned in Washington and London because officials were worried that the weapons would be used by insurgents against British and American troops.
Within 45 days of the first HS50 Steyr Mannlicher rifles arriving in Iran, an American officer in an armoured vehicle was shot dead by an Iraqi insurgent using the weapon.
Over the last six months American forces have found small caches of the £10,000 rifles but in the last 24 hours a raid in Baghdad brought the total to more than 100, US defence sources reported.
The find is the latest in a series of discoveries that indicate that Teheran is providing support to Iraq's Shia insurgents.
Mahmoud Ahmadinejad, the Iranian president, yesterday denied that Iran had supplied weapons to Iraqi insurgents. But on Sunday US officials in Baghdad displayed a range of weapons they claimed had originated in Iran.
They said 170 American and British soldiers had been killed by such weapons..
link (http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/02/13/wiran13.xml)
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Reason #307 to bomb Iran.
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Originally posted by Eagler
if the dems actually did anything productive, I would be in a state of shock
LOL LOL LOL
You mean like giving more funding to the boarder patrol, giving funding to allow tougher security at our ports and for cargo planes. Like putting forward new rules to stop lobbyists from buying our govt and granting new funds to help get our nation off oil.
That's what the Democrats did just this month.. What have the Republicans done this month or the last 6 years, besides rape our country and get us in a war we will never win?
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Jeezzz can't the insurgents just throw rocks like the Palistinians?
What's this World coming to?
:huh
Mac
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Originally posted by crockett
You mean like giving more funding to the boarder patrol, giving funding to allow tougher security at our ports and for cargo planes. Like putting forward new rules to stop lobbyists from buying our govt and granting new funds to help get our nation off oil.
That's what the Democrats did just this month.. What have the Republicans done this month or the last 6 years, besides rape our country and get us in a war we will never win?
Show me where the Dems did any of this....
Mac
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Originally posted by crockett
You mean like giving more funding to the boarder patrol, giving funding to allow tougher security at our ports and for cargo planes. Like putting forward new rules to stop lobbyists from buying our govt and granting new funds to help get our nation off oil.
That's what the Democrats did just this month.. What have the Republicans done this month or the last 6 years, besides rape our country and get us in a war we will never win?
The big blow-up the other day in the House was over the attempt by the Dems to make tax dollars available to illegals which were to be directed to an agricultural bill....They didn't talk THAT one up too muchlink (http://www.politico.com/blogs/thecrypt/0807/House_erupts_in_chaos.html)
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Originally posted by AWMac
Show me where the Dems did any of this....
Mac
I've already posted each of these on this forum, with links.. use the search.. or look it up on google yourself, it's not that hard.
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Originally posted by bj229r
The big blow-up the other day in the House was over the attempt by the Dems to make tax dollars available to illegals which were to be directed to an agricultural bill....They didn't talk THAT one up too muchlink (http://www.politico.com/blogs/thecrypt/0807/House_erupts_in_chaos.html)
Well I didn't hear about it because I haven't watched much news this week.. However from what that article you provided says, it was more an argument over the vote count.
Details remain fuzzy, but numerous Republicans argued afterward that they had secured a 215-213 win on their motion to bar undocumented immigrants from receiving any federal funds apportioned in the agricultural spending bill for employment or rental assistance. Democrats, however, argued the measure was deadlocked at 214-214 and failed, members and aides on both sides of the aisle said afterward.
Then farther down is says, that Republicans wouldn't accept a recount and walked out.. LOL ok what ever floats your boat.. blame the Democrats.
You act as it's just Democrats that are "easy" on illegal immigration, yet the Republicans did nothing to fund or strengthen our board security. In fact Bush even went as far as to cut funding to our boarder security. Meanwhile the Democrats just funded an extra 3 billion specifically for security on our southern boarder.
So you can complain all you want about it, but your precious Republicans don't do anything about it either unless it's talk tough for an election. So no the Dem's might not be perfect on illegal imagration, but at least they plan to protect our boarders, unlike your tough on terror poster boy George Bush.
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Thats what the vote was about-- article shows how Dems gaveled the vote closed when GOP was ahead 215-213---(moot point, wouldnt have gotten thru senate anyhow)--votes were still coming in--they somewhat apologized, but not enough to put the vote back where it was--they actually CHANGED it, unprecedented
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Did anyone catch the report the other day that noe tha GAO says Iraq oil is now missing. An estimate comes out to around 300,000 barrels a day everyday since the war started. Uh, did'nt we seize the oil fields from day 1?
Now I have no problem with getting 300,000 barrels a day for free if it's hitting the US National Reserve, problem is nobody knows WHERE it went or WHO got it.
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I just read in todays Stars and Stipes the 190,000 lost weapons was found to be an accounting error. But of course y'all in the states won't see that on the front page, you'll have to dig to find that correction. O.k. carry on with your Bush bashing...
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I love how the topic starts with "Bush administration loses............" like Bush, Cheney and Rice are over there handing out M16's to the terrorists.
Where is the link to "Under the Bush administration the stock market has seen RECORD highs..............."
Only the negatives.
It is called a Liberal media for a reason.
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Originally posted by tapakeg
I love how the topic starts with "Bush administration loses............" like Bush, Cheney and Rice are over there handing out M16's to the terrorists.
Where is the link to "Under the Bush administration the stock market has seen RECORD highs..............."
Only the negatives.
It is called a Liberal media for a reason.
It's almost in a state of crash right now, Tapakeg(Stock Market.)
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Originally posted by FrodeMk3
It's almost in a state of crash right now, Tapakeg(Stock Market.)
looks like more profit taking to me ... the market will rebound even higher within a few weeks. They use any excuse to sell off and short these days.
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Never trust Wall Street.
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It's all because of Murdoch buying the Wall St Journal
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Originally posted by tapakeg
I love how the topic starts with "Bush administration loses............" like Bush, Cheney and Rice are over there handing out M16's to the terrorists.
Where is the link to "Under the Bush administration the stock market has seen RECORD highs..............."
Only the negatives.
It is called a Liberal media for a reason.
Guess you didn't check the market yesterday.. Regardless, the stock market is full of nothing but crooks in suits anyway.
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Most of it seems to be from reports of larger-than-normal mortgage defaults, mostly folks that got a 'variable rate', that started low, NOW is going high. Likely gonna find out it's from rule changes a while back to guarantee that 'Everyone' gets the right to buy a home and live the American dream---(assuming of course the 'American dream includes buying watermelon you can't afford)
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Originally posted by bj229r
Most of it seems to be from reports of larger-than-normal mortgage defaults, mostly folks that got a 'variable rate', that started low, NOW is going high. Likely gonna find out it's from rule changes a while back to guarantee that 'Everyone' gets the right to buy a home and live the American dream---(assuming of course the 'American dream includes buying watermelon you can't afford)
It's not just that, China has also threatened to cash in it's bonds. The reason no one is praising "record highs" in the media is because anyone with a brain knows it's fake.
Our economy is being funded by loans from China and other countries. It doesn't take a rocket scientist to figure out when we are borrowing 1.5 billion a day, that it's not going to go on forever.
As far as your American Dream and borrowing more than you can afford, well that's just what the US govt is doing now. It's Bush that did it too. Clinton had the budget ballenced and it would have been payed off.
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Originally posted by bj229r
Most of it seems to be from reports of larger-than-normal mortgage defaults
real estate speculators and "house flippers".
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crockett
"China has also threatened to cash in it's bonds"
50% of China's exports go to the USA, you really think china wants to kill it's cash cow?
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Originally posted by john9001
real estate speculators and "house flippers".
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crockett
"China has also threatened to cash in it's bonds"
50% of China's exports go to the USA, you really think china wants to kill it's cash cow?
That's kinda interesting-We've put ourselves at the financial mercy of one of our avowed enemies.
If they 'killed they're cash cow' as you put it, they would be accomplishing one of they're goals. They might figure it's worth it. After all, even if they take a hit on they're own economy, they would not be any poorer than they were under Mao-They might find that acceptable, If it kneecaps' our economy.
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Originally posted by john9001
real estate speculators and "house flippers".
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crockett
"China has also threatened to cash in it's bonds"
50% of China's exports go to the USA, you really think china wants to kill it's cash cow?
Gee way to take a quote out of context.. It doesn't matter what I think they may do.. The market still reacts on what they said they may do, reguardless if they actually do it or not.
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Originally posted by FrodeMk3
That's kinda interesting-We've put ourselves at the financial mercy of one of our avowed enemies.
If they 'killed they're cash cow' as you put it, they would be accomplishing one of they're goals. They might figure it's worth it. After all, even if they take a hit on they're own economy, they would not be any poorer than they were under Mao-They might find that acceptable, If it kneecaps' our economy.
Exactly, we have put our self at the mercy of our only real future competitor to the global market. Wonder what they will do when they decide they have the power to take over the top spot on the economic totem poll.
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During the '80's we all were wondering same thing about Japan
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japan? isn't that the country that moved it's car factories to the USA?
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Originally posted by john9001
japan? isn't that the country that moved it's car factories to the USA?
Yea meanwhile the American companies moved their factories to Mexico..
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Oh dear, where are the Mexicans gonna build THEIR cars?:D
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Originally posted by bj229r
Oh dear, where are the Mexicans gonna build THEIR cars?:D
Brazil?
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Originally posted by Shuffler
Blaming that on Bush is a really long shot.
The weapons were given to the Iraqi government for their soldiers and police. Iraqi folks did not track the weapons. We went back checking and found there is no information on where all of the weapons went. It's not like they were on a train in shipment.... they were already delivered.
I think we need to understand, folks over there NEED someone to rule them. Someone who will kill them for breathing, someone to scare them into submission with instant death. That is all they have ever had. You can't change that in a few years. It is ingrained into every human over there.
I don't feel like reading all the posts in this thread, but I will say you hit the nail on the head. Thanks for pointing out the obvious to those that lack brain cells, Bush didn't lose the weapons and trying to insinuate he did is rather moronic and truely worthy of our worthless MSM.
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Next thing your gonna say is Bush DIDN'T lose Bin Laden
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Originally posted by bj229r
Next thing your gonna say is Bush DIDN'T lose Bin Laden
Not sure Bush ever had his hands on him to lose him. How do you "lose" something you didn't have control over? :D
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Originally posted by Dago
How do you "lose" something you didn't have control over? :D
Wow...hits the nail on the head for Iraq......
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Originally posted by crockett
It's not just that, China has also threatened to cash in it's bonds. The reason no one is praising "record highs" in the media is because anyone with a brain knows it's fake.
Our economy is being funded by loans from China and other countries. It doesn't take a rocket scientist to figure out when we are borrowing 1.5 billion a day, that it's not going to go on forever.
As far as your American Dream and borrowing more than you can afford, well that's just what the US govt is doing now. It's Bush that did it too. Clinton had the budget ballenced and it would have been payed off.
aHEM:
At the center of the concerns are high-risk loans to individuals or businesses made by banks globally.
More Americans are failing to keep up with their home mortgage payments, and there are concerns that this could ripple around the globe because much of the debt from mortgages has been packaged into securities sold to pension funds, banks and other investors who were hungry for high returns on investments.
The same mortgage securities in the U.S. that are crumbling in value are a part of bigger holdings that banks from Japan to Germany bought into because of low U.S. interest rates and a good returns. That is, until the mortgage holders started defaulting.
Meanwhile, the ability of banks to convert assets to cash quickly was in doubt because some were unable to track how much money they poured into now worthless securities backed by sub-prime U.S. mortgages, or loans made to high credit-risk individuals.
Those bad loans raised fears of broader credit troubles that could affect the entire banking and financial system - concerns that caused stock markets to plummet and threatened pensions.
The slide started innocuously in April after New Century Financial, a U.S. mortgage lender whose principle borrowers were Americans with less-than-stellar credit, filed for bankruptcy protection. Its customers were people who may have been late on credit card payments, maybe even filed bankruptcy in previous years, but still wanted a shot at buying their own home.
Lenders were only too happy to oblige - flush with cash and eager to exploit new markets so they could, in turn, lend more money and increase their profits.
Hedge funds and banks worldwide saw a market with opportunity and bought up mortgage-backed securities.
A month later, USB AG, the giant financial company, said its hedge fund business had lost $125 million in the first quarter largely on the back of investments in the U.S. sub-prime mortgage field. Then in July, Wall Street's Bear Stearns closed a pair of hedge funds after it lost more than $20 billion on mortgage-backed investments.
In early August, concerns mounted that those mortgage securities may not have been as solid as people thought.
Those fears were capped by the Aug. 6 bankruptcy by Melville, N.Y.-based American Home Mortgage Investment Corp. American Home, once a major U.S. mortgage lender, said it fell victim to "extraordinary disruptions" that effectively cut off the funding it needed to make new loans.
On Thursday, France's biggest bank, BNP Paribas, froze $2.2 billion held in three funds because their exposure to sub-prime mortgages in the U.S. That intensified fears that risk was spreading worldwide.
With cash reserves running low, the interest rates that banks charge each other for overnight loans rose so steeply that central banks in the U.S., Europe and Asia poured tens of billions of dollars into the market to make sure enough cash was available to meet demand.
Such large-scale central bank interventions are rare - that last major injection came immediately after the Sept. 11 attacks in 2001.
link (http://home.peoplepc.com/psp/newsstory.asp?cat=TopStories&referrer=welcome&id=20070812/46be85c0_3ca6_1552620070812692085058)
The China business sure didn't help, but this was the culprit---loans being extended to people who had no ****ing business having them ,because "eveyone in this country has the right to the American dream"