Japan concerned over blocking of bailout plan in U.S. Congress

Tuesday 30th September, 02:48 PM JST

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13 Comments

fatloser at 03:00 PM JST - 30th September

Tail wags dog or dog wags tail?? They are concerned about another government's failure to take timely action!!?? This is a riddle for the Dynamic Duo!!
CavemanLawyer at 03:15 PM JST - 30th September

Japan concerned over blocking of bailout plan in U.S. Congress

I believe the headline is erroneous. Japan is concerned over the financial turmoil, not the failure of the bill. Nobody knows if the plan will patch everything or not. --Cirroc
memyselfI at 03:16 PM JST - 30th September

$700 billion bailout plan blocked by the U.S. House of Representative. Maybe there was something in the clause that spooked the House Of Representatives.
Nessie at 03:21 PM JST - 30th September

Not approving a bailout is not the same as blocking it, Kyodo.

Give me 700 billion yen, Kyodo. Damn you to hell, Kyodo, you're blocking my bailout!
cplyut at 03:45 PM JST - 30th September

Whoever wrote that headline doesn't understand how votes work. Either the vote passes or it fails, but that doesn't "block" a bill, that's democracy.
maplegend at 04:01 PM JST - 30th September

My opinion is that they use the word "block" because it is not rare for legislation here to be blocked due to partisan opposition. Often you can see headlines of DPJ votes to block so-and-so legislation of the LDP, etc. If you google "house blocks bailout legislation" the word is also used in U.S. media although it appears mostly in either leaning left or leaning right blogs/or partisan outlets.

Although the use of "block" is not entirely incorrect or correct, I agree that more appropriate language would be in the lines of "failed to pass" because opposition came from both parties.
Nessie at 05:23 PM JST - 30th September

A good summary, Maple.
TokyoVP at 05:53 PM JST - 30th September

Of course Japan is concerned. 26 years of consecutive trade surplus ended last month as Japanese exports to the US declined by some 25%. The Wall Street meltdown did something American administrations failed to do for decades--negotiate an end to trade deficits to Japan.
some14some at 11:09 PM JST - 30th September

Japan's Economy Problems are more of a concern than America's Financial Problems. World will rush and rescue USA Financial Markets whereas Japan will have to solve their problems alone or with little bit of help from China.
usaexpat at 11:17 PM JST - 30th September

They should be concerned, the whole world should be. What we have here is a log jam in the credit markets that is causing essentially solvent companies to fail. Bankruptcy in the true sense means owing more than you are worth. In the case of some of the recent high profile company failures that was not the case. Bleeding red ink certainly but still with more assets than liabilities. The problem is that investment banks work on borrowing and leverage and when they cannot borrow the game is over. The credit markets need to be unstuck be that through this bailout or some other means. Until this happens the world economy will continue to suffer.
OssanULTRA at 12:42 AM JST - 1st October

Japan's Economy Problems are more of a concern than America's Financial >Problems. World will rush and rescue USA Financial Markets whereas Japan >will have to solve their problems alone or with little bit of help from >China.

America's financial problems ARE the world's problem whjich is why every nation (except China so far) is bending over backwards to stabalize their markets. The "rescue" is currently comming from the EU and Japan. So what's China doing with all those dollars they're sitting on? They're economic boom is on the edge of the cliff here.
mushroomcloud at 11:06 AM JST - 1st October

"America's financial problems ARE the world's problem whjich is why every nation (except China so far) is bending over backwards to stabalize their markets. The "rescue" is currently comming from the EU and Japan. So what's China doing with all those dollars they're sitting on? They're economic boom is on the edge of the cliff here."

Ossan, I am sure you are aware that China is, and has been, America's second largest creditor for many years. At last count, China has loaned out to America some $700 billion. This huge sum is used to help finance America's enormous deficit. So, out of China's vast foreign exchange reserves at nearly $2 trillion, a huge percentage is actually parked in the US.

http://fpc.state.gov/documents/organization/99496.pdf

Are you saying that China needs to loan out even more money to bail out the United States? That's a bit humiliating, especially since certain posters here(Cleo, ahem) complain about how China spent gadzillions on a space program, yet their people still eat rubbish and live in hell-holes.
apecNetworks at 05:54 PM JST - 1st October

I don't think the US Govt. would pursue this route, but Japan may be positioned to capitalize on it. Some major multilateral groupings are scheduled later this year (ASEM, ASEAN Forums, APEC, EAS, .....), and can greatly affect the course of how global economic development is steered. Japan, w/ some of the higher level economic minds, could, COULD take a commanding role in alleviating the economic turmoil. Geopolitics aside, APEC IS strong enough to affect the situation, and it's role is exploding from the current situation. These are historical times and those influential in APEC can create history and well as be history. From my constant exposure to US Agencies, the US Govt. will not consider working out the economic problems w/ most, especially APEC.