4 Comments

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  adaydream at 07:59 AM JST - 3rd October

  Talk about packed with pork. < :-)

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  Sarge at 02:43 PM JST - 3rd October

  Here's some good news - the government is talking about stimulus checks again. The bad news - we're the ones writing them!

  • Jay Leno

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  Nippon5 at 02:56 PM JST - 3rd October

  Talk about packed with pork. < :-)

  What do you really expect, political leaders to think about what is right over what company is going to finance my campaign this election......Get real... The market will recover just as well without the bailout as it would with it. Its a bandaid for a decapitation, it isnt going to really do anything. Until we get over paying of Management, over inflating books to look more profitable then they are, more control on the loopholes in the tax policy, more realist rules for campaign finance, get rid of lobbyist,and many other issues, we wont solve any problems..

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  Suzu1 at 11:30 PM JST - 3rd October

  Once the U.S. takes decisive action, how long will it take the Europeans to fix their own worse mess:

  It took a weekend to shatter the complacency of German finance minister Peer Steinbrück. Last Thursday he told us that the financial crisis was an "American problem", the fruit of Anglo-Saxon greed and inept regulation that would cost the United States its "superpower status". Pleas from US Treasury Secretary Hank Paulson for a joint US-European rescue plan to halt the downward spiral were rebuffed as unnecessary.

  By Monday, Mr Steinbrück was having to orchestrate Germany's biggest bank bail-out, putting together a €35 billion loan package to save Hypo Real Estate. By then Europe was "staring into the abyss," he admitted. Belgium faced worse. It had to nationalise Fortis (with Dutch help), a 300-year-old bastion of Flemish finance, followed a day later by a bail-out for Dexia (with French help). . . .

  We now know that it was French finance minister Christine Lagarde who begged Mr Paulson to save the US insurer AIG last week. AIG had written $300 billion in credit protection for European banks, admitting that it was for "regulatory capital relief rather than risk mitigation". In other words, it was underpinning a disguised extension of credit leverage. Its collapse would have set off a lending crunch across Europe as banking capital sank below water level.

  It turns out that European regulators have allowed even greater use of "off-books" chicanery than the Americans. Mr Paulson may have saved Europe.

  http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3118994/Financial-Crisis-So-much-for-tirades-against-American-greed.html

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