Wednesday, Sep 24, 2008
But the governments of Germany and Great Britain have shaken their heads.
Spiegel Online via Truthseeker: Merkel Says Washington Helped Drag Europe into the Credit Crisis
The United States government is campaigning around the world for support for its multibillion-dollar Wall Street rescue package. The reaction has been skeptical at best – and in Europe the plan has been met with bareknuckled criticism.
German Chancellor Angela Merkel has accused the US government of serious failures which she believes contributed to the current credit crisis. In particular she blamed Washington for resisting stricter regulation.
Posted by malct @ 05:31 PM (816 views) Add Comment
14 Comments
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1. malct said...
Over the weekend the US said it would provide $700 billion to cover bad debt on Wall Street and ensure the survival of some financial institutions. On Sunday US Treasury Secretary Henry Paulson then called on foreign governments to launch similar bailouts for their own banks.
"We are talking very aggressively with other countries around the world
and encouraging them to do similar things
and I believe a number of them will,"
Paulson told ABC News
is that a stick or a carrot or
a stick and a carrot henry?
HENry! ( sung to 'loveshack')
2. whiteknight said...
It is not regulation that is the issue.
The points of failure are precisely those where the government is involved.(or the FED)
Namely; appointing "gods" of credit determination instead of leaving it to the market, bailing out of LTCM and other parties since, reduction of rates to ridiculously low levels for long lengths of time.
3. whiteknight said...
the only thing "too big to fail" is various egos and personal bank balances.
4. layers said...
All part of the grand design - the rest is just noise
5. it_is_going_with_a_bang said...
Irresponsible banks took the risk now they should be allowed to pay the price. It is as simple as that.
If i dont pay my tax bill this government won't be letting me off.
6. jamonit said...
If they don't implement the Paulson plan, the markets will crash, if they do, the dollar will crash. Which would you prefer?
7. bystander said...
Talking about tax IIGWAB@5 - was it my imagination or did I read somewhere that because Merril Lynch or one of them has lost so much money they can sign these losses off against future earnings in the UK and pay no/ very little tax for the next 50 years, and now the taxpayer, of which they are not, should cover their bad debt. BRILLIANT.
8. gardeniadotnet said...
>All part of the grand design - the rest is just noise
>Perhaps, but fascinating, history-in-the-making noise nonetheless.
9. plato said...
Rescue Package?
Not sure if there is more news on this somewhere,but have a look at this.
Multi-million pound bets against Halifax Bank of Scotland and Lloyds TSB have been made by an American hedge fund billionaire.
John Paulson, who is worth an estimated $3 billion (£1.6 billion), has made fortunes by betting against the US housing market.
Under new disclosure rules, his company Paulson & Co said it had "short" positions in Lloyds TSB and HBOS totalling 1.76% and O.95% of their shares.
Shorting is when someone borrows shares in a company from an investment firm and sells them, hoping to buy them back more cheaply later and return them to the owner, pocketing the difference as profit.
Paulson is shorting Lloyds shares worth £260 million and £92 million of HBOS. Shares in the two banks fluctuated wildly in the financial turmoil last week before Lloyds announced a £12.2 billion takeover of HBOS.
The Financial Services Authority (FSA) has ordered those "short-selling" more than 0.25% of shares in banks and insurers to tell the wider market on a daily basis.
10. alan said...
Perhaps HPC could ask Angela to join our site!
Good that she had the guts to say what she thought. I didn't see Blair saying anything controversial against the USA.
11. last_days_of_disco said...
@alan
1. The Germans are remarkably unified.
2. They can't help themselves, their tolerance of inefficiency and stupidity is very low.
3. Wait till they start on us. Its going to be excruciatingly embarrassing.
12. inbreda said...
@10...
Alan, the reason Blair said nothing against America, is because every time he was in George "retard son of an idiot" Bush's presence, he had his mouth full.
13. handle_it said...
My guess,for what it's worth,is the plan will be reworded and forced thru. Whatever way it plays out the people who have been screwing us will continue to do so,either outwardly or secretly. The dollar will bomb come what may but they will bring as many other currencies down with it as possible. What scares me is Iran. Boy do they want their oil. Trouble is Iran isn't Iraq.Any conflict isn't going to be settled street to street or with kids hiding IED's. I'm sure they have cells all over Europe waiting for the signal. I'd expect a terror campaign to target main points of infrastructure.Mass suicide bombings on public transport and chemicals including radioactive substances released in major cities. The mother of all wars. Or perhaps everything will be just fine :o)
14. Stevie Dee said...
~13.. Mmmmm... No.. I disagree with Iran launching a terror campaign. What will happen is that U.S fleet now assembling - destination Iran.. will, along with the Israelis, drop a few nukes on Iran, thus sending Gold, Oil through the roof.