Thursday, September 25, 2008

Are we next?

Banking bailout gets backing from congress

"News of the deal will spark speculation that Gordon Brown will soon have to introduce a copycat scheme for Britain's struggling banks. The Prime Minister is travelling out today to Washington DC to meet the US President and discuss the global financial crisis." A UK bank bailout might be tempting to our lame duck PM.

Posted by quiet guy @ 09:53 PM (6893 views)
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2 thoughts on “Are we next?

  • I don’t normally comment on my own postings but this seemed worth a mention:

    Anatole Kaletsy’s take on the Paulson bailout may also be not unwelcome to Brown:

    “because Mr Paulson has lost the political initiative, this bailout will now be led by the Democratic leadership in Congress and will be structured around its priorities – relief from mortgage foreclosures, restrictions on bankers’ pay and big government shareholdings in US banks.”

    I have a really bad feeling about this – propping up house prices can be dressed up as economic salvation. Brown can probably hardly believe his luck.

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  • As has been posted before not all members of congress have been suckered by this although like the UK there are enough party poodles and personal vested interests to see such a thing through.

    Congresswoman Kapur has been widely quoted; ‘You have perpetrated the greatest financial crimes ever on this American Republic. You think you can get by with it because you are extraordinarily wealthy, and the largest contributors to both presidential and congressional campaigns in both major parties.’

    The basic fundamentals of a spent out and credited out populance, uneconomic industries, falling spending power and falling wages will still weigh the good people of the U.S. down and unfortunately the UK will follow suit. This bailout is for bankers and will ultimately weigh heavily on the average American.

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