Thursday, September 18, 2008

Mmmm, this I HAVE to see! – No real article here but they are basically admitting defeat with these pointless cash injections.

Treasury, Fed Weighing Wider Plan to Ease Crisis, Schumer Says

U.S. Treasury and Federal Reserve officials are considering a ``permanent'' plan to address the financial crisis, Senator Charles Schumer said. ``The Federal Reserve and the Treasury are realizing that we need a more comprehensive solution,'' Schumer, a New York Democrat who chairs the congressional Joint Economic Committee, told reporters in Washington today. ``I've been talking to them about it and I may throw out a few of my own ideas this afternoon.'' The discussions focus on ``trying to do something more permanent'' after a series of government interventions in individual companies, Schumer said.

Posted by tyrellcorporation @ 08:02 PM (670 views)
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4 thoughts on “Mmmm, this I HAVE to see! – No real article here but they are basically admitting defeat with these pointless cash injections.

  • What’s a ‘permanent’ plan? The takeover of all banks? I’m sure that Americans can feels secure in the knowledge that the future of their banking system may be dependent on a few ideas thrown out in an afternoon.

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  • Could devalue the dollar and thus lower all the bad debts/exposure in one foul swoop.

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  • mark wadsworth says:

    What will work is the Last-Days-Of-Disco/Mark-Wadsworth plan – just force all banks, hedge funds etc to merge into one mega bank thus completely eliminating counter party risk.

    That’s that fixed.

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  • little professor says:

    On Newsnight they stated the plan was to set up a new corporation, into which all the bad debts would be transferred. Essentially this would leave the banks and financial institutions debt free and able to start afresh, ending the crisis. The new corporation would have trillions of debt, but could be allowed to go to the wall.

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