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WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.
.They're bailing out the bond-holders
who are the bond holders? the chinese, the saudi's? those who are loaning us money?
Had they not bailed out the bondholders, the credit machine would melt down.
At this stage of the game, given the structure of their solution, I think I'd asoon see the whole credit based sconomy would come toppling down to be honest.
i am not certain, i just know, this came on too all of a sudden, too quickly and can be improved upon....and will end up being a few trillion of a bailout...the whole truth needs to come out, rules and regs to prevent it from happening again meed instituting...
It isn't serving most of us here in America, and it's serving people thoughout the world even worse.
the word is, the bailout of the trillion, will only mask the situation for another couple of months and it will crash then, if not now...
Time to rewrite the whole social contract, folks.
This one isn't working.
This "fix" isn't going to fix it.
We can't keep chasing debts we can never repay forever.
yep
Why are we in debt anyway?
The government, I mean, not we citizens.
Why does our government have to borrow money that never existed from bankers, and then pay them back with interest, mind you, for money they didn't really have to begin with?
The whole forking system is perverted.
yes, this is most certainly the reason this is more dire, our gvt spending and borrowing and printing money...
But perverted to the benefit of the master class, which most of us can now obviously see with this so-called bail out.
We do NOT have to structure our economy in this way, folks.
We can still live in a capitalist society,, but one without a predatory class of superwealthy who can hold our nation hostage threatening to melt down our economy..like they are right NOW, if we don't pay for their mistakes.
This system is nuts.
We could give the power to create money to OUR governments directly.
Now, we all know that would mean that we'd have to keep our leaders averice in check, politically.
But honestly...
..given the fact that this current system puts this nation in perpetual debt to people who CREATE MONEY out of thin air, anyway, why NOT trust our governments more than strangers NONE of us get to vote into office?
Do you all, conservatives and liberals, alike, see my point, here?
Why not cut out the MIDDLEMEN? They don't do anything except collect interest on money they didn't have.
These banks aren't lending us something they already owned, they're creating this money out of NOTHING.
What do we need them for?
The British government announced Monday it will nationalise buy-to-let mortgage lender Bradford & Bingley in a 42 billion pound bailout as the American credit crunch began spreading in Europe.
The government said it will take control of Bradford & Bingley's 42 billion pound mortgages and loans, while its estimated 21 billion pound savings unit and branches are to be bought by the Spanish bank Santander - for a reported sum of around 600 million pounds.
"Following recent turbulence in global financial markets, Bradford & Bingley has found itself under increasing pressure as investors and lenders lost confidence in its ability to carry on as an independent institution," said the Treasury (finance ministry).
