Merkel Says Washington Helped Drag Europe into the Credit Crisis

[Manuel]

Response to Washington's multibillion-dollar Wall Street bailout has involved a lot of skeptical grumbling in Germany and the UK. German Chancellor Angela Merkel says the Bush administration has mishandled Wall Street, and that its refusal to adopt stricter rules led to the current crisis.

Source: "The Americans said, 'We Won't'": Merkel Says Washington Helped Drag Europe into the Credit Crisis - SPIEGEL ONLINE - News - International

 

[I Missthe North]

Sad but true. All of the world's economies are so interconnected these days, major events like these are bound to effect the rest of the world. We need to get our act together, or other countries are going to cut back their investments in the US which will only hurt us more.

 

[mightypeon]

Funny tidbit: The only German party approving of aiding Americas save the Bank funds is the Left party.

 

[editec]

Dragged?

Lured, more like...with higher interest rates on those bonds.

I have no sympathy for bond holder here, folks.

They KNEW they were purchasing higher risk bonds.

How did they know?

The interest paid on them was higher than less risky bonds which are NOT defaulting.

Screw the bond holders domestic or foreign.

That or bail them our by helping the home owners to continue to stay in those homes and then we can help the bond holders by proxie.

Nah, we can't do that, can we?

Help the poorest victims?

That's unAmerican.

That's unCapitalist!

We've only got heart for the billionaires who took the risk, but not the homeowers who took the risk.

And of course the people who screwed them both?

They get away with it scot-free, don' they?

This is some creepy kind of socialism, we're practicing here.