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Sunday, September 21, 2008

Why should American taxpayers have to bail out foreign banks?
Posted by Jill | 9:41 PM
Now we aren't just going to pay for mismanagement of American banks, we're going to pay for mismanagement of overseas banks as well:
The financial crisis that began in the United States spread to many corners of the globe. Now, the American bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.

Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.

On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.


I wonder who the representatives of the foreign banks were who successfully lobbied to have their bad debts offloaded to the American taxpayers. Josh Marshall does the math and comes up with the obvious answer.

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2 Comments:
Anonymous Anonymous said...
It gets better. Now it's almost everything, like credit card debt etc.
Paulson is crazy. He used a stupid scare tactic and the idiots in Congress fell for it.
There's something crooked about Dodd. He's going along with this. He must have ties to the crooks.
People are calling and writing to their members of congress. Wonder if it will do any good.
If this criminal bailout becomes law, the question is can it be rescinded next year?
I hope someone throws a spanner in the works to slow this down.
If congress does this, we no longer have a constitution.
Maude
9/22/08, 11:04 AM  
Anonymous Anonymous said...
Somewhat OT:
Wasn't it the intent of AlQueda back on 9/11/01 to attack the US economic system.

Didn't we then insist that Osama couldn't succeed?

Am I missing something, or did the financial guys like the idea so well that they did it for him?

I don't usually believe in black helicopters, but I'm really beginning to wonder...

We can't stiff our Arab buddies? Huh!
9/22/08, 11:08 AM  
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