Global Wall Streets
The vote today to “bail out” Wall Street comes on the heels of financial takeovers by governments over the weekend in the Netherlands, Luxembourg, England, and Germany. And that is just a start. This isn’t over today.
Posted: September 29th, 2008 under Best of the Blogs.
Comments: 3
Comments
Comment from timr
Time: September 29, 2008, 11:41 am
OK. Now didn’t the EU countries say just last week that they saw no need to bail out their countries banks? Could they have been waiting for the lobbyists to insure that the US taxpayers bailed out the overseas banks also? Where does UBS stand on this anyway? Do they have some exposure also? Phil Gramm is still a Vice Chairman and lobbyist.
Comment from Leftcoast
Time: September 29, 2008, 1:14 pm
It’s so hard to figure what’s right thing to do, if the consequences are really that dire this time and who the good guys are. That’s the direct result of being lied to by Bushco for 8 years. You can only cry “terrorist” so many times before people stop hearing it.
I’m actually with the Pugs this time insofar as I think nationalizing the banking industry is a bad thing, but not for the reasons they’re concerned about. Unlike the EU countries where there is some recognition of the public good, nationalizing the banks is a bad thing in this country because it’s the next great step to fascism. And yet if we don’t take that step, we could be looking at Dow 5000. Fasten your seat belts…
Comment from Josh Hammond
Time: September 29, 2008, 2:37 pm
LC, I’m not economist, but the banks are not being nationalized. I have not heard anyone seriously suggesting that. Besides, there is already a form of nationalization with the FDIC. The fat cats can take a hit, but the little guys can’t, and the average employee of these banks and firms will lose that much more. Not a pretty picture.
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