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  1. #961
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    Re: Economic News/Discussion

    US could copy British-style bank bailout

    Philippe Naughton

    The Bush Administration is considering following Gordon Brown's example and using hundreds of billions of dollars of bailout money to take ownership stakes in ailing US banks.

    An Administration official said that no decision had yet been made on how to spend $700 billion of funds authorised by Congress last week, but the terms of the bailout law allowed the Treasury to support bank recapitalisation in turn for shares.

    That partial nationalisation is the cornerstone of a £50 billion rescue package announced yesterday by the Prime Minister and Chancellor, Alistair Darling, which will be supported with £450 billion in liquidity funding and loan guarantees.
    "No taxation without representation" and all that.


    http://www.timesonline.co.uk/tol/new...cle4912334.ece

  2. #962
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    Re: Economic News/Discussion

    Diplomatic repercussions from Iceland's banking meltdown:

    Town hall millions may be lost in Iceland

    Jill Sherman, David Budworth and Roger Boyes in Reykjavik

    Dozens of local councils risk losing hundreds of millions of pounds of taxpayers’ money held in Iceland’s stricken banks. Town halls across the country may have to raise council tax and cut services as the repercussions of the collapse of the Icelandic economy broadened into a diplomatic row with Britain.

    Alistair Darling, the Chancellor, pledged yesterday to make good all losses suffered by the 300,000 British savers caught by the collapse of Icesave, the online bank that went into receivership on Tuesday. The move will cost the Treasury about £4.5 billion — and carried an implicit pledge from Mr Darling that he would do the same if other banks collapsed. The Government also seized control of the British arm of Iceland’s Kaupthing bank because it could not honour its obligations to customers.

    Mr Darling expressed incredulity that Reykjavik was cold-shouldering British investors. “The Icelandic Government have told me, believe it or not, they have no intention of honouring their obligations,” he said. Britain started legal action yesterday in an effort to recover money belonging to Icesave customers.

    The Government used anti-terrorism powers to freeze an estimated £4 billion of British financial assets in Landsbanki, Icesave’s parent bank. A spokesman for the Treasury said that the 2001 Anti-Terrorism, Crime and Security Act was invoked as a “precautionary measure”.
    Wow, it's lucky that those draconian anti-terrorist laws can be applied to other things.

    http://www.timesonline.co.uk/tol/new...cle4910126.ece

  3. #963
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    1,690

    Re: Economic News/Discussion

    Was watching C-Span last night with a panel of experts in the field of finance were talking how we got here, where we are now, and about the future.

    We started down this road about 40 years ago by borrowing money from other countries that saved and needed some place for that money to be put to work. Remember through the years of hearing how little Americans were saving compared to other countries. What happen in mid 07 was someone opened one of these bundled loans that was labeled prime but as it turned out was far less. This shut off the flow of money from foreigners to loan us money that we needed was about 2 Billion/day. The panel foresees a deeper rescission that will last into mid next year. The panel also pointed out it would be better to invest in banks than to buy the bad loans. The biggest problem now is the banks don't have the money to lend and yesterday it sounds like that is what Paulson intends to do for now is to invest in bank same as what Buffet has done. This morning AIG needs another $37.8 billion and that makes me wonder how much more over the $700 billion will be needed to shore up the banks. The S&L problem took about 8 years to workout and that is the minimum the panel feels it will take to work out our problems today. The only good thing is our exports are higher than imports but this puts a lot of pressure on countries like China to move their economy. Countries like Iceland now on the edge of bankruptcy is unable to exchange it's currency freely except with Russia.

  4. #964
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  5. #965
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    Re: Economic News/Discussion

    Quote Originally Posted by falcon_view View Post
    ...This morning AIG needs another $37.8 billion....
    I'm beginning to think they really need to let this company tank or be bought at $0.02 on the dollar and be ready to put it under immediate conservatorship and turn/divest the assets over to more stable firms. I suspect their foreign holdings are not liquidating (China- imagine that) and the corporate staff can't seem to find their own @ss with two hands tied behind their back.

    That is going to make it suc for a while with the asset holders, but if I was one- I would have rolled out of there already. Trust Hank Greenberg on this one: Bail.

  6. #966
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    Re: Economic News/Discussion

    Quote Originally Posted by jimzinsocal View Post
    Well, comrades, how do we share the money with the free peoples of the United States?

  7. #967
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    Re: Economic News/Discussion

    ^^and to think 4 short years ago in a member nuke thread...I actually
    suggested such things. But I was kidding.

  8. #968
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    Re: Economic News/Discussion

    Fatcat Barclays bankers jet off to Italy for lavish £500,000 banquet as country faces up to financial crisis

    By Daily Mail Reporter


    While the rest of the country struggles to come to terms with the financial crisis, a group of Barclays bankers have jetted off for a lavish banquet costing more than £500,000.

    As British taxpayers faced up to a grim financial future, coupled with the fear of tax hikes following the government's bailout £500billion bailout package, a group of fatcat bosses from Barclays Wealth flew out to the luxurious Villa Erba, beside Lake Como in Italy yesterday for the all-expenses paid jaunt.

    Invites alone for the bash are believed to have cost up to £3,000.

    Over 300 guests will be wined, dined and entertained with an evening of opera before spending the night in the luxury surroundings of the exclusive Villa D'Este hotel.


    http://www.dailymail.co.uk/news/arti...al-crisis.html

  9. #969
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    Re: Economic News/Discussion

    I'm not really sure here, jimz, and I gotta get to work- but you may want to work from a 9K floor instead of 10. I'm not sure where this one's going today.

  10. #970
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    Re: Economic News/Discussion

    The spoiled brat is holding his breath at the moment.

  11. #971
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    8,887

    Re: Economic News/Discussion

    Promote then, as an object of primary importance, institutions for the general diffusion of knowledge. In proportion as the structure of a government gives force to public opinion, it is essential that public opinion should be enlightened.

  12. #972
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    Re: Economic News/Discussion

    Some fair assertions/conclusions there.
    I might add this for additional reading and the book linked is a must read
    for any serious student of economic thought.

    http://www.federalreserve.gov/boardd...22/default.htm

    This book

    A Monetary History of the United States, 1867-1960. The Monetary History

    Mind you. Im not really arguing the points but simply adding some relevant thought.

  13. #973
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    Re: Economic News/Discussion

    Wow, great article. Thanks.

  14. #974
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    Re: Economic News/Discussion

    I don't know. He suggests a cyclical problem for four generations, points out the sales fall just before the depression, talks more about the depression, puts out a flyer to draft Ron Paul and leaves. I wished he would have put more numbers into the history and established the pattern in each cycle.

    Regardless, I'm stumped on this presidential election. I half afraid many are. I'm finding myself unable to convince myself to vote either Republican or Democrat. I see people just puncihing in the party line because they can't figure it out either, not bothering to vote, writing in their cats and dogs or contemplate like I am of voting for Bob Barr because it's a way of saying "no confidence". Writing in RP may be as good a thought as any....
    Last edited by AeroSim; 10-09-2008 at 03:11 PM.

  15. #975
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    Re: Economic News/Discussion

    Hard to believe that a year ago the Dow closed 14,093.

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