PPT has graduated from shadowy trades in the futures market in favor of direct, open intervention. GS is in tears due to the loss of its most viable client.
So, everything is better now, with the 'Hugo Chavez Bank Nationalization Act of 2008' just announced by Paulson, right? We no longer need to stem the loss of jobs, let alone create new ones. We can just inject liquidity into the economy, and even just pass out freshly printed cash to the unemployed, underemployed and anyone else who wants some. Instead of soup lines, we can and should have government offices whereby people can stop in twice a month and pick up a preloaded $10,000 debit card - just like the cards that were handed out in the wake of Hurricane Katrina. What a sad time in the history of this country. Recessions are banned, banks and companies can no longer fail, and the notion of supporting the currency is archaic rubbish. Government is all-powerful and benevolent. The Church of the Federal Reserve and the Temple of the Treasury will save us all. Get some. A filet mignon on every plate.
father of the free market Milton Friedman was in favor of bank recaps in the great depression. you guys need to get a clue
Im not sure where anyone could get "socisalist" from. I am an avid anti-socialist, but this is NOT socialism. This is worse. This is a modern day monarchy, where Bush is king and the banks the liege lords.....
Frankly the so called credit crisis(defined in '07) was/is nothing but a self fulfilling prophecy. Apart from initial blowout of a couple of over leveraged, bad money management hedge funds, the crisis can be summed up either ways "the crisis created the crash" "the crash created the crisis". Frankly there are a lot of rules and regulations that should have been changed a long time ago and maybe we would have never reached this point, they cannot change these regulations now cause all it will do is create further damage. At the moment it of utmost importance for the markets and home prices etc to bounce-back maybe not even close to its former glory but it would be necessary to make the changes in the regulations finally without hurting future growth rate of the markets. Frankly, I do not care either ways, but they are doing what they see fit, and frankly I doubt if anyone(a few may ofcourse) here has enough knowledge or experience, resources, guts etc etc etc to say otherwise. BTW the banks can buy back their equity after 3 years at par and the govt. will earn a sufficient ROI on this anyways. But most probably details like that must have skipped your attention.
Dude, you need to lay off the partisan beer and get a grip on reality. It doesn't mean a damned difference if Repukes or Democrappers run the place. They all have money and power and want more of both. Are you so sheepish to believe the game of good and evil politics they throw you in the media?