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Europe to U.S.: You messed up the rescue, too (BARF Alert)
www.cnnfn.com ^ | October 13, 2008 | Peter Gumbel

Posted on 10/13/2008 1:19:02 PM PDT by Pantera

PARIS (Fortune) -- First you mess up the world's financial system. Then you blow the rescue of it. Now let's show you how to do it properly.

That, in a nutshell, is the less-than-flattering message European governments are sending to the U.S. as they mount their own gigantic bank bailout. The plans, announced Monday after two weeks of dithering, involve Britain, Germany, France and some others recapitalizing national banks that require help, and providing state guarantees and other measures to kick-start the stalled credit market. The details are strikingly different from the U.S. approach adopted by U.S. Treasury Secretary Hank Paulson and the Federal Reserve Board. And there's a big reason for that: The Europeans think Paulson got it badly wrong, and have watched aghast as he failed to restore confidence in the world's financial system.

More at link...

(Excerpt) Read more at money.cnn.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: europe; notbreaking

1 posted on 10/13/2008 1:19:02 PM PDT by Pantera
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To: Pantera

You have to admit, Nancy Pelosi and her gang did mess things up.


2 posted on 10/13/2008 1:20:03 PM PDT by jersey117
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To: Pantera

I may never forgive myself but have to admit the euroscum are correct.


3 posted on 10/13/2008 1:22:25 PM PDT by rrrod
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To: Pantera

Are they going to show us how to get 9% unemployment before a financial crisis?


4 posted on 10/13/2008 1:23:04 PM PDT by Dr. Sivana ("[Gov. Sarah Palin] is Phyllis Schlafly, only younger." -- Gloria Steinem)
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To: rrrod
But I thought we were headed into the next great depression!
5 posted on 10/13/2008 1:23:06 PM PDT by Jay777 (My personal blog: www.stoptheaclu.com)
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To: Pantera

Personal message for Euro-pee-ons....

http://www.insanesoccer.com/games/images/thefinger.jpg


6 posted on 10/13/2008 1:24:58 PM PDT by RasterMaster (CHANGE is not a destination - HOPE is not a strategy)
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To: rrrod

McCain should state that this is a direct failure of Pelosi and the Banking Committee Chairs.


7 posted on 10/13/2008 1:24:59 PM PDT by jersey117
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To: Pantera

Let’s hope we unintentional taxpayer investors see a huge return on our money. We can celebrate by spending more on social programs like the ones in Euroland.


8 posted on 10/13/2008 1:35:38 PM PDT by Glenn (Free Venezuela!)
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To: rrrod

Maybe the are right. But heck, it seems like they just sat back and waited to see what the outcome of our bailout would be so they would no what to do. They weren’t offering up any better answers.


9 posted on 10/13/2008 1:35:43 PM PDT by elc
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To: Pantera

The Euros were waiting for us to throw money at them as a reward for them bad mouthing us all the time. Notice that the markets didn’t respond positively until they got off their butts and did something after America led the way.


10 posted on 10/13/2008 1:38:57 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Pantera
That must have been the shortest depression ever; I seriously doubt it is over, it is going to be much more than just a wake-up call and a socialist bonanza.
11 posted on 10/13/2008 1:40:33 PM PDT by Jolla
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To: Pantera

I don’t think they will get any arguments from those of us at FR.

That said, they can bite me.


12 posted on 10/13/2008 1:41:43 PM PDT by a real Sheila (McCain is Obama, lite!)
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To: Pantera

Hey euroweenies... Dow up 944.70 on the day... an ALLTIME record point gain. Hey europe... yo mamma wears combat boots! America is your daddy!

LLS


13 posted on 10/13/2008 1:41:53 PM PDT by LibLieSlayer (GOD, Country, Family... except when it comes to dims!)
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To: elc; rrrod

the = they; no = know

Dang toddler interfering with the proofreading.


14 posted on 10/13/2008 1:43:16 PM PDT by elc
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To: LibLieSlayer

Hey euroweenies... Dow up 944.70 on the day... an ALLTIME record point gain. Hey europe... yo mamma wears combat boots! America is your daddy!

LLS


european stock markets are rising too...
btw. what´s up? did a “european” stole your lollipop when you have been a little kid? why all this hate?


15 posted on 10/13/2008 1:47:56 PM PDT by austrian
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To: Pantera
Interesting Euroweanies. I as an American was surprised to know that Continental Europe had very limited FDIC like bank/checking account backup. The most, to my understanding was $20,000 Euros. This means that the Eurobanks were more heavily extended than American banks.
16 posted on 10/13/2008 1:49:18 PM PDT by Chgogal (Voting "Present" 130 times might be a sign of a smart politician. It is not a sign of a good leader.)
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To: Chgogal

Interesting Euroweanies. I as an American was surprised to know that Continental Europe had very limited FDIC like bank/checking account backup. The most, to my understanding was $20,000 Euros. This means that the Eurobanks were more heavily extended than American banks.


it was mostly between 20.000 - 100.000 euros. it differs from country to country. for example austria had only 20.000 euros (but 800 banks where you could have split the money so only if you own more than 16 million euros you could have lost money. btw. right now we (and many others) have unlimited guarantee.


17 posted on 10/13/2008 1:57:04 PM PDT by austrian
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To: Pantera

I think the markets have the U.S. written off as to be so heavily in debt that they would never be able to come up with the money for their bailout. That’s why the American bailout didn’t cut it.

OTH the Euros saying they guarantee the interbank loans injects real trust in the markets. This bailout works and drags the U.S. out of it as well.


18 posted on 10/13/2008 2:00:52 PM PDT by avid
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To: austrian; LibLieSlayer
"why all this hate?"

Can't you see, its not hate, its disgust. Europe drags the world down.

19 posted on 10/13/2008 2:02:48 PM PDT by editor-surveyor (Obama isn't just an empty suit, he's a Suit-Bomb trying to sneak into the White House.)
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To: austrian

I have to agree.

Most of Western Europe and the US have been allies for a long time, and while we have policy disagreements, and we’ve certainly drifted apart since the foundation of the EU, I get tired of seeing “Euroscum, Eurotrash,” etc (with the possible exception of the French, but that’s a personal failing on my part).

Fact is, we DID get the economic kick-start wrong, and while it’s not exactly a warm-and-fuzzy feeling to be second-guessed by Europe, it doesn’t make the opinion incorrect.

I, for one, would prefer more isolationist policies and a rebirth of our manufacturing infrastructure as well as domestically producing the bulk of the resources we use.

Sticks and stones and all that...I honestly don’t care what people in Europe say about us or our policies as long as they don’t actively interfere with us domestically.

There ARE conservative Eurpoeans...Many of them visit this site. Please try to remember that conservatism, morality, and fiscal responsibility aren’t uniquely American, and that there truly are allies out there (if we don’t drive them off or convince them that we really are boorish and ignorant).


20 posted on 10/13/2008 2:07:35 PM PDT by Heavyrunner (Socialize this.)
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To: jersey117
>>You have to admit, Nancy Pelosi and her gang did mess things up.”

I don't get it....didn't the republicans with the president vote for this thing too?

Did I not see news that McCain voted “aye” on this bailout?

Come on, give credit where credit is due.

21 posted on 10/13/2008 2:15:06 PM PDT by servantboy777
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To: Pantera

Wait, europe is blaming the US for its troubles?

I am glad we have news organizations to report these unexpected gems of truth.


22 posted on 10/13/2008 2:15:34 PM PDT by lonestar67 (Its time to withdraw from the War on Bush-- your side is hopelessly lost in a quagmire.)
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To: Pantera
We'll see whose plan seems to work the best and hopefully learn from it. But the people responsible for messing up the world's economy are those who extended credit where they shouldn't and those who participated in unstable and unpredictable financial instruments. That isn't the fault of any one country.

There's a name for people who mix nationalism and banking. "Paupers."

23 posted on 10/13/2008 2:28:18 PM PDT by Billthedrill
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To: lonestar67
Wait, europe is blaming the US for its troubles?

Shouldn't they? It was Fannie Mae and Freddie Mac that spewed this noxious stew all around the planet, wasn't it? Maybe if Europe spoke up a little more about that, rather than complaining about the bailout, they would help with putting the blame for this entire thing where it belongs -- on the Democrats.

24 posted on 10/13/2008 2:56:52 PM PDT by EarlyBird (Don't listen to the socialist propaganda: McCain will win easily.)
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To: Heavyrunner

BTTT


25 posted on 10/13/2008 3:00:36 PM PDT by sciencefreeper
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To: austrian

Please list by country prior to this financial the guarantee level. Thank you.


26 posted on 10/13/2008 3:04:14 PM PDT by Chgogal (Voting "Present" 130 times might be a sign of a smart politician. It is not a sign of a good leader.)
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To: Heavyrunner

i could not agree more. it´s true that “europe” and the US have drifted apart since the foundation of the EU (this is btw. one of the “secret *lol*” goals of the EU). but i´m sick of anti americanism on this side of the world too. What is the US ? is it the forreign policy? (wich is not in EU interest?)btw. why should US policy fit european interests? the same way could be said the other way around. or is it the people?
like you i don´t care what people in the US say about EU policy (as long as they don’t actively interfere with us domestically.) but as you have said: There ARE conservative Eurpoeans out there... countries don´t have friends they have common interessts or not (and it looks like “europe” and the US have lost many “ but not all” of them). only people have friends. and for me in personal i have no problems meeting americans. i liked most americans i have
met in personal.and this is what cracks me up reading comments on message boards like euro scum...., american idiots... (while we disagree on many facts in world politics we should think twice “do we hate each other only because our media tells us?) what is europe on the other side? a single politician who may think he will gain some votes because he hits the anti american crowd? we share some basic lifestyle. of corse we disagree some times but why to hell is all this hate?. we can learn from each other. is every solution bad because it comes from america? NO. is every solution bad only because it comes from europe? NO.
greets


27 posted on 10/13/2008 3:16:34 PM PDT by austrian
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To: jersey117
McCain should state that this is a direct failure of Pelosi and the Banking Committee Chairs.

McCain can't say anything. He voted for it also despite abot 90% of the American people being opposed. If he had voted against it like we all told him he would be winning now.
28 posted on 10/13/2008 3:16:54 PM PDT by Arkinsaw
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Switzerland’s Green Power Revolution: Ethicists Ponder Plants’ Rights
The Wall Street Journal | October 10, 2008 | Gautam Naik
Posted on 10/10/2008 1:17:28 PM PDT by SuperSonic
http://www.freerepublic.com/focus/f-chat/2102568/posts

“For years, Swiss scientists have blithely created genetically modified rice, corn and apples. But did they ever stop to consider just how humiliating such experiments may be to plants?”

Palin on the economy in first print interview
Pittsburgh Tribune Review | Salena Zito
Posted on 10/12/2008 6:55:59 PM PDT by Salena Zito
http://www.freerepublic.com/focus/f-news/2104167/posts


29 posted on 10/13/2008 3:19:06 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/_______Profile finally updated Saturday, October 11, 2008 !!!)
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To: austrian
No, after posting on nearly 16,000 threads on Free Republic... I was just giving back what I have read about my Country, my Religion and my President in the European press. I remember chirac and schroder and company viciously attacking my country for years. de villipan and others come to mind. I have many European Friends but I know that most of Europe hates us.

One thing... without us...

LLS

30 posted on 10/13/2008 3:23:58 PM PDT by LibLieSlayer (GOD, Country, Family... except when it comes to dims!)
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To: Chgogal

Please list by country prior to this financial the guarantee level. Thank you.


sorry but it´s impossible (at least for me) to get an exact list of european countries (valid source) and their guarantee levels prior to this. there for i would have to speak several languages to find sources. the 20.000 - 100.000 euros i was talking about was said in the tv news covering only the “main” EU countries (but not all).
i´m sorry but i can´t help on this one.


31 posted on 10/13/2008 3:41:37 PM PDT by austrian
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To: LibLieSlayer

No, after posting on nearly 16,000 threads on Free Republic... I was just giving back what I have read about my Country, my Religion and my President in the European press. I remember chirac and schroder and company viciously attacking my country for years. de villipan and others come to mind. I have many European Friends but I know that most of Europe hates us....


no you have to differ. most of europeans hate the forreign policy of your country (and bush in personal, this is really a no go in europe because he represents all “we” hate in american policy). but why should we love it? US policy doesn not have to fit EU policy for example. every one is looking for its own interests. but american people in generall? NO. why should we?


32 posted on 10/13/2008 3:55:55 PM PDT by austrian
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To: EarlyBird

No one forced the Europeans to buy these securities.

Its absurd. They hate us when we are prosperous and they hate us when we are in the tank.

European statists are worthless.


33 posted on 10/13/2008 4:09:53 PM PDT by lonestar67 (Its time to withdraw from the War on Bush-- your side is hopelessly lost in a quagmire.)
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To: Pantera

Ping


34 posted on 10/13/2008 4:26:15 PM PDT by Robert DeLong
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To: Pantera
Terrible journalism. E.g. factual errors: Not Peer Steinbrueck, but rather Frank-Walter Steinmeier will challenge Merkel for chancellor next year.
35 posted on 10/13/2008 4:26:19 PM PDT by wolf78
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To: LibLieSlayer

i have to add one important fact. there is a difference in the response you will get. if you post stuff like “we saved your ass in WWII” so shut up or be grateful because of that. or you will post stuff like america is responsible for “european” safety you will get comments like pi$$ off
on european message boards. that´s true. this is because no one here thinks this way any longer.but on this message board european tend to be more diplomatic. but this doesn´t mean that europeans hate every single american. we only think you are wrong having this kind of view. (because we don´t feel this way). but you should not get the impression that every one from europe thinks that we hate americans all the way. every country has its percentage off
idiots. there is no difference between Europe and america in this way. and illiterate persons tend to flock local message boards so don´t be suprised if answers are extreme annoying


36 posted on 10/13/2008 4:29:15 PM PDT by austrian
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To: Pantera; austrian
http://www.spiegel.de/international/europe/0,1518,583742,00.html

“The 43-year-old wanted to withdraw 500,000 Icelandic krona — a sum worth about €4,000 just 2 months ago — from her private savings account and another $60,000 from her dollar account. “I want to take my money home,” she says. “I don't believe a single word the government is telling us anymore. We just get false information.”

37 posted on 10/13/2008 5:34:25 PM PDT by Chgogal (Voting "Present" 130 times might be a sign of a smart politician. It is not a sign of a good leader.)
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To: Pantera

Hey Europe,

Why don’t you just give us back the 670 BLN we inject into your markets in the past week.

Yeah, I didn’t think so.


38 posted on 10/13/2008 7:16:00 PM PDT by Drill Thrawl (Drill Baby, Drill)
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To: LibLieSlayer

You will even get a millionairs salery at the end of next year !

I just envy you guys.


39 posted on 10/14/2008 8:45:02 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: lonestar67

Are you talking about abs ?

Noone had to - they were tripple A rated and by all rights and laws of the US called americas finest investments.

It was not a hold up - you are right.

it was fraud.


40 posted on 10/14/2008 8:49:40 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: Rummenigge

Yeah, there should be no risks involved in investments.

They are AAA rated, therefore they cannot go down in value.

Oh wait, that would be socialism.

Maybe that is why the Europeans were confused. They don’t know what risk is.


41 posted on 10/14/2008 9:13:04 AM PDT by lonestar67 (Its time to withdraw from the War on Bush-- your side is hopelessly lost in a quagmire.)
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To: Rummenigge
I'll be here... you will be here... and where we will be depends on whether obammy can steal this election or not. If he wins, I will probably be put into an internment camp and all of my assets will be "redistributed"... you see... I am a Conservative.

LLS

42 posted on 10/14/2008 5:37:45 PM PDT by LibLieSlayer (GOD, Country, Family... except when it comes to dims!)
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To: lonestar67

Well we have learned that if you bus some financial products from the US that are by all means of the legal system of the US marked as very safe - you could as well have a nice time in Vegas with your doe.

So at the moment it’s the US beeing very busy to learn of the EU how to estimate and handle risk.


43 posted on 10/15/2008 12:07:29 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: LibLieSlayer

And you are right to be - in reality the US should be very concerned about the ongoing crack up of the repulican idea - don’t get me wrong I don’t write of Mc yet - but it doesn’t look good - even staunch supporters fall of and the bilance of the late presidency is a catastrophy.

The Country is broke and the ongoing wars are probably not to bring to the desired end.

A lot of trust in the US has been lost.

Never mind - now it’s the dems time - hope for good that the GOP will regroup and get it’s act together, it will need to change though.

I am convinced that somehow the US will get it’s gear together you guys are really fit to reinvent life and start something new.


44 posted on 10/15/2008 12:19:09 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: Rummenigge

I do not want you near my foxhole.

LLS


45 posted on 10/15/2008 4:06:06 AM PDT by LibLieSlayer (GOD, Country, Family... except when it comes to dims!)
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To: LibLieSlayer

I bet you don’t want anything of what is comming your direction. But I am not one of these things.


46 posted on 10/15/2008 6:06:58 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: LibLieSlayer

In this particular case, the US and Britain consequently blocked legislation that would have led to more transparency, like Basel II. While there’s probably enough useless bitching between Europe and the US, in this case it might be wise not to jerk the knee too fast.


47 posted on 10/16/2008 4:59:36 AM PDT by PoliticsAndSausages
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