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