Comments on: How To Tell When Governments Have Started to Take The Crisis Seriously

By: Evan

Evan — Tue, 14 Oct 2008 23:50:36 +0000

Handing money to these guys and expecting them to fix the mess they’ve created is a bit like handing dough to the James Gang and asking them to run the Bank.

Its theft elevated to an art form.

By: bluebutterfly

bluebutterfly — Tue, 14 Oct 2008 07:52:21 +0000

Your link worked…

By: bluebutterfly

bluebutterfly — Tue, 14 Oct 2008 07:39:51 +0000

x Canadian…He took his oath of American Citizenship on Sept. 11, 2007.

By: bluebutterfly

bluebutterfly — Tue, 14 Oct 2008 07:32:14 +0000

x Canadian…His mother, Barbara Frum, was a famous journalist in Canada.

By: timbo

timbo — Tue, 14 Oct 2008 07:14:16 +0000

Good point. Let’s hope that it isn’t lost on the next Congress…although, frankly, Congress hasn’t been batting close to a thousand recently.

By: Ian Welsh

Ian Welsh — Tue, 14 Oct 2008 05:12:18 +0000

He doesn’t have the authority, but Ben does. I mean, seriously, they could nationalize them tomorrow if they choose. “Well, I suppose I can’t make you. But I could nationalize the bank tomorrow, then do it…”

I mean, all these guys are bankrupt, they’re all insolvent if you calculate in the CDSs. And they know it, and Paulson and Ben know it. “We know you’re insolvent, you know you’re insolvent. You will accept our help, or else”.

What outrages me more is that they aren’t kicking them all out, clawing back money and so on, at the same time.

By: ubetchaiam

ubetchaiam — Tue, 14 Oct 2008 03:47:20 +0000

The flailing about continues:
“Australia unveils $7.4 billion fiscal stimulus plan”
http://www.marketwatch.com/new.....aspx?guid={61C13CA4-B420-435A-8B53-50B02ABD9D94}

By: Ishmael

Ishmael — Tue, 14 Oct 2008 03:40:58 +0000

Clearly no legal way to make it happen – more like Paulson made them an offer they can’t refuse, or alternatively the banks wanted to make it look like they were being forced to take the government’s money.

By: masaccio

masaccio — Tue, 14 Oct 2008 03:39:34 +0000

This is amazing, from the NYT:

Treasury Secretary Henry M. Paulson Jr. outlined the plan on Monday to nine of the nation’s leading bankers at an afternoon meeting, officials said, in which he essentially told the participants that they would have to accept government investment for the good of the American financial system.

If you don’t take the money and start paying the preferred stock dividend, you hate America!

By: Imhotep

Imhotep — Tue, 14 Oct 2008 03:36:14 +0000

Actually the Germans are doing something like what Ian suggested: throw the bums out, strict oversight and no bonuses for the new guys. NYT on nationalization says the US is too scared of “socialism” to try anything like that.
http://www.nytimes.com/2008/10.....ze.html?hp
(Sorry, don’t know how to do links on this site.)