THE DAILY MAIL WEDNESDAY OCTOBER 15TH
BUSH FOLLOWS THE BRITISH WITH A £143 BILLION BAIL-OUT
"America followed in Britain's footsteps yesterday by announcing the partial nationalisation of it's leading banks.
US Treasury Secretary Hank Paulson said he would plough $250 billion into the country's biggest financial players in an attempt to safeguard the world's leading economy from total collapse.
The ex- banker described the extraordinary state intervention as 'objectional' but necessary. Nine U.S. banks have signed up so far to a sheme that will see the White House buy preference shares in them.
Bank of America, Citigroup, JP Morgan Chase and Wells fargo are each expected to get $25 billion. Goldman Sachs and Morgan Stanley are expected to be handed $10 billion.
The decision represents a humiliation for the Wall Street titans-among them Mr Paulson's former firm Goldman Sachs, where he earned a fortune.
But the White House has been forced to re-write it's rescue after it became clear that it's original $700 billion bail-out did not go far enough.
It now echo's the £500 billion scheme launched by Gordon Brown the Prime Minister of Great Britain, to prevent the financial markets from entering total meltdown by directly injecting cash into banks in return for shares.
This should shore up lender's capital cushions and help insulate them against the deepening economic downturn.
It will also hopefully encourage them to lend to each other, helping credit pour back into the wider economy.
Yesterday Mr Brown found himself having to play down his role in the bank rescue when confronted by claims that he is a global 'superhero'.
Downing Street has been taken back by the International Praise which has seen the Prime Minister hailed by Nobel prize winner Paul Krugman for his 'clarity and decisiveness' and described as a magician by the French."
Bush follows the british with a £143 billion bail-out
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Oscar Namechange
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Bush follows the british with a £143 billion bail-out
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
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wildhorses
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Bush follows the british with a £143 billion bail-out
oscar;1023384 wrote: I read somewhere in our press that McCain has said that he is not a Bush type President. I hope Bush doesn't screw up his chances for the Whitehouse as i think he's the better President of the two choices.
It's shamefull that the worlds press are reporting Bush as the biggest failure in the Western world and history's worst President. I think i'd be so embarressed if that was the way the world was talking about our man. As with any crucial time like this, the press love to hate some-one so at the moment, it's lets gang up on Bush.
Don't despair wildhorses, America has always come good in the end and they will get over this. I think your all in for hard times but i don't think it'll be recession times or anything like that.
We'll be watching the news for you.
Oscar:-6
Thank you so much for your kind words. We are tough and have always made it in the past, but that does not make these current circumstances and less scary.
I don't think the press is beating up on Bush unfairly. I agree he is the worst president ever. As far as being embarrased, we are too worried right now to be embarrassed....that will surely come later though..lol.
I think as long as corporations have a death grip on this country that it will be difficult for anyone who gets elected to get anything done. First we have to weaken the corporate control that has been controlling our elected officials for decades. Then, and only then, will this country be able to function in a productive fashion.
Personally, I will vote third party even though that person may not win. It seems that large numbers of voters are planning to do this to send a message that we are no longer willing to vote for a candidate simply because they are more visible. There is also an anti-incumbent trend coming about.
It's shamefull that the worlds press are reporting Bush as the biggest failure in the Western world and history's worst President. I think i'd be so embarressed if that was the way the world was talking about our man. As with any crucial time like this, the press love to hate some-one so at the moment, it's lets gang up on Bush.
Don't despair wildhorses, America has always come good in the end and they will get over this. I think your all in for hard times but i don't think it'll be recession times or anything like that.
We'll be watching the news for you.
Oscar:-6
Thank you so much for your kind words. We are tough and have always made it in the past, but that does not make these current circumstances and less scary.
I don't think the press is beating up on Bush unfairly. I agree he is the worst president ever. As far as being embarrased, we are too worried right now to be embarrassed....that will surely come later though..lol.
I think as long as corporations have a death grip on this country that it will be difficult for anyone who gets elected to get anything done. First we have to weaken the corporate control that has been controlling our elected officials for decades. Then, and only then, will this country be able to function in a productive fashion.
Personally, I will vote third party even though that person may not win. It seems that large numbers of voters are planning to do this to send a message that we are no longer willing to vote for a candidate simply because they are more visible. There is also an anti-incumbent trend coming about.