Exclusive: Foreign banks may get help

American · 09-21-08, 04:45 PM

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By MIKE ALLEN | 9/21/08 7:24 AM EDT Text Size:

In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.
The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.
Treasury Secretary Henry Paulson confirmed the change on ABC's "This Week," telling George Stephanopoulos that coverage of foreign-based banks is "a distinction without a difference to the American people."
"If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said.
"That's a distinction without a difference to the American people. The key here is protecting the system. ... We have a global financial system, and we are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will. But, remember, this is about protecting the American people and protecting the taxpayers. and the American people don't care who owns the financial institution. If the financial institution in this country has problems, it'll have the same impact whether it's the U.S. or foreign."

WTF? Do we bail out the world?

oberhaenslir · 09-22-08, 01:16 AM

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Originally Posted by American

... WTF? Do we bail out the world?

What means 'WTF'? Who are 'we'?

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John1234 · 09-22-08, 01:25 AM

heh, wow I did not expect that one.

What amazes me the most is that for the cost of this bailout OR for the cost of the Iraq Invasion, we could have come close to solving starvation on a Global Scale.

Our poor are getting poorer.
Our Middle Class is getting weaker and smaller.

But we can still afford to bail out the lenders so that people can get further in debt.

I admit that the economy is my worst subject.
But something about this just seems very wrong.

If we could come up with a trillion dollars out of thin air at any time...
Then why are so many Americans living in **** holes?

Scucca · 09-22-08, 06:02 AM

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Originally Posted by John1234

If we could come up with a trillion dollars out of thin air at any time...
Then why are so many Americans living in **** holes?

Anglo-Saxon capitalism is built on poverty. Eliminate poverty and you threaten the reproduction of profit

Goldenboy219 · 09-22-08, 08:35 AM

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Originally Posted by Scucca

Anglo-Saxon capitalism is built on poverty. Eliminate poverty and you threaten the reproduction of profit

Wow that's funny, i was going to say it was built on wealth. Eliminate wealth and you threaten the reproduction of profit

Scucca · 09-22-08, 09:14 AM

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Originally Posted by Goldenboy219

Wow that's funny

I don't find your appallingly high poverty rate too funny myself. However, its great to see you shift towards the delights of black humour

Goldenboy219 · 09-22-08, 09:45 AM

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Originally Posted by Scucca

I don't find your appallingly high poverty rate too funny myself. However, its great to see you shift towards the delights of black humour

Neither do i. Its your desire to bash the US at every possible turn that is funny, so try not to assume to much.

Scucca · 09-22-08, 09:49 AM

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Originally Posted by Goldenboy219

Its your desire to bash the US at every possible turn that is funny, so try not to assume to much.

You need to concentrate more. I referred to Anglo-Saxon capitalism which is not US-specific. It will include, for example, my fair isles

Goldenboy219 · 09-22-08, 09:54 AM

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Originally Posted by Scucca

You need to concentrate more. I referred to Anglo-Saxon capitalism which is not US-specific. It will include, for example, my fair isles

Are you not known around these parts as an US basher.

Besides, your reply was pertaining to America, as it replied to John's post, where he asked: "Why are so many American's living in **** holes?"

Scucca · 09-22-08, 10:02 AM

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Originally Posted by Goldenboy219

Are you not known around these parts as an US basher

I only have indifference towards the US, so that wouldn't make much sense.

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Besides, your reply was pertaining to America, as it replied to John's post, where he asked: "Why are so many American's living in **** holes?"

I did provide an explanation to John. Anglo-Saxon capitalism (which of course includes the US) is well known for maintaining higher poverty rates. We have to use it to distinguish it from standard liberal democracy and social democracy nations, where low poverty is required to maintain stability