Posted on 08/12/2010 12:20:29 PM PDT by Nachum
The U.S. government's $700-billion Troubled Asset Relief Program (TARP) bailout likely had a greater impact on foreign banks than the stimuli packages of foreign countries had on their American counterparts, according to a report released by the Congressional Oversight Panel (COP),
“Although the crisis began with subprime mortgage defaults in the U.S., its damage spread rapidly overseas,” the report stated. “[We] found that policymakers were ill-prepared for such a worldwide crisis and that the internationalization of the financial system has outpaced the ability of national regulators to respond."
COP indicated that despite the limits of international coordination, most countries ultimately intervened in markets using the same basic set of policy tools: capital injections to financial institutions, guarantees of debt or troubled assets, asset purchases, and expanded deposit insurance. However, the U.S. targeted its rescue very differently than did other nations, COP stated.
(Excerpt) Read more at ibtimes.com ...
The list, ping
Yeah, but it’s turning a profit, or so I’m told.
“The whole world has financed the United States, ...they have a reciprocal debt with the planet.”
Famous quote.
The world paid for Bush’s tax “cuts”, really deferments, and bought our mortgage backed securities on the quiet promise that they were “insured” by the US government.
would sure like to see this on nightly news but wont happen
follow the money
And you have fools who still think Liberal Free Trade Globalism works....even though we had to bail it out with 100’s of billions of dollars....the bank bailout was nothing more than to cover the failure of Liberal Free Trade Globalism
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