The hypocrisy of the U.S. in this case is overwhelming. Money quotes from IHT article:
For a generation, U.S. policy makers have lectured the world on the need to unleash the animal instincts of the market. China’s rickety banks should stop lending to protect state factory jobs, Americans said, and focus on the bottom line. Now the Bush administration is reluctantly concluding that Fannie and Freddie might need to be propped up to protect the U.S. homeowner.
During much of Japan’s lost decade of the 1990s, Americans called for an end to the nation’s coddling of weak banks. Better to let them keel over, along with the paper tiger companies they sustained. No company was “too big to fail,” Washington said.
The corruption of wall street during the Bush years has unfortunately reached monumental proportions. The pendelum is now swinging all the way to the other side.If the SEc was not so dirty and corrupt-we could have avoided all this imo