Posted on 09/29/2008 9:24:28 PM PDT by TigerLikesRooster
EU's Mandelson lashes U.S. lawmakers for rejecting plan
LONDON (Reuters) - U.S. lawmakers have "taken leave of their senses" by rejecting a $700 billion (388 billion pound) financial bailout plan, European Union Trade Commissioner Peter Mandelson said on Monday.
The U.S. House of Representatives earlier voted against the plan to help the financial industry in a shock vote that sent global markets sliding and led to recriminations between Republicans and Democrats.
"I feel they've taken leave of their senses and I hope that in Europe we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington," Mandelson said in an interview with the BBC.
Mandelson said the EU's executive Commission would propose measures to reinforce cooperation among regulators, bankers and governments and to clarify the role of credit rating agencies.
But he said a broader international response to the global financial crisis was needed.
He said French President Nicolas Sarkozy, British Prime Minister Gordon Brown and German Chancellor Angela Merkel had all contacted U.S. President George W. Bush in the last few days to urge him to call an international conference to put in place institutional reforms and regulatory changes.
(Excerpt) Read more at uk.news.yahoo.com ...
They always have U.S. to blame, when things go south. Why are they so upset if their financial system can weather the storm? They can't. Japan might, but not EU. They tried to benefit from U.S. markets they railed against.
Big Euro banks took out insurance policy from AIG against possible reserve capital shortage. It is a susbstitute for securing actual reserve capital. Now that AIG went down, their insurance policy is gone. Euro banks do really have to secure reserve capital fast. There is no insurance company to pay out the shortfall of reserve capital when crisis strikes.
Now their banks would go under one after another. That is why they are screaming. They have been as loose as Americans, in some cases worse. They locked themselves with U.S. system, and it is not U.S.'s fault. They have to take blame for their reckless decision.
Ping!
The initials Eliot goes by.
Who is this moron? I never heard of him. I guess he’s not very important.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Hey EU how about this.... we will clean up our mess and YOU clean up yours!
One of the dirty little secrets of this bailout plan is that about half the money was intended either for European or European-owned firms and assets. All their hysteria tells me that they were really counting on that money. Something big is about to blow there and maybe in Asia as well.
They’re probably mad because we sold them some of the subprime loans.
And s*ck the other end of that rope for a finally.
Do you have a link for that info?
Is this a case of “you get what you pay for”??
Not when we were telling them they were AAA.
I don’t know, Asia so far seems to be holding alright.
But given our govenment is pumping near the same amount into our economy as they claimed they could only get through this bailout and the fact they have okay’d other big bailouts recently...with Euro’s screaming bloody murder since this happened and their markets in uproar I’m definitely leaning toward believing this bailout isn’t so much for us but them.
You mean he hasn’t gotten enough of our money?
No, Mr. Mandelson, they've discussed the thing at the level their constituents demand and rejected it quite properly as their constituents demand. The difference is that this sort of thing never does get a hearing from the people in the EU. It's decided by elites, executed by elites, and it is the elites who benefit.
I like our system better. And if I have to kiss my 401K goodbye to keep my country free then so be it.
This is certainly a case of buyer beware!
Oh, and I know we’re in a mess ourselves. When the Treasury creates money out of thin air that isn’t good news. But I’ve been amazed at how the dollar’s value is increasing against the Euro since this happened. Maybe now we have an explanation.
Yes. It is. But it doesn’t help their view of us. All the other crap is politics, war etc. This is different. And the Dems did this.
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