Friday, September 19, 2008

Weekend Weimar and Beagle

I'm in Austin riding out the storm (isn't there an REO Speedwagon song in there?) so I don't have any pictures. I'll be back on Monday. Hopefully the weekend will give me the opportunity to digest everything that has happened this week.
Posted by Hale Stewart at 9/19/2008 08:21:00 AM

3 comments:

zstock7.com said...

Looking back on all this bank mess.
I'm beginning to think the Gov't went the wrong way.
They should have tried to bail out as many people as they could that were in over their heads.
100K each to 5 million distressed households, sounds like that might have worked.
At today's market activity, that's half of what the gov't is spending saving all the banks.
Then establish 911 style prosecution against all predatory ( and insane lending) practices.
zee
Maybe, I'm missing a few pieces and I've just have everything backwards.

September 20, 2008 at 11:11 PM
Anonymous said...

things are getting stranger.

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.
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"Yes, and they should. Because ... 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 on ABC television's "This Week with George Stephanopolous."

Paulson was appearing on the Sunday television talk show circuit to provide details about the U.S. government plan for a sweeping bailout to mop up hundreds of billions of dollars in toxic mortgage debt.

The moves capped a week in which financial markets faced their most serious confluence of crises since the Great Depression in the 1930s and threatened national economies and the worldwide banking system.

Paulson defended the rescue package as painful and costly, but necessary to stabilize a financial system that has all but ground to a halt.

"The situation we had, where the markets are frozen and lending may not be available, is one that won't be good for the American people," he said.

"The fact that the taxpayer is in this position is painful to me."

September 21, 2008 at 10:29 AM
Anonymous said...

well I'm glad Paulson is "pained"

There is something he could do about it - actually demand something of the troubled institutions he's asking them to bail out.

September 22, 2008 at 1:10 AM

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