Quote:
Originally Posted by 8ballrollin
Bah. Come on, SU. Did you even read the end of the piece? Japan and Germany aren't taking any action because 1) They've already pumped billions into their banks over the summer and 2) they can't do anything.
Once again the Anglo-American allies have to clean up after the party that everyone attended but no one stayed around to put away the chairs.
Even if we're wrong (the Fed and Treasury) you don't want to be seen rooting for the EU, sorry.
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They've put "billions" in? You don't say. $700 billion? The article says at the end that Europe's losses are much less severe than the U.S.'s, perhaps as low as $75 billion, and one thing no one is happy about is that worldwide this is a mess created by American institutions. The Germans claim they saw it coming, and we rejected their call for tougher oversight. Even the UK is telling us to shove it, which is something. The cul-de-sac quotation refers to EU regulations that would preclude a bail out.
I don't blame them. I'm not proud of these financial institutions that fell prey to the moral hazard of short term gains and riches for their principals just for making loans regardless of due dilligence.