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Europe refuses to bail out its banks (at least the way we did) .I will be honest and admist that I do not understand the difference of the two remedies and would welcome any tutoring from someone who does.
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Europe refuses to bail out its banks (at least the way we did) .I will be honest and admist that I do not understand the difference of the two remedies and would welcome any tutoring from someone who does.
Never thought I'd say this, but maybe Europe isn't opting for a massive bailout because they're not as socialist as we are?
Never thought I'd say this, but maybe Europe isn't opting for a massive bailout because they're not as socialist as we are?
OMG! I can't believe you actually said that.
No, the Europeans read more than the average American thus they're better informed than we are. They're not buying the load of crap that Bush and the Congress sold us on TV. The Europeans are also more apt to protest than we are. They also have proportional representation, not impossible-to-vote-out "representatives" from gerrymandered districts.
Nancy the reader, I found where Europe did do a type of bail out. I'm not sure of all the specifics or if the people were in agreement. Here is what I found online: (BTW: Interesting thread....thanks!)
That doesn't mean Europe's leaders -- alone or in conjunction with neighbors -- can't step to the fore with public capital and the power to resolve failing banks before they become systemic threats. Last weekend the governments of Belgium, Netherlands and Luxembourg agreed to inject €11.2 billion into Fortis. On Tuesday, the French and Belgian governments bailed out Dexia bank.
National capitals have also acted alone. The U.K. seized Bradford & Bingley and sold the mortgage lender's retail branches and deposits to the Spanish bank Santander. In Germany, a consortium of private banks, backed by state guarantees, stepped in with a €35 billion credit to Hypo Real Estate, one of Europe's largest real estate, project finance and local government lenders.
The most dramatic intervention occurred in Ireland, where the government guaranteed for two years all deposits, bonds, senior debt and lower Tier-II debt of six Irish financial institutions.
Actually they are going to protect the depositors..the savers..the citizens.
At least they care about their citizens. That's what our gov't should have done..save us from the banksters.
Germany guarantees savings in global finance crisis - Yahoo! News (http://news.yahoo.com/s/nm/20081005/bs_nm/us_financial1_41 - broken link)
"Germany said on Sunday it would guarantee more than 500 billion euros ($693 billion) in private deposit accounts to protect savers from the worst global financial crisis since the 1930s."
Maybe our situation was more complicated, but doing it on a bank-per-bank basis sure sounds like a better way to monitor the situation. Thanks for the link.
The US is also "tapped out". But the biggest priority here is to keep the corporations happy.... so hence a bail out we can not afford. The economy will go down the drain anyway.... but the richest got their bail outs, aren't we a lucky bunch???
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