"US may take stakes in banks; Rate cuts fail to stabilize world markets" by Robert Gavin, Globe Staff | October 9, 2008
The Treasury Department is considering taking ownership stakes in many United States banks after emergency interest rate cuts by the Federal Reserve and central banks around the world yesterday failed to end a global panic in financial markets.
The plan, according to government officials cited in the New York Times, could resemble a similar effort announced by the British government yesterday to shore up its ailing banking system. The US government's $700 billion bailout gives the Treasury the authority to inject cash directly into the banks that request it. The move would more quickly enable ailing banks to resume lending than just having the government purchase bad debt off corporate balance sheets, which could take another month.
America, are you not tired of the BULLSHIT LIES of the MSM!!!
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Need MORE SCITTE shoveled your way!
It is another sign that Washington efforts to stabilize the economy are not working quickly enough to restore confidence in the financial markets.
NO SHIT! Bailout Bill Not Working
The Dow Jones industrial average shed an additional 189 points yesterday, following losses of more than 500 points Tuesday and more than 300 Monday. The Dow has plunged nearly 1,600 points, or 15 percent, in a week.
Markets have continued to slide despite extraordinary actions by the Fed and other central banks. The financial crisis is battering confidence from Tokyo to Brazil and pushing the world economy towards recession, analysts said. The ultimate solution will require time and pain as financial firms and US households work through heavy debt and falling asset values left by the collapse of the housing and credit bubbles, they said.
"There's no instant cure," said Ethan Harris, an economist at Barclays Capital in New York. "These measures are really a measure to prevent a deeper recession. They're not going to stop a recession."
Yesterday, the Fed, which earlier bailed out AIG with an $85 billion loan in exchange for an 80 percent stake in the company, said it would provide AIG up to an additional $37.8 billion to help the company avoid a cash shortage. AIG is to repay the Fed by selling off assets.
So WHY did the Boston Globe IGNORE this item and stick it in the middle of this piece, readers? See: AIG to Receive $38 Billion More Taxpayer Dollars
The Fed has taken several other actions to try to keep credit flowing, including pumping hundreds of billions of dollars into the financial system.
I am SO SICK of hearing that DAMN LIE!!!
And HOW MANY TRILLIONS have they PRINTED and sunk into this LOSER, readers?
Tuesday, it said it would buy commercial paper that corporations issue to obtain short-term loans to cover regular expenses, such as payroll. That credit market has nearly stalled.
ON PURPOSE!
Despite these efforts, financial markets remain in turmoil and the economy continues to slide. In Washington, Treasury Secretary Henry M. Paulson Jr. pleaded for patience.
You FUKKERS were NOT VERY PATIENT in RAMMING THIS DAMN GIVEAWAY up our asses, so FUCK OFF!!!!
The American people are OUT of PATIENCE, asshole!!
The Chinese Solution to Wall Street's Woes
The Indian Solution to Wall Street's Woes
No Bailout ! "They Will Kill You!
Then let us EAT 'EM!!!!!!!!!!!!!!!!!!!!!!!!
Analysts said yesterday's coordinated rate cut won't have a quick impact. It typically takes several months for rate actions to work their way through the economy. --more--"
Sigh!
