Also see: Financial Crisis Fault of American Consumer
"At Harvard summit, most back US move" by Robert Weisman, Globe Staff | October 15, 2008
Captains of commerce converging on Harvard Business School for its Centennial Global Business Summit said they support a plan for the United States and other governments to stem the worldwide credit crisis by pumping hundreds of billions of dollars into financial institutions in exchange for ownership stakes.
As the economic crisis mushroomed, federal officials at first were reluctant to put capital directly into struggling banks, focusing instead on purchasing risky assets that made banks too nervous to lend to one another. But after world stock markets plunged in response to the initial bailout plan, they quickly followed the lead of British Prime Minister Gordon Brown and other foreign leaders preparing to capitalize banks.
What BULLSHIT!! They HAVE NOT, nor will they, put $$$ into struggling banks!
See: Healthy Banks to Get Bailout Bill Loot
What is with the LYING, 'eh?
"I've been a Republican all my life," Jeffrey R. Immelt, chief executive of General Electric Co., said on a panel Monday. "I believe in free markets. But the notion that the government isn't a catalyst for change in this country is purely garbage."
Yeah, especially when it BENEFITS YOU, 'eh, richer scum?!!!!!!!!!!
Some dissenting voices warned that government ownership of banks historically dampened economic growth in other countries. "It's frightening for us to hear about the US nationalizing banks," said Anand G. Mahindra, managing director of Mahindra & Mahindra Ltd., an Indian-based federation of almost 100 companies. "That's what Indira Gandhi did in 1966."
Hey, even a drowning man reaches for an anchor!!!!
Yesterday, discussion during the business summit's final day centered on leadership in the 21st century and the future of market capitalism. The new challenges for leaders include maintaining stability and building a global system that works for all countries. --more--"
Translation: How do we get the masses to accept a system that screws them?
