Archive for financial crisis

Vhat do you sink of zis, comrade..?

Posted in Uncategorized with tags , , , , , , , , , , on October 9, 2008 by unvarnishedtruth

International Herald Tribune

U.S. Treasury considers part-ownership of banks

Thursday, October 9, 2008

WASHINGTON: Having tried without success to unlock frozen credit markets, the U.S. Treasury Department is considering taking ownership stakes in many U.S. banks to try to restore confidence in the financial system.

Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks’ balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones. [emphasis mine]

Read the rest here.

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Paging John Law…

Posted in Uncategorized with tags , , , , , , , , , on October 5, 2008 by unvarnishedtruth

"Hey, it's only paper..."

That’s the name I keep hearing in my head as I read about the government’s nifty bailout plan.