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Europe puts more on the line for banks than US

 
 
Reply Mon 13 Oct, 2008 05:07 pm
Europe puts more on the line for banks than US

Quote:
Europe put $2.3 trillion on the line Monday to protect the continent's banks, a figure that dwarfs the Bush administration's $700 billion rescue program, in its most unified response yet to the global financial crisis after a stumbling start.

The pledges by Britain and the six countries that use the euro helped soothe stock markets, along with a promise by top central banks to provide unlimited short term dollar credits.

Stock markets rebounded Monday after the European decision and other weekend efforts to find solutions to the financial crisis, which has crushed major banks in both the U.S. and Europe and battered stock exchanges worldwide.
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cicerone imposter
 
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Reply Mon 13 Oct, 2008 05:13 pm
@Robert Gentel,
RG, Our government is not finished spending taxpayer money to rescue our economy. They're now over one trillion dollars including their bailout of the $700 billion, the $85 billion for AIG, and Mac and Mae at $200 billion. With the rescue of banks, that's still an unknown, but probably in the $300 billion plus category.
Robert Gentel
 
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Reply Mon 13 Oct, 2008 05:17 pm
@cicerone imposter,
cicerone imposter wrote:
Our government is not finished spending taxpayer money to rescue our economy.


I hope so, I think the current figures are low, and that between 50-150% more are needed.

Because of the wide-ranging projections I'm glad we're going into it a bit at a time, but I think it would be worse to go this far and then not do enough than it would to make sure the bailout works even if it costs us more.
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