Yes we are fast becoming a banana republic, incapable of competence much less leadership
Yesterday I posted some news going on across the pond, happening while this country was playing political games, including Britain was bailing out their largest lender to landlords, Bradford & Bingley Plc to the tune of US$40 billion, and Belgium, the Netherlands and Luxembourg was bailing out financial services firm Fortis to the tune of US$16.3 billion.
Shortly after that, Germany acted, and after that, it's been a steady flow of bailouts.
A bit of summary from the Wall Street Journal:
European governments and central banks rushed to the aid of financial institutions struggling to stay afloat amid a shutdown in the markets on which they depend to borrow money. In Germany, the government and a consortium of private banks provided a €35 billion ($51.15 billion) rescue package for big commercial lender Hypo Real Estate Holding AG.
In Iceland, the government nationalized the country's third-largest bank, Glitnir Bank hf, pumping in €600 million for a 75% stake.
And in Russia, Prime Minister Vladimir Putin said the government will allocate $50 billion -- and more if needed -- to provide banks with funds to pay back foreign loans coming due.
Breaking news right now on Bloomberg:
Dexia Will Receive $9.2 Billion Bailout From Belgium, France
Dexia SA, the world's biggest lender to local governments, will get a 6.4 billion-euro ($9.2 billion) state-backed rescue after worsening financial markets drove the shares to a record decline.
and Irish Government Will Guarantee Bank Deposits, Debt After Shares Slumped
Ireland's government said it will guarantee Irish banks' deposits and debt for two years, seeking to calm investor concern after banking shares fell 26 percent in Dublin yesterday.
And check it out:
Sarkozy Pledges to Aid French Banks Caught in Financial Turmoil:
``We have to support our banks,'' Sarkozy said today in a press conference in the coastal city of Marseille, France. ``The U.K., Belgium, Luxembourg, the Netherlands, Germany are states that acted to guarantee the stability and the security of the financial systems in their countries and in Europe.'
Mini-rant: MEANWHILE, ON TPM (yes I'm shouting,) amazingly some people are busy contemplating a coverup of what's wrong with John McCain's left eye, and TPM Media thinks it's cute to use a headline that says "Congress Takes Vacation As Bailout Stalls: Oy Vey." At least the House Republicans pretended to have a passing interest in reality. Wake up people, what is happening is not a joke! Too many in the blogosphere are starting to sound and look exactly like a President Sarah Palin is what you deserve. Right, keep blogging on the bright shiny distracting political circus topics, just pretend everything's ok as those high-paying corporate ads start disappearing one by one, someone will furnish free bread sooner or later.
