Lehman Brothers files for Chapter 11 - Biggest Bankruptcy Ever

[Blind Guardian]

That's exactly what i mean,i know it affects every American,i feel sorry for the majority while at the same it's a satisfying feeling that it hurts morons like a certain America-absorbed American i know.

 

[Volve]

I have relatives in the US. A boy was in school learning some economy stuff I think. He now works in insurance. He once said: why does the hole world hate americans?

He had a point. Like when you went in to Iraq a norwegian correspondent for the major broadcasting network in Norway said: The Americans don't realize you can hate both Saddam Hussain and the Americans.

To go abroad is actually important. To get an outside view on you're own country. We ridiculed Bush a bit in Europe. He had never been abroad when he was made President.

 

[Blind Guardian]

Well i want to make it clear that i have nothing against Americans,just these ones who think life is a Hollywood movie and America is the main character.

 

[Volve]

One thing I don't really understand. Why didn't you clean up last time, and learned you're lesson. Can't remember when it was now. Up here the government had to buy up a few banks. They are private again now. Since then the banks here has been much more carefull. They didn't like being "bought" by the state I guess.

 

[FerretallicA]

I know you supposedly need to 'spend money to make money' but fuck me, how does any individual, organisation or even entire country get itself into nearly $6,500,000,000,000 of debt!?

 

[Unfaithfully Metalhead]

and also as i said i know it affects everyone but it affects no one as hard as America itself,it wont for example make me lose my job.

You really don't think it can? because it can make you lose your job directly or indirectly... I do not know your job but our financial markets affects other countries own markets which in turn you feel it in your pockets in many different ways like bankruptcies, inflation, higher taxes etc... so yes you can lose your job.Probably not likely but can happen.

It affects the global economy you silly sausage.

Also your view of America is horribly dumb.

To go abroad is actually important. To get an outside view on you're own country. We ridiculed Bush a bit in Europe. He had never been abroad when he was made President.

I agree with you about getting an outside view of your own country. But in all fairness name me one country that really cares what the other thinks of them including your own country. As for Bush, I am not sure what you mean but he has been abroad throughout his reign.

One thing I don't really understand. Why didn't you clean up last time, and learned you're lesson. Can't remember when it was now. Up here the government had to buy up a few banks. They are private again now. Since then the banks here has been much more carefull. They didn't like being "bought" by the state I guess.

No, bank whether here or in your own country can predict it's own failure in any particular way. It can happen at any time for whatever reason. Today it's by lending bad mortgages or getting involved in mortgage backed securities and tomorrow it can be something else. Any business is a risk.

I know you supposedly need to 'spend money to make money' but fuck me, how does any individual, organisation or even entire country get itself into nearly $6,500,000,000,000 of debt!?

Ask Bush that then go ask McCain how he intends to pay that off by cutting more taxes to the rich and not increasing taxes.

 

[FerretallicA]

Ask Bush that then go ask McCain

I don't suppose you have his number handy for me? :Smug:

 

[zabu of nΩd]

I wonder how long we could possibly continue to occupy Iraq until our country simply goes bankrupt.

 

[FerretallicA]

Arr, ye need less occupying, more pillaging and plunderin'... that's yer problem. If ye're gonna board yer enemy's vessel do it right.

 

[The Ozzman]

Well, the government has banned short selling on financials temporarily and, as a result, the market is now up over 400 points. This has been a crazy week on Wall Street and I don't think I'll ever see something like this again.

 

[The Ozzman]

So much for either candidate lowering taxes

Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.

Paulson announced plans Friday morning for a "bold approach" that will cost hundreds of billions of dollars. At a news conference at Treasury headquarters, he called for a "temporary asset relief program" to take bad mortgages off the books of the nation's financial institutions. Congressional leaders had left Washington on Friday, but Paulson planned to confer with them over the weekend.

"We're talking hundreds of billions," Paulson told reporters. "This needs to be big enough to make a real difference and get to the heart of the problem."

Stock markets soared around the world in anticipation of the rescue, with British and Chinese indexes recording their biggest gains ever.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) said on ABC’s “Good Morning America” said lawmakers were told last night “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications, here at home and globally.”

“What you heard last evening is one of those rare moments — certainly rare in my experience here — was that Democrats and Republicans decided we needed to work together, quickly,” Dodd said.
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The solution being proposed by the Bush administration is the most expensive bailout in the nation’s history, sharply curtailing the ability of the next president to push for tax cuts or new spending.

Congressional leaders tell Politico that to expedite the rescue, Treasury plans to seek additional authority rather than creating a new entity. The plan involves buying up hundreds of billions of dollars in bad mortgages to take them off the books of financial institutions that otherwise might fail.

Sen. Richard Shelby of Alabama, the ranking Republican on the Banking Committee, told “Good Morning America”: “I figure it will be at least half a trillion. But if you look at what the Fed has already done [by rescuing insurance giant AIG], and the extension of power to Treasury to deal with Fannie Mae and Freddie Mac, I believe we're talking about a trillion dollars.”

Some Republicans are expressing concerns about writing essentially a blank check to the Bush administration.

“They're lurching from one crisis to another,” Shelby said. “They don't seem to have a superplan to deal with this. ... We want to see the plan. This is not a done deal yet. But we know there's crisis, there's stress, in the financial markets that we haven't seen in, say, 70 years.”

Some conservatives are balking even more bluntly.

Sen. Jim DeMint (R-S.C.), a member of the Joint Economic Committee, told the Los Angeles Times: “What is missing from it and from the recent string of bailouts is a commitment to return to a free enterprise economy. ... What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts but pro-growth policies that allow our markets to correct and start growing again.”

Found it on Drudge at the top