Community Views : What’s on the boards today….2nd Dec 2010

2nd December 2010

The Daily Telegraph

"British banks borrowed more than $1 trillion (£640bn) from the Federal Reserve during the financial crisis, led by Barclays following its swoop on the US business of Lehman Brothers."

yves comments: "A programme established by the central bank to help those that deal in US treasuries" No wonder why we have problem in the eurozone."

CNN

The Fed also loaned trillions to US Banks:

"The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday."

Vince Wolf thinks: "And soon, when foreclosures skyrocket, congress will just grant another 5 to 10 trillion in bailouts to banks and then will be even deeper in debt. Time to put the money in the hands of those who need it–the homeowners."

Wall Street Journal

"The Federal Reserve, forced by Congress to release details on trillions of dollars' worth of loans made during the financial crisis, disclosed the breadth of its lending to U.S. businesses desperate to raise cash and the surprising degree to which it supported struggling foreign banks in the worst days of 2008 and 2009."

sean blankert says: "Hmm… so good to see our tax dollars going to foreign banks. So essentially my children are going to be working to pay off money foreign banks are using to MAKE money… brilliant. We soooo need to get rid of our current government and corporate structure…"

The Economist Free Exchange Blog

 "The Fed's "WikiLeaks" moment"

So… writes: "If these institutions are afraid of the shame of taking a bailout, good."

Shame is of no concern to these guys, money is. People think the old movie Wall St. was some hyped-up dramatization of Wall St. culture. If anything, it was corny and understated – these are cold, thick-skinned bottom-line people, and it's their culture and they're proud of it. Refreshing in a way, in today's world of PR/CSR bullsh*t*ry. I want WikiLeak to hurry up with their bank leak."

 Alternet

"10 Reasons We'd Be Better off Without Ben Bernanke"

The Daily Telegraph

"The Spanish government is looking at auctioning stakes in its national lottery operator and airports, while Ireland will look at privatisations in its electricity and gas sectors as part of a joint European Union and IMF bail-out package agreed on Sunday."

The Telegraph readers are comparing this to what happened in the UK during the Thatcher period, but have opposing view on how well it worked:

Nexusfast123 says: "So the next phase of theft – acquire public assets and the 'commons' for next to nothing and then recharge us over the odds for the service that we have already invested public money into provide. In the UK this has already happened due to the 'enlightened' policies of Thatcher. This will be followed by the liquidation of pension funds."

And Captain Mainwaring thinks: "I wish them all luck, Britain went through this back in the '80/'90 under Mrs T and it was the right thing to do. Assets that were under-performing (or not performing ) and state owned tend to be become rather profitable through efficiencies when they are in private hands. Another shining example of Britain as innovators and showing the way for others!"

City Wire

"Bubble fears grow as investors pile into emerging markets"

Joe Soap comments: "I am very encouraged by the outflows from UK Equity Income funds. That is where I am putting my money at the moment. This is a classic contrarian action I believe it will pay on a 3 to 5 year view."

The Independent

"The hard-pressed Euro enjoyed some respite yesterday as a three-day sell-off eased and the currency rose against sterling and the dollar."

Snotcricket  says: "THe Euro is recieving much criticism. Would it be more popular if it were to be used only in in one arm bandits? Silly me I forgot the EU Commission is the two armed version, as they coin it in with both hands."

The Daily Mail

"The euro soared today after a report that the U.S. would support a larger aid package for Europe through the International Monetary Fund."

Christy says: "All the money in the world won't stop a loss making communist regime from going under it is only a matter of time."

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