Friday, September 26, 2008

Political News/Rant: Why are We Bailing Out Foreign Banks?

Good Morning Bloggers - Can somebody please enlighten me as to why we need to bailout foreign banks? The London Times reports that UK banks alone are counting on $175 billion of the $700 billion in bailout money - thank you US taxpayer! What the HELL is going on? I understand they want to free up credit, but why can't foreign nations take care of their own banks? I haven't heard a good case why this is in our national interest yet.

"If the British banks tap the rescue fund being set up by the US Treasury and the Federal Reserve to the maximum, they could secure one quarter of the $700 billion being made available. Under the terms of an outline agreement that appeared to have been reached by US policymakers last night, Britain’s lenders will be able to use the facility. However, the prospect that the US Treasury could pay for UK banks’ bad assets is likely to infuriate some American politicians and taxpayers, who would foot the bill. As Congress edged closer to agreeing a plan for the central bank to take on lenders’ toxic assets, HSBC appeared to be the UK-based bank best placed to benefit."
Yes, I'm furious now! Incredibly, the article doesn't give a good reason why the banks are being included. I also can't seem to find a good explanation scanning the American press. This is absurd! Why? The corporate media and our elected officials need to be looking into this issue. We should not be bailing out foreign banks to free up credit for their own national interests. Again, I feel like I live in bizzaro world when it comes to the Bush Administration. Why don't Republicans get more angry? SOMEBODY PLEASE DO SOMETHING!

Friday's Political News and Rant #1 - Michael

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