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The U.S. approach has been to spend first, spend second, and worry about questions and regulations only after the crisis has been addressed. France, Germany and many other European nations are taking on their financial challenge in a very different way. Each European nation has put together a funding program for their institutions that have been battered by stock losses and accounting writedowns, but the amount of money being handed out is not comparable to the U.S.
The United States has authorized well over $1 trillion in bailout and stimulus spending in less than one year, and there is always a looming possibility of more on the horizon. In Europe the choice has been to put together a modest stimulus – 10 to 20 times smaller than U.S. versions – and then put off other spending measures until all the facts are in.
The Obama administration has already signaled that it wants the focus of April’s economic summit to be on tax and stimulus programs to jumpstart slowing economies. His European counterparts on the other hand, are not as willing as Obama is to start spending on deficits and accumulating debt obligations. France, Germany, Italy, even the UK – which often follows the U.S.' lead – are wary of straining their balance sheets much further with so much market uncertainty.
Originally posted by pause4thought
FTSE at close:
That makes for a big gain on the Dow this week so far. Will it hold till last thing Friday is the question.
Top US lawmakers said Thursday that Congress would take action if accounting regulators and rulemakers failed to quickly improve the mark-to-market accounting standard that has forced banks to record billions of dollars in asset writedowns.
Originally posted by Hx3_1963
reply to post by irishchic
That last link on the Fed being broke...very nice...complicated...
Between the CDO/CDS & Repo market we're scrooged...
...this is why everyones complaining of cash shortages and can't get financing...there just isn't enough reserve currency (USD) in circulation to reposses and redistribute, fast enough to finance everything pledged...
(I think... )...complicted...
Geez...I can't believe CNBC is cuttin' off the Tiny Tim stuff for Madeoff!!!!
I want to hear his double talk on how he's gonna scrooge us!!!
[edit on 3/12/2009 by Hx3_1963]