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Showing posts from September 22, 2008

Washington's "solution" : have we all become socialists now?

Business Times - 23 Sep 2008

The US$700b financial bailout plan seems more like a 'European' policy - straight out of the book of, say, a socialist Swedish government

By LEON HADAR
WASHINGTON CORRESPONDENT

A FEW weeks ago during the crisis in the Caucasus involving Georgia and Russia, Republican presidential candidate John McCain wanted to proclaim his support for the pro-American government in Tbilisi. He declared: 'We are all Georgians today!'

Against the backdrop of the most devastating economic crisis since the Great Depression and as the Bush administration proposed what could become the largest financial bailout in United States history, it is doubtful that anyone in Washington or Wall Street is spending too much time thinking about the fate of Abkhazia or South Ossetia.

And as the plan to give the authority for the US Treasury Department to buy up to US$700 billion in mortgage-related assets - it will raise the national debt ceiling to US$11.3 trillion - is debate…