Financial round-up

by thoughtfulconservative

US government may take part ownership in banks – Yahoo! News

An administration official, who spoke late Tuesday on condition of anonymity because no decision has been made, said the $700 billion rescue package passed by Congress last week allows the Treasury Department to inject fresh capital into financial institutions and get ownership shares in return. [Emphasis mine]

The nationalization of the banking industry has begun. I liked CNNMoney’s headline,

Paulson ‘actively’ eyes bank investment – Oct. 9, 2008

He’s probably got enough money on his own, but I think they’re talking about my money and he’s just deciding how to spend it.

You know it’s been a bad time when someone writes,

Something didn’t happen Thursday morning, and that’s the best news we’ve had in more than a week.

It’s not just the U.S.,

Iceland suspends stock trading, creates new bank

Global Financial Crisis Hits South Korea

Oil Exporters Feel Squeeze of Falling Crude

We’re even taking a hard new look at a Greenspan Legacy.

The problem is not that the contracts failed, [Greenspan] says. Rather, the people using them got greedy. [Emphasis mine]

Astounding. They pay people for this stuff, too.

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