September 29, 2008

Swedish bailout *revised* for America? How is it that Sweden could bail out its main banks, buying into their assets, while America can only give away tax money to foreign and domestic investors without getting any return in equity? At 16 % of its GDP the Swedish bailout was relatively bigger than the newest American one at 5% ($.7 trillion/$13.84 trillion in 2007 = .05 = 5%), but THEIR taxpayers got cut in on owning the junk they bought and actually ended up making their money back. We would rather bank on a wish and a hope?

"What's happening in the United States now entails a big risk that stock holders will win. If the banks survive, the stock holders' holdings will still be there but the tax payers will have to foot the bill," said Bo Lundgren, head of the Swedish National Debt Office. Clearly the Swedes are are more fiscally responsible. Even the state run collection agency will lay off workers rather than go insolvent. Not being much of a finance guy, I'm just putting this out there for comment and solace.

posted by Dan Folkus 16 years ago
  • Seems that they've given themselves some more time to posture and squabble think about it.
  • Wonkette is reporting that one of the Republicans who voted against it is now trying for a Motion to Reconsider. Which is to say that he wanted to be seen as against it, but didn't want it to actually fail. So now he wants a do-over. Fuckers, all.
  • None of us want to see Wall Street go unpunished, and we'd all like for them to stew in their own filth. Of course. But are we willing to screw ourselves just to see that? No. So get on with it, already. And now they're talking about a new bailout having to wait until after the Jewish holidays? WTF? I think God will understand that global economic meltdown is kinda a big deal at the moment...
  • If anyone needs me I'll be in my garage welding a gun turret onto my truck and shaving my head into a mohawk.
  • You have a truck? I traded my car for a wheelbarrow so I could take cubic metres of money down to the bakery.
  • And people laughed at me for growing oats in my front yard. Now I'm the one with all this home-made vodka in demand! Suck it, bitches!
  • Campbell's Soup stock is up slightly, but Smith & Wesson, Kraft, and Champion Mobile Homes are all down a touch. So that's... good news?
  • Take an umbrella if you need to go to Wall Street tomorrow, cause it'll be raining bankers and stockbrokers.
  • goddamit.
  • >>Clearly the Swedes are are more fiscally responsible. But seriously, it would be hard not to be.
  • what about taking the cash out of the CEO's bonuses?
  • I heard one of your Merkin MPs (whatever they're called) saying to do this would be 'the first step to socialism'. Now, I don't really give a fuck about rich bankers, but if the whole economy goes tits up, then I'm bothered. Is having a touch of socialism (not Communism) such a bad thing? What would said gent think of the NHS? Tantamount to a Bolshy plot? Not that it would be the first step to pinkism, I don't think. Just seemed a bit harem scarem.
  • I was wondering this morning if the End Times had already started and the Elect had been assumed into Heaven. Has anyone noticed a particularly devout coworker is missing? And where's Hank?
  • We have a pet Jehova's Witness. He's turned in. Maybe he didn't get the memo.
  • I'm late with my AT&T bill this month. Anybody want to bail me out here? MonkeyFilter: If anyone needs me I'll be in my garage welding a gun turret onto my truck and shaving my head into a mohawk. MonkeyFilter: Clearly the Swedes are are more fiscally responsible.
  • What would said gent think of the NHS? Tantamount to a Bolshy plot? Sadly, yes. You bring any kind of national health system up to 90% of American politicians, and a large percentage of American citizens, and you get instantly transported back to 1965 and Maxwell Smart's in the next room on his shoe trying to catch Boris and Natasha. And while I may be employing colorful metaphors to illustrate the point, I'm neither joking nor exaggerating. It's what's keeping the rich over here in such a great state of health, the middle classes in an good state of health but crushing debt, and the poor either sick or taking up emergency rooms for routine care. I don't really know why it is - it must be something that was so deeply indoctrinated in our grandparents along with "duck and cover" that they can't get it out. It's like asking them to have tea and cookies with the monster who lived under their childhood beds.
  • Amazing. I, for one, can't imagine what it would be like without an NHS, for all its faults.
  • Clearly, the state paying for its taxpayers remaining able to pay taxes is a vast left-wing conspiracy. I mean, next thing will be that we have to teach them to read, too.
  • The right balance of capitalism and socialism have helped make the US very successful. The wrong balance is going to throw things in the toilet. We need more socialism, and we need it now.
  • Alls I can say is it's a weird time to be working in the banking industry. (My bank is safe, btw. Just watching the chaos and crumbling around us is disturbing.)
  • P.S. This bailout isn't to back mortgages at all. It's to back failed speculation on mortgages. The more I read, the more I think we should let the wealthy risk-takers fail and just let the bankruptcy courts re-negotiate "toxic" mortgages.
  • The war(s) transferred a fuckton of public taxpayer funds into private and corporate hands. This bailout package will move the rest. Why do you think Paulson's original request contained the clause: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."?
  • Well, now we know whose fault it all is: Teh Gheys. (Da Bears.)
  • I think it's time you all welcomed your new kitfisto overlord.
  • Except the bit about WWII, natch.
  • Would people have referred to "American global leadership" in 1929? I'd have thought it emerged post-1945.
  • Or when 'The Red Hand Gang' was first sydicated internationally.
  • kitfisto wrote: "I think it's time you all welcomed your new kitfisto overlord." I know what fist means, and I want none of it, kthxby.
  • I dunno. Maybe kitfisto is the superhero we've been waiting for. Kit, can you swoop in and use your mighty fist of doom in Washington for us?
  • Just as soon as this episode of the Red Hand Gang is over. It's my fave.
  • A curt nod of the headnob to our new overlord (kitfisto).
  • BlueHorse wrote: "I dunno. Maybe kitfisto is the superhero we've been waiting for. Kit, can you swoop in and use your mighty fist of doom in Washington for us?" Acherlie, that's probably what Washington could do with. That, and Cockpunuch.
  • Speaking of Cockpunch.
  • Oh, great. Now another bankster, Jack Lew, has been nominated by Obama to replace Geither as Treasury Secretary. Why?