So what is the world's stupidest bank? The answer is kfW Bank in Germany of course. The state-owned German bank transferred 300 million euros ($ 435.2 m) to Lehman Brothers on the day the later filed for bankruptcy protection. Two management board members were promptly suspended for the embarrassing fiasco. Oh yes?
US ECONOMIC WOES AND MORE BAILOUTS
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." - Thomas Jefferson
The United States has a bailout plan for other banks involved in the credit crunch and automakers are also asking for some financial relief to the tune of $ 25 B. It remains to be seen whether it would be granted or not. And if those problems aren't enough the jobless claims are also on the rise.
It will be the U.S. taxpayers who will bear the brunt of these bailouts but doing nothing would cripple their economy.
A crippled US economy would be a disaster to our exporters and remittance senders.
US ECONOMIC WOES AND MORE BAILOUTS
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." - Thomas Jefferson
Letter to the Secretary of the Treasury Albert Gallatin (1802)
courtesy: alby711 Youtube
courtesy: alby711 Youtube
It will be the U.S. taxpayers who will bear the brunt of these bailouts but doing nothing would cripple their economy.
A crippled US economy would be a disaster to our exporters and remittance senders.
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