Bernanke Moving Toward $75 Trillion Bailout of Bank of America

This is so annoying. All these companies don't deserved to be bailed out. What about us Americans? Who is going to help us? Why can't we get bailed out? I mean if they're just handing out money, I would be happy to have some. There are some major flaws in our system and at this rate they will never be fixed. It is a very frustrating time to be living in this country. I'm eating ramen noodles and yet we are worried about these companies who pay their CEOs hundreds of thousands of dollars.

 

So long as Europe is in more dire straits than the US, which it looks like it is since the EU can't agree to meet much less fix than how to fix Greece, the US has a fighting chance. No one wants to invest in China, as they continue to nationalize goods, and the US is a more pleasant place to invest and live.

 

Yeah, I saw that. That is part of the whole "US will defend Europe" thing left over from WWII. One, the $75 trillion will not be enough to save Europe. Two, I have doubts that the US will ultimately shell out considering that the Euro might collapse by then. Three, the Fed had to intervene a little given the banking troubles the European banks are engaged in and the importance of those banks in the US. (Turns out the European banks were using Greek and other PIIGS debt to meet their liquidity requirements).

 

You might also be interested to know that US banks are widely believed to have $41 billion of direct exposure to Greece. never mind what they have tied up in the rest of Europe so Greece going under could well have a direct impact on the American banking system, then you have the US money markets European exposure to add to the mix

A recent report in The Wall Street Journal said that the three large banks Moody's is threatening to downgrade - BNP Paribas SA, Credit Agricole SA, and Societe Generale SA (PINK ADR: SCGLY) - get a significant amount of their short-term funding from America's money markets.

It's no longer a simple matter of European banks or American banks they are so interconnected these days this could cause another global banking crisis

 

I don't think there is any "if" about it. There will be another global banking crisis...I don't think it can be stopped. I am just bothered by the fact that the US and the EU have wasted so much resources in propping up a system that will fail.

 

How often have you heard Politicians admit they got it wrong LOL or for that matter Bankers and here we have a combo of the two species, they would I believe much rather the world suffer before admitting to a error of judgment

 

They don't deserve it. I hope they don't get it. They have destroyed so many lives, leaving people homeless and scrambling for cover. I hope this does not happen.

 

seventy trillion dollars, please if the Bank of America fails you can pick up its holdings for alot less than that and keep the world out of a depression rather easily.

 

But Andy!!! You don't understand!!!! The $70t is just to pay off the management. The bank itself is more like a 'thank you' card.