("aïe" in French = "ouch") In the long run, we're all dead. John Maynard Keynes
I give the current US administration 6 months before the honeymoon ends, and things get real.
I don't see the Obama administration nationalizing banks, and I see that pretty quickly leading the US down the path the Icelanders and Irish have pioneered.
It's looking an awful lot like unemployment in the United States is going to hit 10% by that time, and will have already surpassed that in a variety of states. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
The Obama administration will take action on a "dramatic scale" to revive credit markets and strengthen banks so they are able to lend, Treasury secretary- designate Tim Geithner said on Wednesday.Testifying to the Senate committee considering his nomination, Mr Geithner said the Obama team was working on a "comprehensive plan" to deal with the banks and hoped to unveil it soon. "We're going to have to do more to make sure that the institutions at the core of our system are strong enough that they can lend." He refused to offer any insight into how this might work, in spite of pressure from the markets, saying: "We have seen the costs in terms of uncertainty created by tentative signals not followed up with clear actions."
Testifying to the Senate committee considering his nomination, Mr Geithner said the Obama team was working on a "comprehensive plan" to deal with the banks and hoped to unveil it soon.
"We're going to have to do more to make sure that the institutions at the core of our system are strong enough that they can lend."
He refused to offer any insight into how this might work, in spite of pressure from the markets, saying: "We have seen the costs in terms of uncertainty created by tentative signals not followed up with clear actions."
If I wanted dramatic action I'd buy a TV.
i get the same vibe, as goes (roll the d)iceland...
at least they have hot springs! ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
