Monday, September 29, 2008

In a Mind Numbing Vote -- Congress turns it's back on America - meanwhile, Bank Bailouts Sweep across Europe

Five weeks away from the election: Congress refuses to deal with the Financial Crisis -- The result? Massive panic and bank failures across Europe.

Republican or Democrat, If you want to avoid a world-wide financial crash - get on the phone to your U.S. Representative.

Demand that Congress draft legislation to address the financial crisis in a fair, but financially responsible manner. What on earth are they thinking? We don't have the luxury of waiting five weeks for the results of an election!

CNN -- LONDON (AP) -- "European governments had to step in with a flurry of major bank bailouts from Iceland to Germany as fear and turmoil from the U.S. credit crisis spread through the financial system.

Even as U.S. lawmakers were preparing to vote on a massive $700 billion (€490 billion) rescue of their own banks, the governments of Belgium, the Netherlands and Luxembourg took partial control late Sunday of struggling bank Fortis NV (
FORSY), while Britain seized control of mortgage lender Bradford & Bingley (BDBYF) early Monday.

Germany organized a credit lifeline for blue-chip commercial real estate lender Hypo Real Estate Holding AG, while Iceland's government took over Glitnir bank, the country's third largest.

The rapid-fire European bailouts were quickly followed by news that U.S. financial giant Citigroup Inc (
C, Fortune 500). was acquiring the banking operations of troubled Wachovia Corp., (WB, Fortune 500) the latest U.S. financial institution to fail or be sold. Citigroup will absorb losses of up to $42 billion in a government-facilitated takeover."

The entire article can be read here:

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