Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government’s $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.
‘There is a growing feeling that banks … might instead decide to tough it out,’ said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager.
As Red State puts it,
This is what happens when socialism gets shoved down the throats of capitalists. They will vomit it up.
We didn’t need the bailout, but I have every confidence that the politicians will find a way to spend that $700 million and grab even more power.