Article

2009-03-31 Economy

Sarkozy blames Anglo-Saxons for financial crisis

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Posted by phil_b 2009-03-31 04:45|| || Front Page|| [11131 views ] Top

#1 He's right about the fact that spending our way out of this is not the answer.

However, creating a global finance czar is exactly the wrong thing to do. Beyond the general dangers of autocracy, it was concentration of decision making in the hands of the few that made this crisis far worse than it would have been with lots of smaller entities.

And what this has to do with 'anglo-saxons' per se exists only in the minds of the French.

Posted by no mo uro 2009-03-31 06:14|| 2009-03-31 06:14|| Front Page Top

#2 Sarkozy blames Anglo-Saxons for mud at Agincourt.

And so it goes.

Posted by Besoeker 2009-03-31 07:01|| 2009-03-31 07:01|| Front Page Top

#3 Of course it could be then extrapolated that without the Anglo-Saxons, the world at best would look like any second rate economy (circa 1930s).

Posted by Procopius2k 2009-03-31 07:33|| 2009-03-31 07:33|| Front Page Top

#4 The crisis is not serious yet.

Posted by g(r)omgoru 2009-03-31 08:16|| 2009-03-31 08:16|| Front Page Top

#5 Look, it was the international regulation called Basel 2 that caused this.

Unless they reverse Basel 2 there will continue to be problems in credit expansion/implosion.

Posted by Bright Pebbles the flatulent 2009-03-31 08:20|| 2009-03-31 08:20|| Front Page Top

#6 Look at the bright side - at least he didn't blame white people...

Posted by Raj 2009-03-31 08:29|| 2009-03-31 08:29|| Front Page Top

#7 Anglo-Saxons(people with blue eyes) are the new Joooos?

Posted by Boss Clease6994 2009-03-31 08:30|| 2009-03-31 08:30|| Front Page Top

#8 Maybe the menu sucks?

I blame Washington politics and meddling, sub-prime loans, derivatives and credit default swaps, no credit requirements for loans, etc. Ah hell, through ACORN in the mix too.

Posted by JohnQC 2009-03-31 09:29|| 2009-03-31 09:29|| Front Page Top

#9 Two words.

"Regulatory capture."

Posted by Thing From Snowy Mountain 2009-03-31 09:46|| 2009-03-31 09:46|| Front Page Top

#10 Look, we can't even agree between the academics, business writers, congress, finance pros and others as to what really happened. I am reading Janet Tavakoli's, "Dear Mr. Buffet" and she is herself all over the map and she is one of the top experts on structured finance especially those toxic CDO's backed by Credit Default Swaps. In fact, if you believe this article then the Orientals are more at fault than Anglo's.

Posted by Jack is Back!">Jack is Back! 2009-03-31 10:40|| 2009-03-31 10:40|| Front Page Top

#11 Part of me wonders...

When the shit hits the fan, the economy crumbles and wars break out... are the Europeans going to go back to killing each other?

Posted by Anon4021 2009-03-31 12:38|| 2009-03-31 12:38|| Front Page Top

#12 I want a refund.
Societe Generale: $11.9 billion US Taxpayer bailout so far.
BNP Paribas: $4.9 billion US Taxpayer bailout so far.

Also:
Germany's Deutsche Bank: $11.8 billion.
Britain's Barclays: $8.5 billion.
Swiss UBS: $5.0 billion

Posted by ed 2009-03-31 12:57|| 2009-03-31 12:57|| Front Page Top

#13 I read today that European companies have to rollover more than a $ one trillion in debt by end 2010.

There's a second wave of the credit crisis coming.

Posted by phil_b 2009-03-31 20:20|| 2009-03-31 20:20|| Front Page Top

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