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Asian markets give Bronx cheer to $700 billion bailout |
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| Sep 29, 2008 11:30 AM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: International markets, Federal Natl Mtge (FNM), Amer Intl Group (AIG), Financial Crisis Asian markets -- the ones that have "forced" Washington to do emergency rescue plans by Sunday night for the last several weeks -- have their verdict on the latest version of the $700 billion bailout plan. And those markets are not happy. Tokyo's Nikkei lost 1.3% while Hong Kong's Hang Seng Index fell 2.1%. In addition, Asian markets don't seem to like the spread of the contagion to Europe where Belgium's Fortis needed a $16 billion government injection to stave off bankruptcy. But the bailout plan -- dubbed Troubled Asset Relief Plan (TARP), if it passes, would give Washington political cover as it enters election season. Not only that, it would lead to a 126% increase in the national debt since 2000 -- from $5 trillion to $11.3 trillion (a dangerously high 79% of GDP). However, it is a flawed plan and as I posted, here's what I think would be a better approach:
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