Bailout Blues
With the US House of Representatives having rejected the Bush administration’s proposed $700 billion plan to rescue America's financial sector, the absence of a consensus on how to address the crisis is now as obvious as what caused it. But what is certain is that any plan that fails to fill the holes in banks' balance sheets in a transparent way cannot work.
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NEW YORK – It doesn’t take a genius to figure out that the United States’ financial system – indeed, global finance – is in a mess. And now, with the US House of Representatives having rejected the Bush administration’s proposed $700 billion bailout plan, it is also obvious that there is no consensus on how to fix it.