Plugging the Leaks
The US must carry out fundamental reforms of its financial system to plug the equity leaks and recover investors’ confidence. But even then it will have a hard time selling financial assets to the rest of the world unless American households learn to accumulate wealth by cutting consumption rather than speculating on real estate.
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MUNICH – With pain and misgiving, the United States Congress bailed out Wall Street in order to prevent a meltdown of America’s financial system. But the $700 billion to be used may flow into a leaky bucket, and so may the billions provided by governments throughout the world.