You probably don't recall voting on that idea, or even reading much about it in the commercial press. But it is happening.
The ABC News website tells us this: "Australia's Reserve Bank has now agreed to join forces with the central banks of Denmark, Sweden and Norway to add an extra $US30 billion to the system through a swap facility, designed to improve liquidity conditions in global financial markets. The RBA is contributing $US10 billion to the facility."
The ABC report continues with: "Westpac senior economist Justin Smirk*** says the move will allow global funding markets to operate. "It's allowing the system time to settle down and find its new balance" he said.
*** DJW comment: Nominative determinism at its finest. Only a Banker could say that without falling over laughing.
- "Paulson himself has shares in Goldman whose value was estimated at $US700 million. He is a direct beneficiary of his own bail-out proposal blind trust or no blind trust."
Pretty amazing duality in their view of things there - just a hint of religious/racial bigotry (it is pretty obvious that they feel Christians are in the minority on Wall Street), mixed with the knowledge that the Christian Churches have vast financial resources - no doubt much of it invested in these Institutions, and stand to lose a huge amount if Wall Street goes down the gurgler.
- "Other Christian money people also refer to working on Wall Street as working on "the dark side," with an environment that is "absurdly secular," "out of balance," and "egoistic." One trader says, "Some of the times when I get on the train, it's like I go to the dark side." Nowadays the trips are especially bleak. One chief operating officer says that maybe Christian faith can stand out as a light of compassion and truth."
- "How Christians respond to the crisis will be a test of their wisdom, courage, integrity, and compassion for the mighty as well as for the humble. One executive told CT, "Our response will answer the question, "Who is Jesus on Wall Street?' "