Global coalition urges US to pass $US700bn bailout package

AUSTRALIA has joined a global coalition to pressure US legislators to pass a controversial $US700 billion Wall Street bailout package. Kevin Rudd today confirmed the rare intervention into domestic US politics, revealing he spoke to British Prime Minister Gordon Brown this morning after the US House of Representatives rejected the financial package overnight, sending the Dow Jones into freefall. The Australian stock market has fallen sharply on opening, down more than four per cent in the first 15 minutes of trading. At a press conference this morning, the Prime Minister and Treasurer Wayne Swan said Australia was well-placed to withstand the crisis but warned the failure of US Congress to agree on a bailout deal could prolong the crisis. Mr Rudd stressed it was important for all US congressmen to understand the united interest that “friends and allies” have in the passage of the bailout bill.

Full Article

So now we get the big guns weighing in on how we run our country.

I guess we made the money masters angry today by not passing the bail out bill.

To all Non American Countries:

NO The American people will never agree to this. Our legislators know and realize that if they pass this it will be their last action before being voted out in November.

As an Aussie, I apologize for Rudd making that little speech...

He's been doing that a lot lately. At the UN he was wedged somewhere up the back behind Zambia or some such place, so I don't think anyone is really listening.



That sort of bravado is more or less for us to hear - they keep saying that Australia is the best placed developed economy to "weather the storm" so what do we care if it gets passed or not?



[edit on 29-9-2008 by mattguy404]

As an American, I'm wondering why it is MY duty, with MY money to bail out bad banks to satisfy the rest of the world?

Wouldn't a better answer be for the world to come to the rescue of these failing banks.... since they think it's such a great investment of MY money?

Pitiful,

If Rudd thinks it is a guaranteed fix, then let him get the Aussie Government pump 700B of the Aussie taxpayers funds into their market. Same goes for Tokyo, London and every other market who wants the US to do the same.

I am sure that the citizens of those countries markets would be MORE than willing to agree to a similar proposal.

While I am pleased that the bill was not passed today, I am SURE that something close to this one WILL be passed before the weekend, our Congress never listens to the people, we are too naive and don't know any better, the folks who created the mess are much more intelligent

Lets see how this information goes over with the people who pestered CONgress today. It's news like this that is going to keep the pressure on from us grass roots type. What do you think my less financially astute neighbor who doesn't like the idea of bailing out the institutions responsible for this mess is going to think about foreign governments pressuring their representatives to do something like this.

I expect you're right Jackatmtn, but at least for today I'm motivated to continue the fight to protect our future.

This seems to be, seems to be, an attempt to align all of the world financial mkt to be in synch.....But, why????????? We all need to think about the goals behind this.....Remember, we have almost "crazy" pressure from Bush/Paulson, then pressure across the globe......Why? it is NOT all about failed mortgage CDO's....

Why should we foot the bill for global elitist greed? If you really want destroy America and tank the world economy pass this foolish bill. The best thing most Americans can do, is protect your family, learn some useful trade skills, shut the heck up, and get ready for a bumpy ride.

This is just the manipulation of the financial elite playing us like a one stringed fiddle. We are slothful, to reliant on our toys---and our handouts. We let our children dictate our spending habits and let our government, our elected government, dictate how they spend our tax dollars.

Maybe when we all spend some time hungry, we will drop all the BS and concentrate on something other than having the biggest boat at party cove.

reply to post by traderjack

I am securely belted in for the ride,but I do have my head out the window trying to warn everyone to get outta the way.

The money lenders are getting more desperate as they see themselves losing control over the American population.

No worries:

www.bloomberg.com...

Fed Pumps Further $630 Billion Into Financial System

Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

I guess we know why the part labeled SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES was included in the bill.

Originally posted by JacKatMtn
Pitiful,

If Rudd thinks it is a guaranteed fix, then let him get the Aussie Government pump 700B of the Aussie taxpayers funds into their market. Same goes for Tokyo, London and every other market who wants the US to do the same.

Between September 16th and 18th, the total cash injection by the EU, British, Australian, Japanese, and Russian central banks exceeded $270,000,000,000.00 Along with the US Fed, that brought the total to just over $300 Billion.

Japan and Australia pumped in another $20B on the 19th, along with another $67 Billion combined from the EU and Switzerland. the ECB pumped in another $40B on Monday the 22nd. Canada was in for another $4B on the 23rd. Japan's central bank adopted a daily liquidity injection, which was averaging $9.5B a day for seven days running as of the 25th. The ECB also dropped another $40B into the hole.

After that, it gets a little hard to follow. By a conservative estimate, Central Banks have come to the rescue with a little over half a trillion dollars so far. More, in fact, than the entire lending history of the IMF and the Marshal Plan combined, to keep the US economy from tanking outright.

Why shouldn't we expect the USA to at least lend a hand in cleaning up the mess it created?

If we're going to be advocates of capitalism, be advocates of the system. Fair Weather Capitalism is bull. Running to dad for a bailout when you've invested your money in Nigerian email scams because you thought it was easy money isn't the answer. Tightening your belt, sucking it up and getting a job delivering pizzas is.

Or, you can file for bankruptcy. But nobody should be bailing you out.

Same in this instance. The American people are continually being "asked" to provide money, then more money, and then even more money, when some large institution #s up.

Well, I think We The People are growing tired of it.

Stagnant wages, lost jobs, depressed housing market. People struggling to a degree. Then government says "Oh, yeah, and we're going to put the country in more debt at the tune of $15k per household to fix this mess..."

Sorry, I don't have $15,000 to "donate" to Wall Street. Neither do any of you.

Why is it when something goes downhill, government always believes it needs to get involved?

Also...lest we forget...when was the last time the government passed a program that actually DID what it was expected to do, and didn't make things worse?

reply to post by jerico65


I totally agree. All these world banks are in this mess up to their ears.

Now, they want the US taxpayer to buy back these trash assets, without any public oversight, hold them for up to 5 years and hope these trash assets somehow turn into value and resale them for a profit. Illiquid assets that they tied to real value assets to make them more appealing to sell around the world to each of their banker buddies.

All in the HOPE that it will save our economy.

Is it time to dissolve the Fed and fire Paulson yet?

reply to post by sosuemetoo


Consider the fact that your policies of your elected officials have ruined the world, and how the world has to jump, when you guys say so.

Thats why the american public, has to take what there government does.



[edit on 9/30/2008 by andy1033]

have people forgotten that the ignorance of some US citizens who knowingly brought houses that they could not pay for are the ones who got us into this mess. Sure you can hold the bankers solely accountable for the housing bubble but it takes two to tango.

to be honest i don't really agree with the bail out plan as i think it will devaluate the dollar and things will just get worse.

but i am sick of people making out as if the US public are the innocent bystanders when in actual fact they should be shouldering some of the blame for not taking more financial responsibility.

Originally posted by ohioriver
To all Non American Countries:

NO The American people will never agree to this. Our legislators know and realize that if they pass this it will be their last action before being voted out in November.

Too bad the American people don't make the decisions. I predict that the bill will pass eventually, whether the american people like it or not.