> http://biz.yahoo.com/ap/080919/financial_meltdown.html
> -- Paulson says bold approach needed to end crisis
Friday September 19, 10:24 am ET
By Jeannine Aversa and Julie Hirschfeld Davis, Associated Press Writers
Paulson says he, congressional leaders will work through weekend on bold
plan to end crisis

WASHINGTON (AP) -- Treasury Secretary Henry Paulson on Friday sketched the
outlines of a bold approach to confront the nation's financial crisis.
"We're talking hundreds of billions" of dollars, he said.



Paulson said he would work through the weekend with congressional leaders to
reach agreement on a plan that would address the root problems of the
financial crisis gripping the country.

"This needs to be big enough to make a real difference and get to the heart
of the problem," he told reporters at the Treasury Department.

Paulson said that the new troubled-asset relief program that he wants
Congress to enact must be large enough to have the necessary effect while
protecting taxpayers as much as possible.

"I am convinced that this bold approach will cost American families far less
than the alternative -- a continuing series of financial institution
failures and frozen credit markets unable to fund economic expansion,"
Paulson said.

"The financial security of all Americans ... depends on our ability to
restore our financial institutions to a sound footing," Paulson said.

Mays Gilliam wrote:Treasury Secretary Henry Paulson on Friday sketched the
outlines of a bold approach to confront the nation's financial crisis.
"We're talking hundreds of billions" of dollars, he said.

Talking of economic boycott, we can now be sure that it won't spill over to our economy. Well, I'm glad that we don't sell our oil in dollars anymore anyway.

By the way, one of the upsides about islamic banking is that the economy is fundamentally immune to this kind of nonsense anyway, because it - in its core - mandates a link between the financial world and real economy at all times. But I doubt that many countries will want to go for such a system, as it would mean that you can never create wealth out of nothing anymore. Many people wouldn't want to give up that kind of luxury, I guess.

friendlyfarzad wrote:

Mays Gilliam wrote:Treasury Secretary Henry Paulson on Friday sketched the
outlines of a bold approach to confront the nation's financial crisis.
"We're talking hundreds of billions" of dollars, he said.

Talking of economic boycott, we can now be sure that it won't spill over to our economy. Well, I'm glad that we don't sell our oil in dollars anymore anyway.

By the way, one of the upsides about islamic banking is that the economy is fundamentally immune to this kind of nonsense anyway, because it - in its core - mandates a link between the financial world and real economy at all times. But I doubt that many countries will want to go for such a system, as it would mean that you can never create wealth out of nothing anymore. Many people wouldn't want to give up that kind of luxury, I guess.

What you call Islamic banking I usually call "granny banking" :-)
It curious to see, that the steps, taken by the US government are exactly the same as Putin and Chavez did in the past.
Its a remarkable surrender, but on the other hand it could normalize relations with these countries; after all, when in the same boat, why not cooperate to get to the shore?