You\’re not entitled to your own facts Ms. Ashley

But we are a lot weaker than Germany, which invested properly in training and technology, whose banking system stuck with manufacturing,

Like buggery bollocks it did.

The German banks, especially the Lander based ones, were total patsies for every dodgy deal that rolled off the Wall Street production line.

The German government whipped its €480 billion bank bailout package through parliament in record time, but now the program has run into trouble. The banks are still fighting for survival, the money market isn\’t functioning properly, and taxpayers\’ money is being burned.

Even in Germany 480 billion is real money you know.

3 comments on “You\’re not entitled to your own facts Ms. Ashley

  1. The German landesbanken were some of the earliest casualties of the crunch; Commerzbank had to be bailed out with state funds and as a result, was forced, under EU competition rules, to divest businesses such as a private bank in Switzerland, Kleinwort Benson, etc.

    And of course banks in other parts of Europe have been hit, such as Dexia, and SocGen, which carries heavy losses related to Greece, etc.

  2. I think Uncle Sam might have a word or two to say about this….in addition to the subprime exposure you mention, Tim, German banks such as Deutsche tapped the Fed for liquidity in 2008 after the interbank markts froze.

Leave a Reply

Name and email are required. Your email address will not be published.