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Is capitalism dead?

It looks like Gordon Brown has convinced the rest of Europe to follow his master plan of bailing out the banks with massive capital injections (i.e. buying shares in the banks with taxpayer money) and measures to improve liquidity (i.e. guaranteeing the banks’ loans to each other with, you guessed it, taxpayer money). Given that the FTSE went into freefall after the British government announced this plan in the UK last week, it remains to be seen how the world’s stock markets will respond in the coming week. Frankly, it’s amazing that anybody’s willing to take Gordon’s advice on anything more important than what biscuits to have in the meeting after the way things have been going recently,...

posted on: Oct 12, 2008 | author: Lance