Word out Friday was that the Chinese don't want the Americans blowing all that big money on bailouts, for the very real fear that it could and would devalue the dollar, thereby devaluing Chinese investments.
Hmmm.
This sounds strangely familiar.
If you put this rather big news, coming from Chinese leader Wen Jiabao, together with the fact that, lately, some banks are saying "no thank you" to the Feds for that same bailout money, wouldn't it seem like we have a bit of a consensus here?
Mind you, it's only 3 banks (out of 487) but maybe more banks will get some courage up and either want to return it or out-and-out do so.
Citigroup and GM said they need no more money from the Feds right now, too.
Anyway, it's interesting, at least, that these completely different organizations in totally different physical and structural locations come to the same conclusion.
This could possibly mean that our response has been one of desperation and panic and that maybe this isn't the way to go.
Stay tuned.
It's as I've said, since we're in totally new territory, financially, it's hard to tell where we are.
Unfortunately, it's like a recession--we'll find out after we're already long since there.
Links to original stories:
http://news.yahoo.com/s/ap/20090313/ap_on_bi_ge/as_china_us_economy
http://www.propublica.org/article/third-bank-says-it-will-return-bailout-funds-but-487-banks-keep-theirs-311
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