Wall street bailout plan defeated in the House.

[goldorak]

Originally Posted by jimbuna

One small point here if I may....I'm not a US citizen!!

We have our own financial problems here in the UK to contend with.

I certainly don't see your country as a paragon of financial security either....and that is going back as far as the last world war and before.

As a father I also reserve the right to feel concerned about the financial and economic wellbeing of my offspring in the future.

What is happening throughout the world will undoubtadly have consequences for the future.

I didn't intend to single you out. It was a general consideration I was making. I'm sorry for not being a native english speaking person, and sometimes the things I want to express don't come out clearly.
As to italy being in a catastrophic situation, well as ironic as it may seem italy is well insulated from this particular crysis. And the reason is very simple, our financial institutions didn't invest a lot of money in american securities. So while there may be loses and I'm sure there will be, we won't assist to banks collapsing as is happening in other countries in europe.
As to there being consequences for the future I'm well aware of that. But I think that the americans will suffer the most, and this very harsh lesson will prompt their poltical establishment to rethink what capitalism is about.
The real tragedy is that if america goes under so does the rest of the world.
I don't particularly care what happens to them, but I care what will happen to europe.