ACCUMULATING PERIPHERALS


US now more socialist than France by mattsteinglass
March 2, 2009, 4:13 pm
Filed under: Uncategorized

I’m sorry, hold on a second. I’m feeling dizzy.

On the eve of the summit, according to the commission, Sarkozy revised his rescue package for the French car industry to ensure that Europe’s level playing field in state aid to industry is maintained. But last night he delivered a withering attack on Gordon Brown’s scheme to help RBS and Lloyds Banking Group with state insurance for their £500bn-plus of toxic assets, in effect creating a “bad bank”.

“Frankly, it’s not a procedure we wish to adopt,” Sarkozy said. Bad banks enshrined “nationalisation of the losses” caused by US mortgage-backed assets and meant they fell to the taxpayer.

The British “bad bank” approach is pretty much the same as what the US is contemplating with Citibank, which unless I’m missing something means France is now distinctly less socialist than we are. Then again, they did invent the term “laissez-faire”.

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