Quote of the day: Gordon Brown, get your bazooka

| 8 September 2008 09:33

Today, David Wighton over at the Times Online referenced U.S. Treasury Secretary Hank Paulson’s quip that the U.S. Government had a bazooka ready to us in the case of the Frannie and Freddie Nightmare on Wall Street in saying:

Helping to stabilise the U.S. housing market should bring some benefit to British counterparts. It will also increase pressure on the British to take bolder action. The U.S. will inject up to £110 billion into Fannie and Freddie, arguably the biggest such intervention by any western government since the Second World War. That makes last week’s £1 billion housing package from Gordon Brown look less of a bazooka and more of a peashooter.

The flop is played and the U.S. Treasury has gone all-in. Gordon Brown, over to you.

Source
U.S. bazooka for Fannie Mae and Freddie Mac trumps Brown’s peashooter – Times Online

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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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