"The rate cuts are a good step in the right direction to stop the bleeding, but this won't be enough," said Rik Zwaneveld, trader at AFS Brokers, in Amsterdam. "European governments have to act swiftly and decisively together."
Treasury Secretary Henry Paulson, speaking to reporters on Wednesday, stressed that the recently approved $700 billion financial bailout bill gave him wide authority to inject capital into the banking system, and he said he would not rule out having Treasury take an ownership position in banks if necessary.
"We will use all the tools we've been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size," he told a press conference.Wow. he said "tools" and "every size" in the same sentence. That's what I take from everything above, which says a lot about me, I think.
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