Friday, September 19, 2008

Robert Peston :
But ministers are taking nothing for granted. The Treasury is working on a contingency bail-out plan, just in case.

Because there is a risk that if Paulson succeeds in shoring up confidence in US banks, the doomsayers could turn their poisonous speculative attention on the economy perceived to be the next most vulnerable - in the way that the investment bank Lehman Bros became the target after Bear Stearns had to be rescued from collapse.

In other words, the global mob of financial speculators is running a protection racket against national governments : "Buy our gambling debts or we'll burn down your economy."

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