US authorities have reached a broad agreement
When politicians start to talk in code it can get very misleading, as we have seen over the last few days with regard to the US financial bailout. After admitting that there were large disagreements between the two leading parties in Congress it now seems that all is back on track. But what does a broad agreement mean?
Slowly slowly we are edging towards an agreement which is sure to see the $700 billion rescue plan in place by the end of this week, but there seems to be some dispute about the small print. While no details as such have been released it would seem inconceivable that the two parties were not approaching the end of the tussle, as both have too much to lose.
As the presidential election gets back on track it would have been political suicide for the party who called off the rescue, no matter how much resistance there is within the party. To say this could not have come at a worse time for the US political scene is an understatement with politics now taking over from sensible voting.
We should see worldwide stock markets breathe a sigh of relief as markets open for trading tomorrow, but there will still be some uncertainty until the deal is actually signed off by Congress.
Share this..
Related stories
Why do hopes for the UK economy vary so much?
Alistair Darling's suggestion this week that the UK economy would fall by around 3.5% this year, increase by 1.25% in 2010 and move on to an annual rate of 3.5% growth from 2011 onwards is so far away from the consensus it is unbelievable. There are currently no City analysts anywhere near the "rose tinted" forecast from the Treasury with a general belief that these announcements are purely politi...
Read MorePostal strike could cost jobs
While the UK government, UK Post Office and the unions continue to bicker regarding the future of the UK Post Office it seems that many small businesses are suffering more than most. Unable to deliver bills, pay invoices and deliver general correspondence, many small business operators have appealed to the unions and the Post Office to get back to the negotiating table and find a settlement to the...
Read MoreBank profits 'cost households £441 each'
Financial marketplace Zopa has estimated that the cost of HBOS and RBS' profits results in a bill to each UK household of £441, marking a ten per cent year-on-year increase.Recently, the banks made their profits known, with HBOS recording a £5.7 billion total and RBS achieving a £9.2 billion profit."The truth is that banks in the UK have let down their customers badly by failing to deliver agai...
Read MoreBrown Tries To Gloss Over Darlings Remarks
Using a keynote speech at the CBI in Scotland we saw Gordon Brown looking more upbeat than he has for some time, more resilient and more candid in his approach to the struggle with the economy. While he has watered down his recent more optimistic tones he said that he was 'cautiously optimistic' that the UK downturn would be short and sharp, followed by a strong bounce. So what else did he have...
Read MoreDoes the UK still have the same say within the EU?
Over the last few months we have seen the UK government criticised by EU partners, stitched up in the recent EU ministerial posts saga and effectively sidelined by many EU partners. There is no doubt that the UK is now a less prominent figure within the EU, perhaps based on the fact that the UK has yet to adopt the euro. So will the UK ever regain its prominence within the EU? The likes of Fran...
Read More