“Cash is available, and we should use that in larger amounts, as necessary, to solve the problems of the stress of this.”
WTF? He must be going senile.
Read this below; Our leaders are globe trotting with a begging bowl in hand.
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Japanese Stocks Fall, Led by Banks on U.S. Credit-Line Request
Dec. 17 (Bloomberg) — Japanese stocks fell, led by Mitsubishi UFJ Financial Group Inc., after Nomura Holdings Inc. said the country’s three largest lenders were being asked to contribute too much to a subprime-asset bailout fund.
Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. paced the drop after the Nikkei newspaper said they will have to reply this week to a request by U.S. banks that the banks each provide a $5 billion credit line for the fund.
U.S. lenders including Citigroup Inc. are organizing a bailout fund to buy assets at structured investment vehicles, or SIVs, in hopes of preventing a fire sale as the vehicles’ need for cash rise.
“For bank shareholders, this participation request is very unpalatable,” said Tomokatsu Mori, who helps oversee $7.4 billion at Fukoku Capital Management Inc. in Tokyo. “I don’t see the logic as to why Japanese banks are being asked to save the financial system when they’ve had very little to do with the subprime problem. If they put in money once, there will be more requests in the future.” …………
