The Exaggerated Demise of Anglo-Saxon Capitalism
Sun-Journal Lewiston, Me. › October 18, 2008
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Summary
The gloating didn't last long. A few weeks ago, German Finance Minister Peer Steinbrueck proclaimed that "Anglo-Saxon capitalism" is "finished." Steinbrueck stuck it to the hated Anglo-Saxon capitalists just in time - before he got too distracted by the exigencies of managing a $681 billion program to re-finance distressed German banks.
Germany's second-largest commercial real estate lender, Hypo Real Estate, apparently didn't realize risky practices during the great credit bubble were inherently un-Germanic. Its loans exceeded its deposit base by 8-1 or more, and the German government had to swoop in with a $67 billion rescue as it neared collapse.See the full content of this document
Extract
The Exaggerated Demise of Anglo-Saxon Capitalism
The same kind of overleveraging, risky loans, toxic securities and real-estate bubble that has rocked the American financial system infected Europe, which is why European schadenfreude q...
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