Fun, fun, FUN!

[unusualmusic_lj_archive]

China banks told to halt lending to US banks-SCMP

BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.MORE

But while you were not looking a 25 billion dollar giveaway to the auto industry passed the house, and actual free-market democracies are pissed:

The German auto industry attacked U.S. politicians on Thursday over plans to give $25 billion in low-interest loans to Detroit’s crisis-stricken carmakers. “We are opponents of subsidy contests,” the head of the VDA automotive industry association, Matthias Wissmann, said during the IAA truck show in Hanover.
The chief executive of German heavy truckmaker MAN Commercial Vehicles , Anton Weinmann, said:
“That results in a distortion of competition…In the manufacturing industry, one should leave things to the free market.”

Vai: Balloon Juice.