Reactions
Paul Krugman the Nobel Prize winner for Economics stated in his New York Times column that "Mr Brown and Alistair Darling, the Chancellor of the Exchequer have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up." He also stated that "Luckily for the world economy,... Gordon Brown and his officials are making sense,... And they may have shown us the way through this crisis."
The British banking bail-out example was closely followed by the rest of Europe, as well as the U.S Government, who on the 14 October 2008 announced a $250bn (£143bn) plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $700bn bail-out package approved by US lawmakers earlier that month.
A wave of international action to address the financial crisis had at last an effect on stock markets around the world. Although shares in the affected banks fell, the Dow Jones went up by more than 900 points, or 11.1 per cent, while London shares also bounced back, with the FTSE100 Index closing more than 8 per cent higher on the 13 October 2008.
Read more about this topic: 2008 United Kingdom Bank Rescue Package
Famous quotes containing the word reactions:
“In this Journal, my pen is a delicate needle point, tracing out a graph of temperament so as to show its daily fluctuations: grave and gay, up and down, lamentation and revelry, self-love and self-disgust. You get here all my thoughts and opinions, always irresponsible and often contradictory or mutually exclusive, all my moods and vapours, all the varying reactions to environment of this jelly which is I.”
—W.N.P. Barbellion (1889–1919)
“Prolonged, indiscriminate reviewing of books is a quite exceptionally thankless, irritating and exhausting job. It not only involves praising trash but constantly inventing reactions towards books about which one has no spontaneous feeling whatever.”
—George Orwell (1903–1950)
“Separation anxiety is normal part of development, but individual reactions are partly explained by experience, that is, by how frequently children have been left in the care of others.... A mother who is never apart from her young child may be saying to him or her subliminally: “You are only safe when I’m with you.””
—Cathy Rindner Tempelsman (20th century)