Europe is right up there with the U.S. (Americas) with losses totaling 235.3 $US as of 9/22/08 and counting. Of course they support a bill aimed at stabilizing this market (a.k.a., superficially creating a price above zero for the assets), it’s like a get-out-of-jail-free card. Even if the European banks derive no access from the U.S. bill directly, there are social gains that foreign banks would accrue as the U.S.-based ABS (asset backed securities) market stabilizes. Cost to U.S.: $1,000,000,000,000; explicit cost to G7 (as of now): $0. That's a no-brainer.
Please leave comments. Rebecca Wilder