Gordon Brown Saves the Banks and Himself
The success of Brown's plan has little to do with his powers of foresight -- it's due, rather, to a combination of good timing, the British system of government and the weaknesses of Europe's common institutions. First, Brown had the luxury of letting the Americans act first and he learned some important lessons from the failure of the original Paulson plan.
Second, Britain's "elected dictatorship" allows the prime minister to act quickly without ...
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