It’s been a busy week in the world of finance, and your offshore bank account may soon see the effects. One of the biggest bits of news was that the U.S. Congress went ahead and approved the release of the remainder of the TARP funds it approved last fall. The money is meant to help businesses with increasing their liquidity and helping shore up balance sheets. Some of the money from this last round of funding may also find its way to distressed homeowners in danger of foreclosure.
After getting TARP taken care of, lawmakers are now turning attention to the economic stimulus plan that they hope to have passed by next month. This plan should include:
- Money for states.
- Investment in infrastructure and schools.
- Initiatives for job creation.
- Tax cuts.
- Alternative energy investment.
- Technology investment.
- Health care.
Banks and the economy
Banks are also coming into focus as Bank of America gets a bailout. Additionally, the fact that JP Morgan’s 4th Quarter earnings for 2008 were in the black is offering some optimism to financial investors. Citi’s attempt to bolster its balance sheet by splitting into two is also helping the banking sector.
This week has ended with optimism for the U.S. economy, and that might have bearing not only on U.S. investments, but also on offshore investments and some offshore banking.
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