Posted on 10/06/2008 7:02:37 AM PDT by TigerLikesRooster
October 6, 2008
Worst-case scenario is approaching rapidly
David Wighton, Business and City Editor
The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace.
On Saturday Angela Merkel, the German leader, criticised last week’s decision by the Irish to guarantee all deposits in their leading banks without consulting other European countries. The Irish Government said that the move was forced on it by the threat of a run on one of its banks. Only a day later Ms Merkel was forced to take almost the same action in almost the same circumstances.
In the longer term, this clearly raises questions about the hopes for (or fears of) European financial integration. In the short term, it presents serious challenges for other European governments.
A week ago the British Government was hoping that it had coped with its immediate banking headache after the bailout of Bradford & Bingley. With the proposed rescue takeover of HBOS by Lloyds TSB, this stabilised the two big British banks that looked most vulnerable.
Then came the shock move by the Irish Government to guarantee not only individual savings but also the large deposits held by companies. Downing Street was furious because British banks feared they would see a flight of money towards Irish banks.
Downing Street decided merely to accelerate the planned increase in the ceiling on guaranteed deposits from £35,000 to £50,000, although the decision remains under review.
(Excerpt) Read more at business.timesonline.co.uk ...
Still I am wondering if there was a perfect plan to turn things around in the first place.
Thanks! Knews-hound, please add me.
It was so exciting when I opened that first bottle. Yes! it's tasty! yes! it's alcoholic! yes! it's fizzy! Woo-hoo! There are 7 bottles left from that first batch, and the next ones will be ready to open on Sunday. It was tasty and alcoholic when I bottled it, now the only variable is the carbonation. And the third batch is fermenting now. I love watching the little bubbles in the airlock (simple games for simple minds, I guess).
Wow, I thought all we had to do to fix it was to give Bush, Hank, and Ben the ability to print as much currency as their lobbyists demanded. What gives?
REMAIN CLAM (RCLAM) down 3.29 (-10293.29%)
The Congress just gave the Treasury Secretary way way too much power.
We are witnesses the death of CreditWorld®.
We must make the USA a place that creates value, not credit. We must build things and sell energy. We have sent our petro dollars overseas for too long and our manufacturing dollars to Chinas for too long.
My contribution to keeping money circulating is to use my ATM card as much as possible, because virtual money doesn't need to be any color paper at all. I'm concerned that too many people are going to take money out of circulation by keeping actual cash under the mattress.
In a show of strength against an otherwise crashing market, Trillion Dollar Government Boondoggles (TRIGDOG) is up $2891.21 (952.2%)
Welcome back.
Thanks for the heads-up!
Ping.
BTW, when do we get to start shooting indiscriminately in the streets? I've got a few indiscriminate targets picked out and the list is growing, randomly of course, by the minute.
I feel like one should trim off that black blob at the tail. It just seems unsanitary.
Welcome back.
We love that part, too. I've got a batch of hard cider going now. That stuff is REALLY easy to make.
5 gallons UNPASTEURIZED (very important) Apple Cider. Pour in a clean carboy. Insert airlock. Walk away.
That's it. In about 2 weeks you'll have nice hard cider. You can serve it cold, or heat it up with some mulling spice. It's great on a chilly fall evening.
L
How are boiled shoe leather futures holding up?
‘Cause we’re all going to be having that for dinner when this is over.
Boiled shoe leather goes well with grubs, or so I hear.
Just like deveining shrimp, which is basically what grubs are. Deepfry them and LIE like a cheap rug.
That was going to be my response. The Cubs got swept, so it won’t rain frogs on Monday. But it’s rainin’ somethin’ else...
Yeah.... ‘calamari’.
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