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 ...
I live in the desert. We don’t have grubs. Guess it’s scorpions & rattlesnakes for us.
Besides, the Detroit Lions obviously aren’t going to the Super Bowl this year.
No yeast at all? Probably I can get unpasteurized cider at the farmer’s market. Do I bottle it after the two weeks or just leave it in the carboy? In the toasty warm house or in the fairly cold garage?
There ya go. The apocalypse is warded off for now. Now, if the Rams start improving, I’ll get a little worried.
I’m south of Tucson. Better stock up on .22 ammo and recipes for rattlesnake stew!
Misery loves company. I can imagine how the Europeans would be sneering at us and our troubles if they didn’t have a mess of their own.
They are related. This is a global economy. The Great Depression started in a similar fashion.
Onion sandwiches and barbecued road kill. If we get us a barn and a banjo picker, we could open us a club house. Whata ya think? Gotta look ahead if you want to be a successful CEO.
BTW..I don't do horse sh*t duty. It's above my pay grade.
Which should now be cheaper because of tax breaks in the bailout bill. Congress screws up the economy, then tells us all to vacation in Margaritaville...
Hey, welcome back.
They are dropping like a rock, maybe faster than U.S. Russian market is "dying," too.
And if you can't act, you can't panic. It's a perfect solution!
Too bad there aren’t any recipes for stewed tumbleweed. I’d be totally set.
I am blogging from my secret underground compound, eating some of my 3 year supply of Captain Crunch.
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