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Worst-case scenario is approaching rapidly (crisis growing at Warp 9)
Times of London ^ | 10/06/08 | David Wighton

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 ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bankingsytem; cascadingdefault; creditcrisis
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To: Constitution Day

I live in the desert. We don’t have grubs. Guess it’s scorpions & rattlesnakes for us.


121 posted on 10/06/2008 7:53:23 AM PDT by lainie
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To: lainie

Besides, the Detroit Lions obviously aren’t going to the Super Bowl this year.


122 posted on 10/06/2008 7:54:30 AM PDT by dfwgator
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To: Lurker

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?


123 posted on 10/06/2008 7:55:09 AM PDT by nina0113 (If fences don't work, why does the White House have one?)
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To: dfwgator

There ya go. The apocalypse is warded off for now. Now, if the Rams start improving, I’ll get a little worried.


124 posted on 10/06/2008 7:55:36 AM PDT by lainie
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To: lainie

I’m south of Tucson. Better stock up on .22 ammo and recipes for rattlesnake stew!


125 posted on 10/06/2008 7:57:26 AM PDT by Mr Rogers (Government that is powerful enough to protect you is only one election away from attacking you.)
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To: TigerLikesRooster

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.


126 posted on 10/06/2008 7:57:38 AM PDT by Malesherbes
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To: Leisler
"Human sacrifice, dogs and cats living together. Mass hysteria"


127 posted on 10/06/2008 7:58:51 AM PDT by Diogenesis (Igitur qui desiderat pacem, praeparet bellum)
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To: Lazamataz

TJD is also down .02!!!1!

128 posted on 10/06/2008 7:59:57 AM PDT by martin_fierro (< |:)~)
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To: lainie

129 posted on 10/06/2008 8:01:50 AM PDT by Diogenesis (Igitur qui desiderat pacem, praeparet bellum)
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To: Malesherbes

They are related. This is a global economy. The Great Depression started in a similar fashion.


130 posted on 10/06/2008 8:02:13 AM PDT by kabar (.)
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To: nina0113
Just like deveining shrimp, which is basically what grubs are. Deepfry them and LIE like a cheap rug.

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.

131 posted on 10/06/2008 8:02:25 AM PDT by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: Lazamataz
You misspelled rum.

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...

132 posted on 10/06/2008 8:02:43 AM PDT by hunter112 (Gov. Palin is ten times the woman Hillary could've hoped to be, if she had stayed a "Goldwater Girl")
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To: Lazamataz

Hey, welcome back.


133 posted on 10/06/2008 8:02:48 AM PDT by Tribune7 (How is inflicting pain and death on an innocent, helpless human being for profit, moral?)
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To: Malesherbes
Yes, it would have been all over Euro media, newspapers, magazines, TV's, radios, and Internet. They would have milk this "American" crisis for a long time. Now they don't have room for such Schadenfreude, which they are so good at.

They are dropping like a rock, maybe faster than U.S. Russian market is "dying," too.

134 posted on 10/06/2008 8:02:51 AM PDT by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
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To: Lazamataz
The words "never panic" send me into such uncontrollable dread that I run around screaming, unable to act.

And if you can't act, you can't panic. It's a perfect solution!

135 posted on 10/06/2008 8:03:35 AM PDT by r9etb
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Comment #136 Removed by Moderator

To: Mr Rogers

Too bad there aren’t any recipes for stewed tumbleweed. I’d be totally set.


137 posted on 10/06/2008 8:04:11 AM PDT by lainie
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To: dfwgator; Lazamataz

138 posted on 10/06/2008 8:05:54 AM PDT by uglybiker (1f u c4n r34d th1s u r34lly n33d 2 g3t l41d)
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To: Constitution Day

139 posted on 10/06/2008 8:06:37 AM PDT by abishai
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To: nina0113

I am blogging from my secret underground compound, eating some of my 3 year supply of Captain Crunch.


140 posted on 10/06/2008 8:06:56 AM PDT by odin2008 (EVIL TRUMPHS WHEN GOOD MEN DO NOTHING)
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