Don't worry. The Stick and Loan is now owned by Mommy. She'll take care of you.
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 ...
It's an awesome hobby. In northern climates, you can grow your own hops. While it's cheaper to buy decent bier than it is to make your own, there's great satisfaction and reward in learning the mysteries behind the making.
J...U....M....P....!!!!
Welcome back, Laz! You have been missed.
The mayan stock market closes on Dec 12, 2012. :-)
Keep cool, people. The stock markets are reactionary and will be volatile for some days to come. The key to the crisis is the credit markets, bonds, etc...not the daily stock market woes.
More important than the FTSE, Nikkei 225, Dow, Nasdaq, etc. is the rate on the T-bill.
Shower
Don't worry. The Stick and Loan is now owned by Mommy. She'll take care of you.
That might not be so bad. Don't worry be happy.
The question is what is the best thing to do with capital in a deflationary period? Is it better to retire debt and sit on physical assets, or place the money in insured investments like C/D’s?
You get to see me for a few days until the power grid goes down because your electric company cannot make its’ bills. :(
Bleed in the streets.
To many, that is a distinct possibility. ;)
That is the most panic-provoking thing you could have written.
You can thank the populist "kill all the bankers" sentiment.
Now the Fed either wades in and monetizes bank debt, or we all go straight to hell.
In THIS world, AmericanCreditCorp comes and takes Lord Humungous's vehicle cuz he didn't make his payment.
YESSS!!! LOL!! You’re a cool cat, Tiger.
"So,we have that going for us, which is nice."
Carl Spackler.
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