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 want a grub, so I will give you this one ounce gold coin for it.
Welcome back Laz...I missed ya!!
I need a two story house.
We needed him for these troubled times.
That's a good one. Ping Knews_Hound for the homebrewers ping list.
L
Laz is FREE....PING!!!!
But a better solution would be for everyone to realize the seriousness of the problem, stop playing the blame games and stop trashing bankers and finance, and then let the Fed save the banking system. And that includes each individual saver not panicking.
Typical collective action issue - the good equilibrium is everyone staying put, the bad one is everyone panicking. But if everyone else does panic, staying put has costs for those who do so.
Since there are no responsible grownups in all of western civilization...
The world is ending. Your return is a sure sign.
Oh well. It’s worth the world ending just to have you back.
You should try a more definite solution:
Shoot yourself with a SuperSoaker, or hang yourself with a string of Silly Putty, or jump from a bridge card game.
We're doomed
It’s the end of the world as we know it
http://www.freerepublic.com/focus/f-bloggers/2098564/posts
REM - http://www.youtube.com/watch?v=zeo0_3gN190
They can have my stick when they pry it from my cold, dead fingers.
Three out of Four Horsemen of the Apocalypse agree.
LOL. They should be happy keeping their jobs. Somehow I doubt that anybody can arrest the derivative blow-up. It will come one way or another, with or without salary cap provisions and other restrictions.
Bad news: Cold Dead Fingers (CDFIN) is down 14.94 (-49.20%)
We've be on the verge of total economic collapse for weeks now. It's hard to tell reality from MSM hype.
The world is not ending, the Cubs are out of the playoffs.
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