Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Field Marshal Dr. Opti on 24 September 2008, 22:18:10
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Just on the news.
Should the american taxpayer pay 700 billion dollars to bail out the banks.
That is seven hundred thousand million dollars.....big bucks. :-/
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Hi I work for an Italian organizasion owned by Goldman Sachs so if the American Taxpayer bails them out Whoopee. Especially if the Taxpayer is Bill Gates ;D ;D
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And I think they said that was two thousand three hundred dollars per person. :-/
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But it seems from the reports that if congress do not approve this bail out very quickly, a financial quote "Pearl Harbour" will be the result with basically a complete meltdown for financial institutions / countries. :'( :'( :'(
Very troubling! :o :o :o :o
This situation is developing for the worse "by the hour" apparently.
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But it seems from the reports that if congress do not approve this bail out very quickly, a financial quote "Pearl Harbour" will be the result with basically a complete meltdown for financial institutions / countries. :'( :'( :'(
Very troubling! :o :o :o :o
This situation is developing for the worse "by the hour" apparently.
Perhaps a new order could emerge Lizzie....who knows?
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But it seems from the reports that if congress do not approve this bail out very quickly, a financial quote "Pearl Harbour" will be the result with basically a complete meltdown for financial institutions / countries. :'( :'( :'(
Very troubling! :o :o :o :o
This situation is developing for the worse "by the hour" apparently.
Perhaps a new order could emerge Lizzie....who knows?
Indeed Optimist, perhaps this could be an opportunity looking at this from a, excuse the pune, optimistic point of view! ;D ;)
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It's a very worrying time for all, especially the taxpayer who has to foot the bill. :-?
Unfortunately, if a bailout for the US banks does not happen soon, I feel it could have disasterous consquences for our British Banks. ::)
I hope I'm wrong, but I don't think we have seen the last run on a Bank!!! :o :o :o
:-* :-*
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But it seems from the reports that if congress do not approve this bail out very quickly, a financial quote "Pearl Harbour" will be the result with basically a complete meltdown for financial institutions / countries. :'( :'( :'(
Very troubling! :o :o :o :o
This situation is developing for the worse "by the hour" apparently.
Perhaps a new order could emerge Lizzie....who knows?
From China. :(
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It's a very worrying time for all, especially the taxpayer who has to foot the bill. :-?
Unfortunately, if a bailout for the US banks does not happen soon, I feel it could have disasterous consquences for our British Banks. ::)
I hope I'm wrong, but I don't think we have seen the last run on a Bank!!! :o :o :o
:-* :-*
I think that is right Dusty! :y :y The President, and other American bankers, are warning of a "calamity" if the plan is not approved. :'( :'(
This may be "just politics" on the part of Bush, but bankers are stating the same.
A Hong Kong bank has also been reported as having "a run" on them due to fears it does not have enough money to honour its commitments. :o :o
The world's banks are now on a knife edge, and so are all of us!! :( :(
Money under the mattress time? ;) ;)
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It's nearly pay day :D should I ask for cash!!!!!!
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But it seems from the reports that if congress do not approve this bail out very quickly, a financial quote "Pearl Harbour" will be the result with basically a complete meltdown for financial institutions / countries. :'( :'( :'(
Very troubling! :o :o :o :o
This situation is developing for the worse "by the hour" apparently.
Perhaps a new order could emerge Lizzie....who knows?
From China. :(
That could well be right but although I am no financial expert, we are in a global economy and 'western' money is invested in China as much as Chinese money in the West. So if one line of dominos goes down, the rest will surely follow. :( :(
The one hope is that the Chinese use their gold reserves to back up the world economy as they now have the largest reserves on the planet! ;)
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It's nearly pay day :D should I ask for cash!!!!!!
It is fast getting to that stage Mike I think! ;D ;D ;D :'( :'( :'( :'(
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Latest!!!
Norman Lamont, ex-UK Chancellor, plus others on BBC News 24 now talking in terms of the financial crises facing us all as being "potentially the worst since 1929"!! :o :o :o
USA "bubble" about to burst and will take us all down!! :'( :'(
God help us all! ::) ::) ::) ::) ::)
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The one hope is that the Chinese use their gold reserves to back up the world economy as they now have the largest reserves on the planet! ;)
Actually, the US gold reserve is still 13.5 times the value of the Chinese.
To put the original post in perspective, the US has 8,133.5 tonnes in gold reserve. That is 286,900,769 ounces. At $879.40 per ounce the US has $252,300,536,358 worth of it. That's 250 TRILLION dollars.
$700 billion is small potatoes by comparison.
Clickies follow...
http://www.goldprice.org/gold-price.html
http://en.wikipedia.org/wiki/Official_gold_reserves
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Latest!!!
Norman Lamont, ex-UK Chancellor, plus others on BBC News 24 now talking in terms of the financial crises facing us all as being "potentially the worst since 1929"!! :o :o :o
USA "bubble" about to burst and will take us all down!! :'( :'(
God help us all! ::) ::) ::) ::) ::)
Badger Lamont was in charge of the Exchequer when we had black Wednesday in 1992 I think. Interest rates went up 5% in one day, trying to keep the pound in the ERM mechanism.
Needless to say the Tory Government of the time pulled out of the ERM the very next day :o :o
Perhaps he has forgotten the 1992 fiasco :-* :-*
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Latest!!!
Norman Lamont, ex-UK Chancellor, plus others on BBC News 24 now talking in terms of the financial crises facing us all as being "potentially the worst since 1929"!! :o :o :o
USA "bubble" about to burst and will take us all down!! :'( :'(
God help us all! ::) ::) ::) ::) ::)
Presumably Norman Lamont is talking about the Wall Street crash of 1929...........One good thing, it involved a lot of Bankers and very tall buildings :o :o :y
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Latest!!!
Norman Lamont, ex-UK Chancellor, plus others on BBC News 24 now talking in terms of the financial crises facing us all as being "potentially the worst since 1929"!! :o :o :o
USA "bubble" about to burst and will take us all down!! :'( :'(
God help us all! ::) ::) ::) ::) ::)
Badger Lamont was in charge of the Exchequer when we had black Wednesday in 1992 I think. Interest rates went up 5% in one day, trying to keep the pound in the ERM mechanism.
Needless to say the Tory Government of the time pulled out of the ERM the very next day :o :o
Perhaps he has forgotten the 1992 fiasco :-* :-*
Well, if that happens then we are stuffed :( :( :(
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The one hope is that the Chinese use their gold reserves to back up the world economy as they now have the largest reserves on the planet! ;)
Actually, the US gold reserve is still 13.5 times the value of the Chinese.
To put the original post in perspective, the US has 8,133.5 tonnes in gold reserve. That is 286,900,769 ounces. At $879.40 per ounce the US has $252,300,536,358 worth of it. That's 250 TRILLION dollars.
$700 billion is small potatoes by comparison.
Clickies follow...
http://www.goldprice.org/gold-price.html
http://en.wikipedia.org/wiki/Official_gold_reserves
You are absolutely right bandit :y :y :y; I misunderstood some recent information on the fact that the Chinese are building their gold reserves at a faster rate than any other nation. :-[ :-[ :-[
So, damn, they cannot even bail us out!! ;D ;D ;D ;D :'( :'( :'( :'( ;)
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Latest!!!
Norman Lamont, ex-UK Chancellor, plus others on BBC News 24 now talking in terms of the financial crises facing us all as being "potentially the worst since 1929"!! :o :o :o
USA "bubble" about to burst and will take us all down!! :'( :'(
God help us all! ::) ::) ::) ::) ::)
Badger Lamont was in charge of the Exchequer when we had black Wednesday in 1992 I think. Interest rates went up 5% in one day, trying to keep the pound in the ERM mechanism.
Needless to say the Tory Government of the time pulled out of the ERM the very next day :o :o
Perhaps he has forgotten the 1992 fiasco :-* :-*
Yes Dusty that is right enough :y, but it only involved the UK for that day which was very scarry at the time :o :o........but this crises involves the worlds major economies over a longer time scale I'm afraid! :'( :'( :'( :'(
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It's all a question of confidence, and I hope that Congress passes the Bill. :y
No time for political point-scoring, IMHO.
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It's all a question of confidence, and I hope that Congress passes the Bill. :y
No time for political point-scoring, IMHO.
That is the problem Nickbat, and the financial markets and banks desparately need this! :y :y
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I wait to see how this situation will progress over the next day or so.
it will be most interesting............now time for sleep I think..zzzzzzzzzzzzzzz :y :y
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I saw something on the TV the other day regarding the Bonuses that the traders earn and the risk's they take get rewarded with huge bonuses.
If proprer guidelines were observed and the greed factor reduced then would either the US or UK be suffering the strife they are at the moment..
http://www.nebusiness.co.uk/business-news/latest-business-news/2008/09/22/fsa-has-the-right-to-question-bank-bonuses-51140-21868493/
Also, but cant remeber the details. There has been a mention of dodgy dealing with the Leemings bank, AIG and 2 other companys. What gets me is they find these things out after the event, of all the money invested and wasted, and technology the way it is then why do we end up in these situations.
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It's all a question of confidence, and I hope that Congress passes the Bill. :y
No time for political point-scoring, IMHO.
Agreed..This hole must be filled asap.. reluctantly or not..
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It's all a question of confidence, and I hope that Congress passes the Bill. :y
No time for political point-scoring, IMHO.
Agreed..This hole must be filled asap.. reluctantly or not..
I say make 'em sweat a little ;D
The problem is, the way these traders work, they have probably committed the money already on the assumption that it's coming, so if it doesn' t they'll have dug themselves an even deeper hole. >:(
I guess congress were scared of making a knee-jerk reaction until the expert on knee-jerk politics, Gordon Brown, arrived to advise. :-X
Kevin
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It's all a question of confidence, and I hope that Congress passes the Bill. :y
No time for political point-scoring, IMHO.
Agreed..This hole must be filled asap.. reluctantly or not..
I say make 'em sweat a little ;D
The problem is, the way these traders work, they have probably committed the money already on the assumption that it's coming, so if it doesn' t they'll have dug themselves an even deeper hole. >:(
I guess congress were scared of making a knee-jerk reaction until the expert on knee-jerk politics, Gordon Brown, arrived to advise. :-X
Kevin
its like a virus if not stopped will spread wider and will be necessary more $ and £ to close the gap..Even effect here.. :(
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The private sector, is fond of using the mantra, "Let the market decide", in other words let the chips fall where they may.
My understanding is that the Government has guaranteed £35,000 in the event of a bank failing.............that probably takes in more than 95% of the investors/depositers in Britain.
So maybe we should let them fail. I have no sympathy for the banks, and they do not have any for the general population. And besides what other private institution would asked to be bailed out by the British tax payer. (shades of british Leyland in the 1970's here. I don't remember the banks thinking that was a good idea)
Maybe a new order would rise Phoenix like from the ashes. That is better regulated, (although not over regulated)......perhaps that would be for the best. :y :y :y
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When some of the banks fail,
credit interest rates will rise up automatically..And as they give
important sums of credit to food sector, you will eat food more
expensive..And this the best scenario ,let the worst :-/
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The money being put into the banking system is a drop in the ocean in comparison to the tax revenue they provide to the exchequer and the economy as a whole.
The banking industry accounts for something like a third of our economy.
It is (or was until very recently)one of the few (if not the only) remaining industries in which we are at least as good as the rest of the world.
moaning about the money they earn is the politics of envy,the British disease. If its as easy to make a fortune as people think,why dont these people go and do it.
You will need to be prepared to be working at home at near midnight,to deal with people in the U.S. markets and then get out of bed before 6.a.m. to get back to the pressure cooker that is the office.
I have heard of 3 traders in their 20,s in the last couple of years who have jumped off the top of those tall buildings,primarily because the pressure was too much to bear. you dont hear of mechanics doing that after a bad day changing a gearbox do you. ::) ::) ;)
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The private sector, is fond of using the mantra, "Let the market decide", in other words let the chips fall where they may.
My understanding is that the Government has guaranteed £35,000 in the event of a bank failing.............that probably takes in more than 95% of the investors/depositers in Britain.
So maybe we should let them fail. I have no sympathy for the banks, and they do not have any for the general population. And besides what other private institution would asked to be bailed out by the British tax payer. (shades of british Leyland in the 1970's here. I don't remember the banks thinking that was a good idea)
Maybe a new order would rise Phoenix like from the ashes. That is better regulated, (although not over regulated)......perhaps that would be for the best. :y :y :y
Is that figure correct Optimist? :-/ :-/ I have a feeling it is far more than that. :y
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When some of the banks fail,
credit interest rates will rise up automatically..And as they give
important sums of credit to food sector, you will eat food more
expensive..And this the best scenario ,let the worst :-/
Indeed Cem the 'knock on effects' could be devastating around the World. :( :(
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Presumably , some of the 700 billion dollars will find it's way to reward the incompetence, ineptitude and above all greed of the powers that be within the banking system.
And if 700 billion dollars does not solve the problem........what then? :-/ :y
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When some of the banks fail,
credit interest rates will rise up automatically..And as they give
important sums of credit to food sector, you will eat food more
expensive..And this the best scenario ,let the worst :-/
Indeed Cem the 'knock on effects' could be devastating around the World. :( :(
In year 2000 when we have the shockwave at the very first day
nightly interests rates hit the 10,000 % (converted to year) number
that most of you will look (eyes touching the screen) and dont
believe ;D
And the price of fuel tripled (3X) in one day.. :'(
at the end of first week my salary was dropped to 1/4 in real value :'( :'(
after my bank collapse (government injected money) too many people loose the job (especially the high salary IT and technic staff)
etc etc ..What happened after is a long story..
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what do they say " if the american stock market sneezes the uk catchs a cold !, more with this the yanks have the flu the rest of the worlds gonna get pneumonia " bit scary this
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Latest!!!
President Bush has now stated there is just 36 hours to get the emergency financial package through Congress before the US financial markets / industry could "close down" in panic! :'( :'( :'( :'( The situation is dire.
But it is going to cost every American $2,333.
This is still getting worse! :'( :'(
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didnt the american public just all get large tax rebates not so long ago ?
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didnt the american public just all get large tax rebates not so long ago ?
Indeed Lance, I believe they did! :y
Purely a political "vote buying" exercise at the time, which of course now seens very hollow and pointless! >:( >:(
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Presumably , some of the 700 billion dollars will find it's way to reward the incompetence, ineptitude and above all greed of the powers that be within the banking system.
And if 700 billion dollars does not solve the problem........what then? :-/ :y
The money is to allow the U.S. Gov. to buy the high risk debt from the banks and allow the banks to start trading again with a fresh start.
the liklehood is that the gov.will recover most of the money from the debtors in the long term.
I would imagine that congress will want to scrutinise every cent,to make sure that the money has gone to where it was intended. :y
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Latest!!!
President Bush has now stated there is just 36 hours to get the emergency financial package through Congress before the US financial markets / industry could "close down" in panic! :'( :'( :'( :'( The situation is dire.
But it is going to cost every American $2,333.
This is still getting worse! :'( :'(
easy..increase the fuel price 1.5 £ /liter like us.. ;D
now justice for all ;D
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Latest!!!
President Bush has now stated there is just 36 hours to get the emergency financial package through Congress before the US financial markets / industry could "close down" in panic! :'( :'( :'( :'( The situation is dire.
But it is going to cost every American $2,333.
This is still getting worse! :'( :'(
easy..increase the fuel price 1.5 £ /liter like us.. ;D
now justice for all ;D
Like it Cem. Equality for everyone Hoorah :y :D :D :-*
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Latest!!!
President Bush has now stated there is just 36 hours to get the emergency financial package through Congress before the US financial markets / industry could "close down" in panic! :'( :'( :'( :'( The situation is dire.
But it is going to cost every American $2,333.
This is still getting worse! :'( :'(
easy..increase the fuel price 1.5 £ /liter like us.. ;D
now justice for all ;D
Like it Cem. Equality for everyone Hoorah :y :D :D :-*
yep..believe me it hurts really bad (ooof my backside) ;D :y
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Well it looks as we are not there yet in obtaining the financial safety net that the US Government emergency $700 billion bail out package will provide!
Why, because talks have stalled due to very strong objections from the Senators belonging to Bush's very own Republican Party!
Politics is taking its usual part in a weird but highly crucial financial act that affects us all. >:(
Looks like the officers of the Titanic are arguing if they can afford to launch the lifeboats with many of the passengers not happy that they will be paying for them eventually. Maybe they are thinking better to be dead than in the red? ::) ::) ::) ::)
Strange really when their National Debt is in the trillions of Dollars!
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Well it looks as we are not there yet in obtaining the financial safety net that the US Government emergency $700 billion bail out package will provide!
Why, because talks have stalled due to very strong objections from the Senators belonging to Bush's very own Republican Party!
Politics is taking its usual part in a weird but highly crucial financial act that affects us all. >:(
Looks like the officers of the Titanic are arguing if they can afford to launch the lifeboats with many of the passengers not happy that they will be paying for them eventually. Maybe they are thinking better to be dead than in the red? ::) ::) ::) ::)
Strange really when their National Debt is in the trillions of Dollars!
Strange really.We have the republicans who love the city and big business not willing to help with the bail out as it could be seen as a socialist act.............and yet it seems that the democrats wish to help save the skins of some greedy wall street fat cats.
From what I see on T.v the american people don't seem to keen to save what they see as a bunch of greedy bankers. :-/ :-/ :y
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Well it looks as we are not there yet in obtaining the financial safety net that the US Government emergency $700 billion bail out package will provide!
Why, because talks have stalled due to very strong objections from the Senators belonging to Bush's very own Republican Party!
Politics is taking its usual part in a weird but highly crucial financial act that affects us all. >:(
Looks like the officers of the Titanic are arguing if they can afford to launch the lifeboats with many of the passengers not happy that they will be paying for them eventually. Maybe they are thinking better to be dead than in the red? ::) ::) ::) ::)
Strange really when their National Debt is in the trillions of Dollars!
Strange really.We have the republicans who love the city and big business not willing to help with the bail out as it could be seen as a socialist act.............and yet it seems that the democrats wish to help save the skins of some greedy wall street fat cats.
From what I see on T.v the american people don't seem to keen to save what they see as a bunch of greedy bankers. :-/ :-/ :y
That's right, and from their point of view can you blame them? ::) ::)
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Well it looks as we are not there yet in obtaining the financial safety net that the US Government emergency $700 billion bail out package will provide!
Why, because talks have stalled due to very strong objections from the Senators belonging to Bush's very own Republican Party!
Politics is taking its usual part in a weird but highly crucial financial act that affects us all. >:(
Looks like the officers of the Titanic are arguing if they can afford to launch the lifeboats with many of the passengers not happy that they will be paying for them eventually. Maybe they are thinking better to be dead than in the red? ::) ::) ::) ::)
Strange really when their National Debt is in the trillions of Dollars!
Strange really.We have the republicans who love the city and big business not willing to help with the bail out as it could be seen as a socialist act.............and yet it seems that the democrats wish to help save the skins of some greedy wall street fat cats.
From what I see on T.v the american people don't seem to keen to save what they see as a bunch of greedy bankers. :-/ :-/ :y
That's right, and from their point of view can you blame them? ::) ::)
what they dont know is whatever happens, at the end the public pays the bill ;D
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The private sector, is fond of using the mantra, "Let the market decide", in other words let the chips fall where they may.
My understanding is that the Government has guaranteed £35,000 in the event of a bank failing.............that probably takes in more than 95% of the investors/depositers in Britain.
So maybe we should let them fail. I have no sympathy for the banks, and they do not have any for the general population. And besides what other private institution would asked to be bailed out by the British tax payer. (shades of british Leyland in the 1970's here. I don't remember the banks thinking that was a good idea)
Maybe a new order would rise Phoenix like from the ashes. That is better regulated, (although not over regulated)......perhaps that would be for the best. :y :y :y
Is that figure correct Optimist? :-/ :-/ I have a feeling it is far more than that. :y
£35000 is the amount guaranteed for an individual bank account :y
the US has no choice but to plough this $700b into the economy - but they'll need guarantees that the money won't be used on obscene salaries and bonuses on Wall St - don't see why the taxpayer should pick up the tab for the markets' mistakes, nor why these spivs should be rewarded for failure
:(
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The private sector, is fond of using the mantra, "Let the market decide", in other words let the chips fall where they may.
My understanding is that the Government has guaranteed £35,000 in the event of a bank failing.............that probably takes in more than 95% of the investors/depositers in Britain.
So maybe we should let them fail. I have no sympathy for the banks, and they do not have any for the general population. And besides what other private institution would asked to be bailed out by the British tax payer. (shades of british Leyland in the 1970's here. I don't remember the banks thinking that was a good idea)
Maybe a new order would rise Phoenix like from the ashes. That is better regulated, (although not over regulated)......perhaps that would be for the best. :y :y :y
Is that figure correct Optimist? :-/ :-/ I have a feeling it is far more than that. :y
£35000 is the amount guaranteed for an individual bank account :y
the US has no choice but to plough this $700b into the economy - but they'll need guarantees that the money won't be used on obscene salaries and bonuses on Wall St - don't see why the taxpayer should pick up the tab for the markets' mistakes, nor why these spivs should be rewarded for failure
:(
Thanks Bannjaxx that makes sense now :y :y :y
Its not just the spivs rewarded for failure; it's bailing out a situation that has transpired due to greed, with many escaping the subsequent problems they have caused with huge amounts of money safely tucked away! >:( >:(
Even in capitalist America this sticks in the throat Bannjaxx. :'( :'(
:y :y
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The private sector, is fond of using the mantra, "Let the market decide", in other words let the chips fall where they may.
My understanding is that the Government has guaranteed £35,000 in the event of a bank failing.............that probably takes in more than 95% of the investors/depositers in Britain.
So maybe we should let them fail. I have no sympathy for the banks, and they do not have any for the general population. And besides what other private institution would asked to be bailed out by the British tax payer. (shades of british Leyland in the 1970's here. I don't remember the banks thinking that was a good idea)
Maybe a new order would rise Phoenix like from the ashes. That is better regulated, (although not over regulated)......perhaps that would be for the best. :y :y :y
Is that figure correct Optimist? :-/ :-/ I have a feeling it is far more than that. :y
£35000 is the amount guaranteed for an individual bank account :y
the US has no choice but to plough this $700b into the economy - but they'll need guarantees that the money won't be used on obscene salaries and bonuses on Wall St - don't see why the taxpayer should pick up the tab for the markets' mistakes, nor why these spivs should be rewarded for failure
:(
Thanks Bannjaxx that makes sense now :y :y :y
Its not just the spivs rewarded for failure; it's bailing out a situation that has transpired due to greed, with many escaping the subsequent problems they have caused with huge amounts of money safely tucked away! >:( >:(
Even in capitalist America this sticks in the throat Bannjaxx. :'( :'(
:y :y
the words "chicken" "home" and "roost" spring to mind - it maddening that the ordinary joe has to bail them out - same thing'll likeky happen here - although i remember RBOS had a massive share re-evaluation earlier in the year to increase their funds and avoid these calamities - shareholders at the time weren't happy halving to shell out more money (or devaluing their shares)- but at least they weren't going cap in hand to the taxpayers
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For those who are interested, there is a thought -provoking article here on the background to the credit crunch. Not the sort of article you'd find on the BBC, mind. ;)
http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949
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Very interesting.explodes many of the myths which are flying around at the moment. :y