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[Bandit127]

and we're not posting about it? Odd.

Most indexes are down 7-9% today, which puts last Monday in to the shade. Back then, there were 2 or 3 threads on the go...
http://news.bbc.co.uk/1/hi/business/7655288.stm
http://www.guardian.co.uk/business/2008/oct/06/creditcrunch.marketturmoil3
http://www.ft.com/cms/s/0/8eafcd26-936f-11dd-9a63-0000779fd18c.html

Hmmm  :-?

[Banjax]

the main problem is when banks stop lending to each other - that means they're reluctant to give any credit for mortgages/loans/businesses thats when house prices fall and companies go out of business as usual the fatcats will be OK its the ordinary schmucks that'll have to carry the can for the banks greed and recklessness

[pete.h]

We're probably not posting about it cos we're too busy sh*tting ourselves about it. No borrowing no lending , no movement of money,business grinding to a halt, pensions worth sweet F A .

Worried  . Me?  Nah

[graham131]

We're probably not posting about it cos we're too busy sh*tting ourselves about it. No borrowing no lending , no movement of money,business grinding to a halt, pensions worth sweet F A .

Worried  . Me?  Nah

~Its ok we all work until we die then we will not need pensions - i am sure that is what the goverment would prefer! - lol

[pete.h]

Don't mind working til I die , just prefer it not to be any time soon !!

[markey mark]

not bothered still got a job pays quite well and got me health and me wife n kids are healthy and happy !!  

[cem_devecioglu]

Turkey stock market drop only today -8.62%

[Field Marshal Dr. Opti]

Interest rates likely to drop 0.5% next week despite inflation running at 4.7%.............will it get things moving....your guess is as good as mine. :-/

[TheBoy]

trying to ignore the whole issue - seeing my pension go tits up depresses me.

[Kevin Wood]

trying to ignore the whole issue - seeing my pension go tits up depresses me.

Me too. rather mortgage deal ends in a month too.

Maybe Lloyds TSB will get cold feet, HBOS will fold, and the fat cats at the top will burn head office down, losing all record of me owing them anything.

Kevin

[cem_devecioglu]

I learned one rule in tha hardest way..

Whatever those fat cats loose, we (workers) pay in the end..

[hotel21]

trying to ignore the whole issue - seeing my pension go tits up depresses me.

Got my pension in cash a few weeks ago and now based on monthly 'final salary' values and not stocks and shares.  On the one hand, feel quite lucky but on the other, not sure what the longer term result will be as they are not based on shares rising or falling - directly......   :-/

[Nickbat]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

[Banjax]

the main problem is when banks stop lending to each other - that means they're reluctant to give any credit for mortgages/loans/businesses thats when house prices fall and companies go out of business as usual the fatcats will be OK its the ordinary schmucks that'll have to carry the can for the banks greed and recklessness

That is only a symptom.  The underlying problem is over-leveraged banks and bad debts.  That means that on the surface of it banks are trading insolvent, and anyone that they owe money to whether it be other banks or depositors is SOL.  But if people start pulling out money then they will all go pop.  Hence the desperate rounds of guaranteeing deposits by Governments.

you're right theolodian

any governments worst nightmare is a run on a major bank or banks - so if a few countries (Germany and Ireland at the mo) - guarantee all savings - the worry is every one else starts taking their money out and putting it in banks where its guaranteed 100%

even with these guarantees tho - no bank seems to be safe from collapse - the main problem is all the garbage bad debts they've been buying off each other

p.s. - what does SOL mean? - apologies if its a typo :-?
or am i being thick?

[theolodian]

the main problem is when banks stop lending to each other - that means they're reluctant to give any credit for mortgages/loans/businesses thats when house prices fall and companies go out of business as usual the fatcats will be OK its the ordinary schmucks that'll have to carry the can for the banks greed and recklessness

That is only a symptom.  The underlying problem is over-leveraged banks and bad debts.  That means that on the surface of it banks are trading insolvent, and anyone that they owe money to whether it be other banks or depositors is SOL.  But if people start pulling out money then they will all go pop.  Hence the desperate rounds of guaranteeing deposits by Governments.

you're right theolodian

any governments worst nightmare is a run on a major bank or banks - so if a few countries (Germany and Ireland at the mo) - guarantee all savings - the worry is every one else starts taking their money out and putting it in banks where its guaranteed 100%

even with these guarantees tho - no bank seems to be safe from collapse - the main problem is all the garbage bad debts they've been buying off each other

p.s. - what does SOL mean? - apologies if its a typo :-?
or am i being thick?

Sh!t outta luck.