As the banking Crisis deepens

[Scottie]

WTF is going on.:confused::confused:

After the National Rock rescue I quickly opened and moved my savings over to them couldn't think of anywhere safer to put my savings now that they had been nationalized. I thought that would be the end of the banking crisis, silly me, now us the taxpayers is taking on B&B's £41bn of mortgages.

After todays news from America I think the dow closed down 777 points today:eek:


as a result HBOS shed 12.5% - putting their merger in doubt although I can't see Lloyds walking away but the share price is an indicator that they could.

the governments of Belgium, Luxembourg and the Netherlands, and Citigroup's takeover of Wachovia, the Icelandic government has taken control of the country's third-largest bank, Glitnir.

Where the hell will it end. I say let the banks fail.

[Craig]

I do think that this the the bank gamblers chickens coming home to roost... :moonie:

i worked for a bank for 9 years and this was during the early to mid 90's and that saw 13% base rates :eek: The government just let them get on with it.


I think all the bankers should just be let to get on with it. If they go out of business, then tough sh*t. at the end of the day if I had a business, then I can't see the government getting involved to save me.... that said, with the government getting involved, all of us as tax payers will be paying for this somehow... :argh::argh::argh:

and I bet the top guys at the bank never took a pay cut or a cut in their bonuses.... :ragin::ragin:

[AndyP & Lenore]

It's the fall-out of the banks failing that worries me. How that will affect the rest of the stock markets.

I know $700bn is a lot of US tax payers money to use in one gulp to save the US banking crisis, but let's be honest, because that was voted down, when the UK stock markets open tomorrow we are going to see a crash of garguantan size.

Lenore and I have an ISA which is stocks and shares based. It's not huge, just a couple of grand. I reckon by tomorrow evening it will be worthless.:thud:

A.:frown:

[Gismo]

Lenore and I have an ISA which is stocks and shares based. It's not huge, just a couple of grand. I reckon by tomorrow evening it will be worthless.:thud:

A.:frown:Hope not Andy, i'm in the same boat and trying to investigate from over 4,000 miles away don't help, if i can i'll be taking the cash out before i lose it all :argh:

[illegalhunter]

1929 all over again , where the small banks were swallowed by the big banks. Read this article from Bloomberg.
Jeff Poor
Business & Media Institute (http://www.businessandmedia.org/articles/2008/20080926110602.aspx)
Sunday, Sept 29, 2008
Conservative House Republicans and economists warn about the toll a $700 billion federal bailout of the financial sector would have on the taxpayers footing the bill. But according to Bloomberg TV analyst Marc Faber, the actual cost could be closer to $5 trillion.
Faber, author of the “Gloom Boom Doom” report, appeared on Bloomberg TV’s Sept. 26 broadcast of “Bloomberg Today” and noted just how small the proposed $700 billion bailout is compared to the overall U.S. credit market.
“So now they try to solve the problem by having this credit bubble actually extended and I think the $700 billion will be like a drop in the bucket because the total credit market in the U.S. is something close to $60 trillion, then you have the CDS market – credit default swap – of around $62 trillion. Then you have the whole derivatives worldwide worth about a notional $1,300 trillion. So the $700 billion is really nothing and the Treasury is just giving out this figure when actually the end figure may be $5 trillion.”
Faber, managing director of Marc Faber Ltd., is known for predicting the October 1987 stock market crash one week before it happened.
In his Bloomberg TV analysis of the financial bailout, Faber noted the inconsistencies of government intervention to date, but not without taking a swipe at the compensation of Wall Street executives.
“The reaction to that is inconsistent,” Faber said. “You let essentially Lehman Brothers go bankrupt but you save AIG and you save other brokers by merging them with banks and then you come with a bailout plan that should be paid by the taxpayer, when Wall Street last year in total received a compensation of $69 billion - $38-39 billion of which were bonuses paid to the executives essentially of Wall Street.”
Faber told “Bloomberg Today” host Jeremy Naylor the solution isn’t government intervention through a bailout, but to figure out how to eliminate the excessive leveraging in U.S. financial markets.
“Well first of all, I think the decline of home prices of 20 percent is a relatively minor decline so far,” Faber said. “And it’s created so many problems. It’s not the problem that home prices have gone down. The problem is excessive leverage. And somewhere, somehow, the U.S. has to try to bring down the excess leverage that exists in the system – that incidentally was built over the last seven to 15 years under Fed chairman Mr. Greenspan and then also under Mr. Bernanke.

[Gismo]

Most annoying for me is the fact that this money can be gotten from somewhere in the first place.
Instead of building better schools and hospitals and even more prisons for the criminals :thumbs up: it's thrown into saving the banks.
I understand that it safeguards our savings too, so don't get me wrong there, it's just nae right :frown:

[illegalhunter]

No the Fed will just print it and lend it to the Govt at interest. The $ is a fait currency, backed by nothing. The first person to spend the money doent feel the price inflation , its the end user .

[AndyP & Lenore]

Well Alan, it looks like I was wrong. At least, for now. Spoke with my FA today and he still advises us to stick it out. Getting a final value form anyway - keeping our options open.

The markets do seem to be fairly stable at the moment anyway, despite the troubles across the pond.

A.

[Scottie]

Well Alan, it looks like I was wrong. At least, for now. Spoke with my FA today and he still advises us to stick it out. Getting a final value form anyway - keeping our options open.

The markets do seem to be fairly stable at the moment anyway, despite the troubles across the pond.

A.

Premium Bonds (if your luck is in well you never know can work out better than and high interest account):smilewinkgrin: and Savings Certificates are tax free;) and safe:cool:

[Gismo]

Well Alan, it looks like I was wrong. At least, for now. Spoke with my FA today and he still advises us to stick it out. Getting a final value form anyway - keeping our options open.

The markets do seem to be fairly stable at the moment anyway, despite the troubles across the pond.

A.I got a quote on mine and the losses are negligable, not any worse or better than any other time :frown: so, have also been advised to stick it out, fingers crossed :Whistle:

[N12 JLK]

We put money into Lesley's share save at her work every month and each year we get the option to sell them hoping to make a good profit, we will see in December when this years is due to mature, could mean the difference of a grand or so if its poor:frown:

[Scottie]

We put money into Lesley's share save at her work every month and each year we get the option to sell them hoping to make a good profit, we will see in December when this years is due to mature, could mean the difference of a grand or so if its poor:frown:


that's good way to make a few bob. Done the same thing myself for 20 years always took the 3 year option always taking the shares at the end of the three years max spend was £250 a month allowed and I took full advantage.

Then I started to take the benefit of their share match scheme.

Sold all my shares at the end of last year, how glad was I.:thumbs up:

[Gismo]

Following the problems in the sub-prime lending market in America and the run on HBOS in the UK, uncertainty has now hit Japan .

In the last 7 hours Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

[Scottie]

:laugh:

[N12 JLK]

Following the problems in the sub-prime lending market in America and the run on HBOS in the UK, uncertainty has now hit Japan .

In the last 7 hours Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

:popcorn:very good:yes nod:

[gauldrymini]

Following the problems in the sub-prime lending market in America and the run on HBOS in the UK, uncertainty has now hit Japan .

In the last 7 hours Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

Superb:laugh::laugh: