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Debate House Prices
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Lehmans
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Lehman is, relatively speaking, expendable, its not an insurer and its not a deposit bank. Now if AIG don't get their required financing and Merrill can't sort something out with Bank of America...
US futures currently down around 2.5%.
Australia opened down 1.29% (all major Asian markets closed for holidays).
Bad but hardly end of the world stuff at present.
My hunch is if Merrill and AIG have sorted themselves out by tomorrow's open the Lehman situation will not cause a meltdown. For insomniacs CNBC (Sky 505) currently has its big guns on.
Banking !!!!!! or property !!!!!!, which makes you feel dirtier?
"The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
Lehmans are to file for Chapter 11 bankruptcy protection.
Bloomberg
U.S. Securities and Exchange Commission - Chapter 11.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
worldtraveller wrote: »
Morning woldtraveller:wave:
Merrill have gone to Bank Of America too.
What a mess!:undecided:shocked:
PoshTurn your face to the sun and the shadows fall behind you.0 -
Mornin' posh :hello:
Also AIG applying for emergency $40 billion bridge loan from the Federal Reserve.
It'll be interesting on the markets today!There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
And yet Emirates is on a shopping spree.
Maybe more stories like this and people will notice a trend .
All of the Middle East is on a spending spree - look at the potential purchase of BMI (there goes 11% of the slots at LHR) - 'cept we're to polite to mention this particular trend..:undecidedTurn your face to the sun and the shadows fall behind you.0 -
worldtraveller wrote: »Mornin' posh :hello:
Also AIG applying for emergency $40 billion bridge loan from the Federal Reserve.
It'll be interesting on the markets today!
For those that are interested:
U.S. Securities and Exchange Commission - Chapter 11.
Where did you find the story on AIG?Turn your face to the sun and the shadows fall behind you.0 -
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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London stock market opens down 2.5%
Things are going to go very nasty IMO. This is the start of bigger things!0 -
Just watched 'little fat' Declan on the beeb telling us how the collapse of Lehmans will make the credit crash worse.
I couldn't help thinking back to May when I started reading the House prices part of the forum. Here were a lot of people saying what I believed, that the credit crunch was far worse than was being admitted and that the future of finance and credit was dire and, of course, house prices.
I remember watching l.f.Declan as he laughed at and denied that these things were happening, also other beeb financial pundits as they derided those who dared to disagree.
Oh, how different now. He stands there, wittering on, as though he was in there at the start. I don't like him - he was very rude about Martin when the bank charges reclaim was going through. He virtually accused him of killing free current accounts. Much prefer the lanky Aussie, even though he can't pronounce Lidl!0 -
Am truly stunned and shocked. We are living in historic times - not a good thing.
Reading the analysis this morning, am struck by the fact that none of the papers dare state the true cause of the events unfolding - not 'the credit crunch', but the fall out from criminally loose lending, by the banks, and gambling between banks on the value of bits of paper guaranteed by this lending, ON OVERVALUED HOUSING.
This whole sorry mess is a result of the banks encouraging one of the biggest ever housing bubbles. Whilst bank regulation is certainly going to rise to the top of the agenda immediately, is the advisability of house prices doubling or trebling in 10 years going to be addressed????
Doubt it - the elephant in the cupboard will get ignored - again.0
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