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Oh dear - Bradford & Bingley nationalisation looks increasingly likely
Comments
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Seems a pretty well worked out contingency action. Seems that Brown and Darling are learning from their earlier errors.
Surely, no-one here is actually suggesting that B&B should have just been left to go bust? That would further weaken the system and lead to bigger problems. The government are performing their core role, providing security.Politics is not the art of the possible. It consists of choosing between the disastrous and the unpalatable. J. K. Galbraith0 -
The FTSE doesn't seem to be coping too well. Down nearly 2.5% before 11am!
The drop could highlight other institutions that are possibly in trouble."Boonowa tweepi, ha, ha."0 -
eg Royal Bank of Scotland??
Last time their share drop was blamed on the shorters..... who they going to blame this time?0 -
JonnyBravo wrote: »eg Royal Bank of Scotland??
Last time their share drop was blamed on the shorters..... who they going to blame this time?
... the 'bears' on MSE of course.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
There are loads of possible reasons for the fall. US bailout plan not as good for banks as they hoped, B&B nationalisation, upcoming recession, Fortis, simple irrationality, the list is endless.
Nicholas Taleb would warn against assigning cause and effect to these movements.Politics is not the art of the possible. It consists of choosing between the disastrous and the unpalatable. J. K. Galbraith0 -
Sir_Humphrey wrote: »Nicholas Taleb would warn against assigning cause and effect to these movements.
Nice, thanks.
A quick read found this quote... one I can align myself to quite easily.
"My major hobby is teasing people who take themselves and the quality of their knowledge too seriously and those who don’t have the guts to sometimes say: 'I don’t know....' "0 -
Sir_Humphrey wrote: »There are loads of possible reasons for the fall. US bailout plan not as good for banks as they hoped, B&B nationalisation, upcoming recession, Fortis, simple irrationality, the list is endless.
How about the fact that the financial system is screwed and we're headed for the mother of all recessions at ever increasing speed?
All this bailout is going to do is buy some time for the boys at the top to get out.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Sir_Humphrey wrote: »There are loads of possible reasons for the fall. US bailout plan not as good for banks as they hoped, B&B nationalisation, upcoming recession, Fortis, simple irrationality, the list is endless.
Nicholas Taleb would warn against assigning cause and effect to these movements.
Commodity price falls too could be a reason..Turn your face to the sun and the shadows fall behind you.0 -
How about the fact that the financial system is screwed and we're headed for the mother of all recessions at ever increasing speed?
All this bailout is going to do is buy some time for the boys at the top to get out.
Nihilistic tooth-gnashing is fun on a forum, but it is easy to do when you have no positive suggestions for getting out of the problem. Or alternatively, badly thought out ideas that are superficially attractive but obviously would not work (like letting all the banks go bust).
We are in trouble, but I am trying to move the debate along towards some positive steps to address the problems, rather than just howling at the moon.Politics is not the art of the possible. It consists of choosing between the disastrous and the unpalatable. J. K. Galbraith0 -
It's dropped over 3% now and it's not even midday.
I wonder how things will go once the NYSE opens. Will the septic bank going through be seen as a positive thing."Boonowa tweepi, ha, ha."0
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