Iceland nationalises Glitnir bank

Plasticman

Reaper wrote: »

PS On re-reading this it sounds like I'm one of the doomsayers. I'm not - I'm an optimist

but you hide it well

Reaper

Plasticman wrote: »

but you hide it well

Maybe I need to reconsider my username and icon...

talana

formulaonefan wrote: »

I'm absolutely fed up by some forum members attitude. It makes me sick! What do I gain by being a scaremonger! (to be honest I just posted a question what if kaupthing edge is next) All I wanted to hear is anything other than the common note spread across this forum that upto 35K is safe. We have never really been in a situation where previously upto 35K has been repaid. What's wrong in questioning 'what if'. I never thought asking a question would result in one getting stressed.

You yourself brought up the notion that responses should be constructive and helpful, so I repeat what is constructive about a thread saying "aarrgh, what if KE is next to go belly up?". And I don't have any axe to grind about KE one way or the other, there are plenty of threads on the board saying "aarrgh, what if bank X is next?" (insert bank name of your choice). All equally dull and pointless too unless you at least have some genuine reason for thinking they may be next. Otherwise it's headless chicken stuff.

And you don't want to discuss the FSCS £35k scheme. So what concrete issue do you want to discuss?
The conclusion?
If you're happy with KE and their situation, then keep your money where it is.
If you're not happy with KE, you're at liberty to move your money.
End of story.

edwinac_2

Reaper wrote: »

You should be careful what you wish for. The US proposed (and failed to get through) a $700bn BandAid. That would have cost every tax payer in the USA $5,300 each.

Nope, you're looking at this through a banker's eyes.

The proposal that just fell on its face - the Dodd-Frank bill - was a $700bn Federal bailout of the banksters, and NOT a bailout of the people.

In fact, the bill was designed by the fascist financiers of Wall St and The City, in particular Morgan Stanley and Credit Suisse.

If you bankrupt the whole industry instead of just trying to patch it up then your savings would disapear in a puff of smoke.

Nope. The first job in any battle is to identify the enemy. You are assuming the banking industry is monolithic. It is not. There are good aspects to the industry and there are bad aspects.

The task in hand is to separate the wheat from the chaff.

First for the chop are the toxic derivatives that have caused this mess.

All the speculative instruments held by the banks must simply be extinguished as worthless paper. Casino-like gambling has no place anywhere in the chartered banking system.

What needs to be salvaged through Federal bankruptcy reorganisation are the essential functions of the banking system in order to maintain the physical economy.

The new system of commercial banks would be limited to providing a safe haven for deposits, and the issuance of traditional loans.

This is exactly what Franklin D. Roosevelt achieved in 1933 through the passing of the Glass-Steagall Act.

The powers of the 1933 Act separated the functions of the (speculative) investment banks from the (deposit-taking) commercial banks.

And a new Glass-Steagall Act is what is needed now in order to "promote the general welfare of the people" who need security for their deposits and access to responsible lending.

As to your second point - yes I'd love to see people go to jail but I think there will just be a small number of scapegoats. .

The prosecutions of banksters would be conducted fairly under the Principles of the Nuremberg Tribunal.

Clemency or even Pardons would be offered to minor bankers who gave Queen's Evidence against their fascist ex-bosses.

With sufficient evidence against the highest echelons of the Synarchist banking network, the Death Penalty should be used.

formulaonefan

talana wrote: »

You yourself brought up the notion that responses should be constructive and helpful, so I repeat what is constructive about a thread saying "aarrgh, what if KE is next to go belly up?". And I don't have any axe to grind about KE one way or the other, there are plenty of threads on the board saying "aarrgh, what if bank X is next?" (insert bank name of your choice). All equally dull and pointless too unless you at least have some genuine reason for thinking they may be next. Otherwise it's headless chicken stuff.

And you don't want to discuss the FSCS £35k scheme. So what concrete issue do you want to discuss?
The conclusion?
If you're happy with KE and their situation, then keep your money where it is.
If you're not happy with KE, you're at liberty to move your money.
End of story.

I brought this upon myself have I??? What have you got to say now? People (including myself) still have money in transit between KE/Current A/C and no sign of it yet.

formulaonefan

stevetodd wrote: »

Have you tried running down the High Street in your underpants shouting "we are all dommed" that might help

Well do you want to join me now??? I'm going to run in my underpants shouting "we are all dommed" with other KE account holders whose money is in limbo!

formulaonefan

Paul_Herring wrote: »

I found his comment to be very constructive. Especially since you ruled out the only other constructive thing that could have been said in your first post.

Hope you took your money out with his constructive comments!

Paul_Herring

formulaonefan wrote: »

Hope you took your money out with his constructive comments!

I'm still waiting for the martians. (Apart from the WotW ones on my iPod)