Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

sabretoothtigger

UK Brown: 'Strict Conditions' Attached To Bank Support

LONDON (Dow Jones)--U.K. Prime Minister Gordon Brown said banks must face "strict conditions" for receiving government support and that authorities would work to ensure the taxpayer gets the best possible deal.
In a column in the Mirror on Sunday, Brown said the U.K.'s rescue plan, unveiled Wednesday, will make banks "stronger for the future."

"So strict conditions have to be met and we will act at every point to ensure the taxpayer gets the best possible return from this investment," he wrote.

Brown said there would be "strings attached on bonuses and [banks'] lending policies."
The remarks come as it emerged the U.K. government could end up with seats on bank boards as a result of the stakes the government would take in return for capitalizing the banks. That suggested a much greater role for authorities in the banking system than was initially expected when the plan was unveiled.

Wednesday's rescue package saw the U.K. offer upward of GBP50 billion of taxpayer money to recapitalize the banks. The government also offered to guarantee GBP250 billion in short- and medium-term bank debt and said it would expand the Bank of England's special lending facility.
In the column, Brown said he will urge European countries to adopt similar measures to the U.K. when he travels to a Paris summit Sunday:

"So today I am going to Paris to persuade other European countries to adopt the comprehensive approach we have taken in Britain. For Europe, the stakes could not be higher and this is a moment of truth."
Brown said that with its rescue plan, "Britain will lead the way in pulling through."

blisk

1sue23 wrote: »

What a cheery person you are, I bet you are a joy to be with ,you must light up a room when you walk in. I have thanked you I must now go and write out my will because the end is soon here ,but wait a minute who will benefit from my will because are we not in your opinion all doomed.

Reality bites.

Some people took advantage to exploit the Population, to exploit Country, to exploit the System, banks, city brokers, estate agents, politicians, its a hard lesson to learn.

They looked the other way when in positions of Trust & Power while regulating the system.

They may say they didn't with a 2 faced smile on their face, but they are LIARS & they know it !!!

The crisis has exposed them for what they are.

blisk

Banks bailed out to tune of £37 billion.

UK banks receive £37bn bail-out

That's the easy bit, spending money is easy, the reality will now be a deep recession.

Dithering_Dad

blisk wrote: »

Banks bailed out to tune of £37 billion.

UK banks receive £37bn bail-out

That's the easy bit, spending money is easy, the reality will now be a deep recession.

I think you need to brush up on basic economics. You get a recession through having a lack of credit, you get a boom when credit is too freely available.

We'll get a recession not because the government 'spent' so much money but because they didn't spend it early enough.

blisk

Dithering_Dad wrote: »

I think you need to brush up on basic economics. You get a recession through having a lack of credit, you get a boom when credit is too freely available.

We'll get a recession not because the government 'spent' so much money but because they didn't spend it early enough.

You need to read my posts more carefully, I haven't said spending the money will cause the recession.

The fact the government has spent £37 billion will not stop the recession, it may just stop banking system collapse.

Spending money is the easy bit, but it won't solve the fundamental problems in the globalised credit boom economy which will take years to sort themselves out.

1sue23

Hello Mr Happy.
Cheer up it might not happen.:rolleyes:

blisk

And it continues to get worse.

House sales hit new 30-year low !

The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics).

Estate agents sold less than one property per week each in September.

The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year.

London was the region with fewest sales per estate agent, at an average of just eight in the previous three months.

And nationwide 91% of estate agents, saw prices fall over the preceding three months

"As it stands, only those with significant finances are in a position to access the market," said Rics spokesman Jeremy Leaf.

"The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come."

Lenders such as the Halifax and the Nationwide have reported that prices have fallen by 12% in the past year.

Get out while you can.

envelopes

I'm gunna ask a question but before i do i'm going to say that I am sick and tired of hearing my husband moan about stuff that ain't happened yet - making comments like, we can't afford to go out cause we will need the money to heat the house etc...

The more people speculate - my husband has been telling me that we have been in a recession since May - what recession?? I am not seeing it, I am just hearing loads of people worrying about it this is bound to affect the way we spend, the things that we spend money on. This then shows on the high street and prices start to change.

Yep the rising costs of oil or the supposed rise in oil and fuel costs has a knock on effect - crop prices have gone up - bad weather to blame or recession? ANyway loads of things have gone up.

BUT I am not seeing any of my property being worth less than they were 30 years ago - I am not seeing any possibility of any of my properties falling below what i paid for them, this house is my home and apart from downsizing a bedroom to be mortgage free I can't see any reason to be worried.

Food prices have hit silly heights recently, i was shocked to find a bar of soap that i usually pay 69p for has risen to 95p - that is some increase on a tiny bar of soap so i won't buy it again, I will make some instead, some simple money saving changes will even that expense out and we will manage. If i need to earn more i will start another business the same as lots of people are taking an extra little job on - and yep, things might be harsh for a while but they will even out, i think that things are less likely to get AS harsh if everyone just continues as they were - but then maybe my thoughts differe because I didn't lend loads of money for new cars and big holidays and stuff and I didn't go crazy whent he lenders were throwing dosh at everyone left right and centre so i don't need to worry that much and possibly i haven't enjoyed the nicer things in life so i haven't been exposed to the false sense of "wealth" and i don't have the huge loans and mortgages to pay back so the rises aren't affecting me as much.

WE aren't a huge earning family, possibly earning below the poverty line for the amount of children that we have and poor amounts of work coming in for my husband - but even then, i can't see any reason to worry and i am not going to cut back on spending, will spend what i want to and swallow the excess.

I think that sitting and riding it out and trying to carry on as normal is possibly the best bet for a lot of people but my question is - for those who really worrying ( if anyone ) is it because you took on huge debt, possibly buying a slightly bigger home than you could afford, several cars on the drive, nice holiday etc or is everyone, worrying? I am trying to work out now why I am not worrying and if mortgage rates rocket then we will struggle but I just don't want to change my habits because of worry because i believe that this will have an even bigger impact on the economy.

I think sit tight and ride it out - it seems a bit of a scaremonger thing to be telling people to get out - people can't get out anyway cause there is no movement so if everyone stays put there is nothing lost right now.

Just my opinion.

1sue23

I own my home mortgage free so why do I need to sell it and if property prices fall 50% so be it .If I had rented for the past 20 years the landlord would own the property not myself ,so have I done the wrong thing in your eyes in buying this house?,and would I not be paying the landlord until i died or after 25 years would he say thank you you have been such a good tenant please have the deeds to this house.?

sabretoothtigger

recession would be 2 quarters of negative growth I think and the last figures were 0% so its still a prediction not fact but most consider it likely

Ireland has recession and usa is at 2% growth if i remember right