Clairvoyance?

[-pops-]

Watch this: http://www.brasschecktv.com/page/187.html

[Dencandy]

Unless you put all your savings into shares or a PEP/ISA, don't worry too much about what's happening. It's just the normal stop in the stop-go business cycle exagerated this time by the utter folly of US banks believing that the American economy was so dominant in the world that they could even give mortgages to unemployed & unemployable people. All that worthless paper credit will have to come crashing down. All the US government can do is make it come down s l o w l y so the mess can be spread out over a longer time-span.

The key thing for everyone else is that commodity & raw material prices are dropping, which always happens at the beginning of a down-turn. But the whole of the Asian economy (2/3rds of the world's population!) is expanding at about 10% per year and will prevent a full-blown world recession. The drop in commodity prices will actually boost them even further.

That's how I see it anyway.

[andsome]

Watch this: http://www.brasschecktv.com/page/187.html

Brilliant and very true

Unless you put all your savings into shares or a PEP/ISA, don't worry too much about what's happening. It's just the normal stop in the stop-go business cycle exagerated this time by the utter folly of US banks believing that the American economy was so dominant in the world that they could even give mortgages to unemployed & unemployable people. All that worthless paper credit will have to come crashing down. All the US government can do is make it come down s l o w l y so the mess can be spread out over a longer time-span.

The key thing for everyone else is that commodity & raw material prices are dropping, which always happens at the beginning of a down-turn. But the whole of the Asian economy (2/3rds of the world's population!) is expanding at about 10% per year and will prevent a full-blown world recession. The drop in commodity prices will actually boost them even further.

That's how I see it anyway.

Not just American banks, but greedy sods all over the world.

[catgate]

Our dear leader is now angry, because we have irresponsible bankers.

He seems to overlook the fact that we are angry because he, and his freeloading, carpet bagging bunch of totally inept parasites, are irresponsible *ankers.

http://uk.news.yahoo.com/pressass/20081009...rs-6323e80.html

[andsome]

What he won't acknowledge is that his government has allowed all this irresponsibility to take place. In fact they have even encouraged the local authorities to invest overseas in countries like Iceland. Now it looks like the rate payer will foot this bill. HERE.

[CurlyWhirly]

What he won't acknowledge is that his government has allowed all this irresponsibility to take place.

Agreed.

The governments 'good times' were founded by a culture of consumer debt and inflated house prices and now the 'bubble' has burst.

The government itself is in no position to lecture the banking industry on irresponsibilty as it has been borrowing hundreds of billions of pounds since 1997 even when the economy was growing and therefore tax receipts were high

With the current credit crisis, the national debt could balloon to over a trillion pounds :0

http://www.telegraph.co.uk/finance/2944530...ove-1000bn.html

[catgate]

Agreed.

The governments 'good times' were founded by a culture of consumer debt and inflated house prices and now the 'bubble' has burst.

The government itself is in no position to lecture the banking industry on irresponsibilty as it has been borrowing hundreds of billions of pounds since 1997 even when the economy was growing and therefore tax receipts were high

With the current credit crisis, the national debt could balloon to over a trillion pounds :0

http://www.telegraph.co.uk/finance/2944530...ove-1000bn.html

I am beginning to wonder how much of this continued furore is "genuine" and how much of it is the banks milking the situation by "crying wolf". It would be very nice, if you were a bank, to be able to not only get some stupid politician to organise a hand out, but to continue giving you a hand outs, in order to save their own necks. Cyclops and the Baboon are both in very similar situations.

edit:-

Remember Nick Leason? He went to jail for causing a bank to go bust by fiddling. Do you think there are enough jail spaces vacant to house the current crop?

[-pops-]

Leeson continues to profit from his misdemeanours and is doing very nicely on the after dinner speaker circuit:

Nick Leeson continues to be one of the world's most in-demand conference and after dinner speakers.

http://www.nickleeson.com/?gclid=CL6WwrS0npYCFQaT1QodQyUViQ

Crime doesn't pay? Pull the other one.