When fortune frowned
The economist has just put together a special report on the financial crisis, which is well worth a read.
"Provocative as it may sound in today’s febrile and dangerous climate, freer and more flexible markets will still do more for the world economy than the heavy hand of government. "
Sadly, the heavy hand of government is now back in fashion.
Councils call for savings guarantee for Icelandic deposits
"Britain grappled with the fallout from Iceland's financial crisis on Thursday, as local authorities sought guarantees over hundreds of millions of pounds invested in frozen Icelandic banks."
UK eyes 7.5 pct core capital ratio for bank plan
So the UK governments waits higher capital ratios. If we had higher ratios, there would have been no housing bubble.
U.K. Economy Entered a Recession in Third Quarter
Lets hear it one more time "NO MORE BOOM 'N BUST"
FHA Seller-Funded Down-payment Outfit Sues ML-Implode In Effort To Silence Criticism
The US blogger ML-implode is being sued by a lender. Nasty stuff.
money markets still frozen
From Naked capitalism
I wrote this post in April 2006. And remember, according to Fannie Mae's CEO, nobody saw this coming.
Keith from housingpanic at his best.
Web traffic jam as people search for financial news
This crisis is definitely good for bloggers. My traffic is way up.
10 comments:
No more boom and bust? just bust.
One massive boom, followed by a huge bust.
That line is going to haunt Brown to the end of his days. And he has no defence when he looks at the figures. Stock market back to the same level when Labour took over and national debt at nearly 50% GDP now is it with the projected bail out figures?
On another note, can imagine your traffic is up Alice. Personally find this to be a very informative site.
Re Keith: I saw it in 1999, which is why I re-entered public service employment.
Re Brown: he may win yet, though obviously he doesn't deserve to. If he'd continued from 2003 on as he had from 1997, he might have earned a good place in history.
1) Iceland: I trust the UK government will simply seize all assets in the UK owned by Icelandic banks and companies.
2) A small island with an economy over-dependent on banking?
-that would be the UK!!
B. in C.
Alice you are hero! Keep it up!
Kaboom ! Then bust.
Yes you ARE a hero, Alice.
Fox News discussion:
Q: Is the market near the bottom?
A: Well, in the post-war period bear markets have been as much as 49%
Come, people. You are all saying this is the worst banking crisis since the thirties, which was before WW II. Follow the logic through - how much did the market lose before the Great Depression. I think that would be 80% and more...
B. in C.
Seeing as most of these idiot Councils that invested in Iceland are Tory, does it inspire confidnce in any one?
I wanna know why, as a taxpayer, I've been robbed the first time to prop up a public sector employee/claimant regime through council tax and now that they've squandered the cash even more recklessly than usual the answer is to rob from me a second time.
For christ sake show some responsibility people! You've lost your ill-gotten gains and now you should do without.
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