The crash of 2008: now the pain sets in
"The British Chambers of Commerce (BCC), in a survey of 5,000 members, said confidence and business activity had slumped. “The alarming third-quarter results point to worsening dangers of a major economic downturn and rising unemployment,” said David Kern, the BCC’s economic adviser. "
Leaders at wits' end as markets throw one tantrum after another
"For most of the past year, senior bankers have struggled to avert a collapse of faith in modern finance. Tragically, as this month's events show, they have largely lost this fight. Now, however, this war has entered a new, and potentially even more dangerous, phase. "
IMF warns of world financial system 'meltdown'
"Are Central Banks Making Libor WORSE?"
"The Fed’s massive and numerous liquidity facilities are making things worse. The problem is more than banks unwilling to lend to each other, they are also unwilling to borrow from each other. Banks can get all the funding they need (and then some) from their central bank so they do not need to seek a loan from another bank."
Ireland's economy ends long winning run
"Davey McKeever was down to his last bet slip of the night, crumpled in a sweaty fist, at the Shelbourne Park greyhound track. The remnants of McKeever's first unemployment check would rise or fall on the ironically named Nest Egg."
Spain rescue fund to buy high-quality assets
Does Spain have any high quality assets? If so, do they need rescuing?
French property prices expected to fall steeply in next 12 months
"The property market in France is beginning to show signs of stress although it has not been exposed to the US sub-prime crisis in the same way that other European markets have."
Gas prices: Down 10 cents in 2 days
Fannie, Freddie Commit to Waste $40 Billion a Month Taxpayer Money
"Not content to waste $700 billion of taxpayer money, Fannie and Freddie are going to waste another $40 Billion a month buying troubled assets."
6 comments:
Spain=subprime
Freddie and Fannie - the madness never ends...
The Libor post was interesting. The central banks are keeping the value of cash artificially low by lending directly to banks rather than relying on the market to do its job and price in risk accordingly. I'm wondering how this is going to play out in the shirt to medium term, and will be a major factor in setting apart this financial cock-up from ones we've seen before.
Chefdave.
"Dublin bankers' ability to borrow internationally dried up, the government responded with a world-first guarantee for all deposits and borrowings of Irish-owned banks — a liability so big it represents $130,000 per man, woman and child." And how much per head would it represent if large-scale emigration were to set in again?
"The remnants of McKeever's first unemployment check would rise or fall on the ironically named Nest Egg"
Gambling with the cash extracted from taxpayers on the basis of providing him with a subsistence. This scumbag needs to be put to sleep now.
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