Originally posted by AtW
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USA Just Gone Bust
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Originally posted by AtW View PostDon't give him ideas!
http://www.youtube.com/watch?v=gncW1...eature=related"A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George OrwellComment
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Originally posted by Paddy View PostComment
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Originally posted by AtW View PostNo, what they did is nothing like NR - those 2 companies that they bailed out guarantee 50% of all US morgages - $2.5 trln, this is more than annual UK GDP (I think - can't be arsed to double check).
.. and Northern Rock was profitable with virtually no sub-prime, unlike many other banks .. it just ran out of money availability because the money markets dried up and the governnemnt believed that if it was lending NRK funds then it owned it(nice logic Gordon!!), even though the Rock was paying all interest due on those loans !!
That's like my bank saying it owns all of my house just because I have a mortgage on 25% of it that I am keeping the payments up on !!
Still, there's a court case looming in January !!Comment
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Originally posted by Cyberman View Post.. and Northern Rock was profitable with virtually no sub-prime, unlike many other banks ..
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Originally posted by AtW View PostYes, quite - that's why they were offering 125% and self-cert morgages and that's why their default rates are going through the roof - nothing subprime, just normal "it's grim up north" lending practices
I'll get the committal papers drawn up tomorrow
You know it makes senseConfusion is a natural state of beingComment
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Originally posted by AtW View PostYes, quite - that's why they were offering 125% and self-cert morgages and that's why their default rates are going through the roof - nothing subprime, just normal "it's grim up north" lending practices
Bradford and Bingley are still offering 125% loans !!Comment
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Gold bugs have been telling everyone all year how this event would make the dollar worthless and gold zoom up to $1200-2000 etc. but I think (with oil still dropping) they will also need a James Bond villain with a dastardly plan to achieve this now.
Here's a link for Dim Prawn
When Pessimism Prevails, It's Time to Get RichComment
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Well the markets seem to have responded well to the news. apparently it will help end the credit crunch.
BOOMEDComment
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Originally posted by BrilloPad View PostWell the markets seem to have responded well to the news. apparently it will help end the credit crunch.
BOOMEDIf you've got a problem and no one else can help, and if you can find him, maybe you can hire...Gordon Brown ...( cue music )Comment
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