USA Just Gone Bust

[BrilloPad]

Don't give him ideas!

Odd how sometimes the big things in life are easy to bear - the tiny things are upsetting!

[Paddy]

Don't give him ideas!

As it's Sunday, a song for you

http://www.youtube.com/watch?v=gncW1...eature=related

[AtW]

As it's Sunday, a song for you

http://www.youtube.com/watch?v=gncW1...eature=related

I hope this will be the soundtrack under which he walks the way of Saddam Hussein.

[Cyberman]

No, 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 !!

[AtW]

.. and Northern Rock was profitable with virtually no sub-prime, unlike many other banks ..

Yes, 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

[Diver]

Yes, 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

You should self-cert.

I'll get the committal papers drawn up tomorrow

You know it makes sense

[Cyberman]

Yes, 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 !!

[GreenerGrass]

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 Rich

[BrilloPad]

Well the markets seem to have responded well to the news. apparently it will help end the credit crunch.

BOOMED

[Gordon Brown]

Well the markets seem to have responded well to the news. apparently it will help end the credit crunch.

BOOMED

I'll decide when the Global Credit Crunch is over, thank-you very much, when I fix it, which will be when I decide it's right for Britain.