Bailout Vote

[NickFitz]

http://news.bbc.co.uk/2/hi/business/7641733.stm

"So grave are the consequences of this decision, reports the BBC's Kevin Connolly from Washington, that the speaker of the house paused for several long minutes after the vote was taken before declaring it official."

Probably contemplating the possibility of a CIA hit squad storming in and shooting them all on direct orders from Dubya

[scooterscot]

This is good news.

Or to use labour speak 'this is a good day for bad news'

[Bagpuss]

Why should the taxpayer bail out the banks? Let them fall.

[DiscoStu]

Why should the taxpayer bail out the banks? Let them fall.

Because the more banks fail, the more banks will be reluctant to lend to each other due to a lack of confidence that the bank they're lending to will stay solvent.

This will lead to further seizure of the credit markets, which will make things worse for everyone. All but the most creditworthy customers will be unable to get credit, businesses will be unable to get credit for investment, any recession will be made lots worse...

Doomed.

[Cyberman]

Why should the taxpayer bail out the banks? Let them fall.

I tend to agree. At least we know that HSBC will survive, because they are just about the only major bank that has a surplus of deposits over loans. The best outcome will be the inevitable downfall of our incompetent HMG and a return to sensible housekeeping.

[Bagpuss]

and if the Halifax had remained a mutal it would still exist. They can learn alot from the likes of The Nationwide i.e. operating on a sustainable model.

Let the market decide

[scooterscot]

Because the more banks fail, the more banks will be reluctant to lend to each other due to a lack of confidence that the bank they're lending to will stay solvent.

This will lead to further seizure of the credit markets, which will make things worse for everyone. All but the most creditworthy customers will be unable to get credit, businesses will be unable to get credit for investment, any recession will be made lots worse...

Doomed.

That's why it's good news. People and businesses have enough debt already. The reset button needs pressing.

[HeliCraig]

Anybody fancy a bet on falling markets tomorrow in London?

I see the Dow currently stands 4.5% down!

[scooterscot]

The Nationwide i.e. operating on a sustainable model.

Transferred all me wonga there 7 months ago... finger on the pulse!

smug mode on

[scooterscot]

Anybody fancy a bet on falling markets tomorrow in London?!

Let's shortsell on the Dim Prawn Ltd....