Thursday, Jul 26, 2007
Cracking interview about the credut crunch
BBC: Today Programme
For anyone who missed it, at 6:15 this morning, (half way through this clip) there was an excellent interview on the Today programme where the speaker set out the developing credit crunch.
The important point is that banks can't sett their loans to the markets. If they can't sell the loans uickly, it slows down the cycle of "rinse and repeat", where they keep loaning out the same money again and again. That makes it harder for people to get mortgages, which is likely to weigh on the market.
Caveat on this link as I can't get in to work here and I know the BBC have been having issues with their listen again.
Posted by dohousescrashinthewoods @ 09:27 AM (179 views) Add Comment
8 Comments
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1. nopensionnohouse said...
Jog along to 13:30. It is well worth a listen.
Lol!
“…. The problems are spreading to the Prime mortgage area The cheap money tide appears to be going out and we are about to find out who is not wearing any swimming trunks!.... “
“…. Some of the financial deals put together in the last 3 years or so are starting to look not so clever….”
Oh, my sides. Stop it. He he he ho ho ho.
2. dohousescrashinthewoods said...
I was barely conscious at the time but it really caught my interest - absolute corkers right there.
3. nopensionnohouse said...
Was is Crusty the clown who said “Woooooooooooh. Gonna take a bath on this one….”
4. d'oh said...
Ha ha ha ha ha ha ha ha. Just as predicted by many of us on this site a long time ago. Ha ha ha ha ha ha ha.
Some idiot in that bank is going to be worried about their bonus this year.
Still, hope my job survives the fallout of the bomb that is coming.
5. Environmentalspoilerand Taxdodgerneedingfloodgates. . . . said...
Well we have always said that the credit boom was one based on shifting sand haven't we?
6. wage slave said...
So the money markets have lost their faith in property backed loans. Another nail in the housing bubble coffin !
7. uncle tom said...
Watch what happens when the New York stock exchange opens at 2.30 pm UK.
Unless some good news calms the jitters in the next forty minutes, it could see it's biggest fall for a long time...
8. Koala Bear said...
You're right uncle tom, the market has been going down for a while now but this afternoon's drop is big.