Wednesday, Jul 30, 2008
Is anyone, anywhere, and any bank safe?
Telegraph: Lloyds TSB warns of house price misery after posting 70pc profit slump
High street bank Lloyds TSB today warned of a slowing economy and a 10pc-15pc tumble in house prices this year after reporting a 70pc slump in first half profits on the back of further credit market writedowns and volatility in its insurance business.
Posted by whostolemyendowment @ 01:11 PM (722 views) Add Comment
5 Comments
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1. shipbuilder said...
I realise that Lloyd's are supposedly one of the 'safer' banks but my reaction to this is - so what?
A 70% reduction on once-in-a-lifetime profit levels. Big motor companies have been operating on losses for years - can someone explain how this will lead to some of the doomsday scenarios that are increasingly popular on here?
2. Yellerkat said...
Something working?
3. harold said...
Lloyds might actually be insolvent, but as the nanny state and BoE will bail this latest bunch of munchkins out, it doesn't really matter in the short term. In the long term the inflationary effects of bank bailout will be massive (don't keep your savings in £ denominated assets). The interesting bit in the article is the headline: "Lloyds warns of house price misery". Yep, couldn't agree more.
4. magnifico said...
Big headline in the Evening Standard includes reference to Northern Rock; expect long lines of people in front of the Bank's branches tomorrow?
5. Whostolemyendowment said...
http://www.thisislondon.co.uk/standard/article-23523323-details/Banks+rocked+as+Lloyds+profits+plummet+by+70%25/article.do