Saturday, Aug 09, 2008
Confirmation - The worst is yet to come
BBC News: Banks warned of economic worries
Better late than never, the FSA is finally getting round to stating the obvious. That the current financial troubles may well be down to U.S sub prime, but when the UK sub prime hits, the banks had better have a big war chest, because the current situation is nothing more than a bit of pre-amble compared to the titanic UK sub prime turd that is fast approaching a high revving fan. Who knows it my prompt them to put up savings rates, now theres a nice thought.
Posted by mr cobblepot @ 09:25 AM (267 views) Add Comment
2 Comments
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1. quiet guy said...
Out of curiousity, I had a look at the Financial Services Authority site "Aims and Objectives" page.
http://www.fsa.gov.uk/Pages/About/Aims/index.shtml
"The FSA has set out its aims under three broad headings:
promoting efficient orderly and fair markets;
helping retail consumers achieve a fair deal; and
improving our business capability and effectiveness"
I say the FSA have failed on all of above three. The FSA chief executive's sagely warnings would have been good in the early part of this century. Now it's far too late.
2. alan said...
Robert Peston: "Hector, what have you learned"?
Hector Sants: "Perhaps we can have a better regulatory framework, going forward"
R: "What about the bigger lending institutions"?
H: "They shouldn't allow too easy credit in the good times". "The risks that accompany innovation shouldn't put the company in jeopardy"..... "We should have told Northern Rock earlier".
R: How long will it last?
H: "Possibility of a real economic downturn - further declines in UK House Prices". "Well through the year end".
R: "Looking back at bad debts etc., thats a 2 or 3 year cycle".
H: "This could be quite.....um... possible".
R: "The US looks pretty fragile, doesn't it"?
H: "Mmnnn...We need a global solution, that means involvement of the US".