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eric pebble

Top Swiss Banker Attacks Us Lending Standards As 'unbelievable'

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TELEGRAPH: Top Swiss banker attacks US lending standards as 'unbelievable'

"Switzerland's top banker has warned of massive losses from the unfolding credit crisis, describing the collapse in US lending standards as "unbelievable".

Jean-Pierre Roth, president of the Swiss National Bank, said market turmoil was far from over as tremors from the sub-prime debacle continued to rock the world.

"We're certainly not at the end of the story. There are question marks surrounding the development of the American economy," he said. "Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back," he said."

Is this not stating the obvious!!??

http://www.telegraph.co.uk/money/main.jhtm.../bcnswiss20.xml

Edited by eric pebble

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TELEGRAPH: Top Swiss banker attacks US lending standards as 'unbelievable'

"Switzerland's top banker has warned of massive losses from the unfolding credit crisis, describing the collapse in US lending standards as "unbelievable".

Jean-Pierre Roth, president of the Swiss National Bank, said market turmoil was far from over as tremors from the sub-prime debacle continued to rock the world.

"We're certainly not at the end of the story. There are question marks surrounding the development of the American economy," he said. "Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back," he said."

Is this not stating the obvious!!??

http://www.telegraph.co.uk/money/main.jhtm.../bcnswiss20.xml

Its odd that they focus so much on the miracle in the US and say so little about Gordon's miracle* that has created an even greater debt pile per capita? Anyone would think that our miracle house prices were normal. :blink:

___________________

* http://news.bbc.co.uk/1/hi/programmes/panorama/4243108.stm

Brown's miracle economy The Prime Minister calls him "the best chancellor for 100 years."

Edited by Realistbear

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Its odd that they focus so much on the miracle in the US and say so little about Gordon's miracle* that has created an even greater debt pile per capita? Anyone would think that our miracle house prices were normal. :blink:

___________________

* http://news.bbc.co.uk/1/hi/programmes/panorama/4243108.stm

Brown's miracle economy The Prime Minister calls him "the best chancellor for 100 years."

Yes, but unlike those poor, lazy, good for nothing Americans defaulting on their mortages, we British are rich and industrious and well able to service our even larger debts. Rule Britannia! :lol:

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Its odd that they focus so much on the miracle in the US and say so little about Gordon's miracle* that has created an even greater debt pile per capita? Anyone would think that our miracle house prices were normal. :blink:

___________________

* http://news.bbc.co.uk/1/hi/programmes/panorama/4243108.stm

Brown's miracle economy The Prime Minister calls him "the best chancellor for 100 years."

Only reason i can think RB is becuase in the USA the crash [or "corrrection"] is obvious to the masses, In the uk the truth for now is still able to be hidden. As long as this is the case the focus will be on the US. Also when Uk problems are obvious to all, brown will have the US and their investment banks as one of his scape goats.

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Only reason i can think RB is becuase in the USA the crash [or "corrrection"] is obvious to the masses, In the uk the truth for now is still able to be hidden. As long as this is the case the focus will be on the US. Also when Uk problems are obvious to all, brown will have the US and their investment banks as one of his scape goats.

Its starting to be revealed I think, with stories like the Alliance & leicester loosing millions to bogus lenders over new build housing in Thamesmead.

I reckon there are going to be some massive BTL frauds, and RB will have to stock up with M&S chocolate roll!

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It is amazing how some muppets & VI still think that there is nothing to worry about in our strong! economy and coming credit crunch will be only uncle Bush's problem.

Yes - they wouldn't know what a foreclosure was even if it hit them in the goollies!

Edited by eric pebble

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