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What the f%%k is going to happen when it dawns on the city that yes there is a UK subprime problem and its actually worse than the yanks?

No one on the news even hints at a possible problem its going to be hilarious

Edited by I Told You So

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What the f%%k is going to happen when it dawns on the city that yes there is a UK subprime problem and its actually worse than the yanks?

No one on the news even hints at a possible problem its going to be hilarious

...the bank's in no immediate danger of going under given its assets are still high quality. Northern Rock isn't guilty of reckless lending itself.

http://www.thebusiness.co.uk/news-and-********...rn-rocked.thtml

It made me laugh too :lol:

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http://www.thebusiness.co.uk/news-and-****...rn-rocked.thtml

...the bank's in no immediate danger of going under given its assets are still high quality. Northern Rock isn't guilty of reckless lending itself.

It made me laugh too :lol:

I loved this comment this morning as well, what are assets classed as when they stop paying you a dividend and loose there value?

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Guest grumpy-old-man
What the f%%k is going to happen when it dawns on the city that yes there is a UK subprime problem and its actually worse than the yanks?

No one on the news even hints at a possible problem its going to be hilarious

yup, I thinks it's hilarious as well. :D

watching in slooooooow motion for me.

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What the f%%k is going to happen when it dawns on the city that yes there is a UK subprime problem and its actually worse than the yanks?

When it comes to involvement in the sub-prime fiasco, how many other UK institutions are heavily involved?

Can anyone name them at this stage of the game? If you can, why not try to list them by their 'level of risk'.

Edited by PigInShit

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When it comes to involvement in the sub-prime fiasco, how many other UK institutions are heavily involved?

Can anyone name them at this stage of the game? If you can, why not try to list them by their 'level of risk'.

Come on folks. Someone must have some idea as to the involvement of our other cherished institutions. ;)

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Come on folks. Someone must have some idea as to the involvement of our other cherished institutions. ;)

There wasn't a Sub-Prime problem in the US until prices of houses stalled and started to come down.

They are correct, there isn't sub-prime problem in the UK because houses haven't started to fall - yet.

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There wasn't a Sub-Prime problem in the US until prices of houses stalled and started to come down.

They are correct, there isn't sub-prime problem in the UK because houses haven't started to fall - yet.

Granted. However, I'm talking about the UK institutions that have an involvement in the US sub-prime scene - e.g. Northern Rock.

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Guest Bart of Darkness

The Spoof

A Treasury source said later today:

"The fact that the Bank of England has been ordered to act as the lender of last resort is an indication that things are seriously ******ed over.

"Although lots of banks are having problems right now no-one is in bigger shit than the Northern Rock.

"It's a lot more exposed than its rivals because a series of UK and overseas lawsuits has proved that it has been run by mosbter cartels since the old Thatcher days."

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What the f%%k is going to happen when it dawns on the city that yes there is a UK subprime problem and its actually worse than the yanks?

No one on the news even hints at a possible problem its going to be hilarious

Calm down dear.It's no problem. Angela Knight on BBC news this morning said:

"We do not have Sub-prime in the UK"!

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Calm down dear.It's no problem. Angela Knight on BBC news this morning said:

"We do not have Sub-prime in the UK"!

Shes right, ''Sub-prime'' is an American sort of word/expression. Im sure we will have our own 'Proper' word for it soon.

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its a brilliant point you make. if this is what the fall in house prices and subsequent defaults in the US mortgage sector can do to the UK banking sector just think what will happen to it when its UK mortgages that are defaulting !

blood and snotters and an almighty stramash i would haver

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its a brilliant point you make. if this is what the fall in house prices and subsequent defaults in the US mortgage sector can do to the UK banking sector just think what will happen to it when its UK mortgages that are defaulting !

blood and snotters and an almighty stramash i would haver

That is why you have to be nimble and get all you cash out of UK banks and Sterling. Sterling is going to tank hard. The UK GDP is made up mostly of financial and housing. The two are related and when they sink - they'll sink together taking sterling with it.

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yes, Chav-Prime

Chavs live in council estates they are not property rampers or am i missing something ? are kursty and phil Chavs ??? are the baby boomers Chavs ?? the VIs ??

I really don't think chavs have anything to do with it.

This is a peculiarly English and very middle class affair which will make it all the more enjoyable when you see them screaming for blood.

I hope Gordon has his escape plan all worked out,

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That is why you have to be nimble and get all you cash out of UK banks and Sterling. Sterling is going to tank hard. The UK GDP is made up mostly of financial and housing. The two are related and when they sink - they'll sink together taking sterling with it.

i dont have much sterling to speak of. what do you advise ? swiss francs or chinese yuan ?

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CEO from Northern on BBC said Sub Prime was not their problem Am I missing something? His body language perked up when a takeover was mentioned by the BBC man! Read somewhere that there is a credible scenario for some Gordon Geko types to sweep in and screw the OAP's, Widows etc and also stripe existing Northern Rock mortgage holders. Anyone know how this would work?

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i dont have much sterling to speak of. what do you advise ? swiss francs or chinese yuan ?

Anything even dollars. The UK government cannot abuse sterling like the US abuses the dollar.

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Anything even dollars. The UK government cannot abuse sterling like the US abuses the dollar.

The euro seems like a pretty safe play in the short term. The dollar and pound must surely drop relative to it. Unless, the bubble driven economies like Spain and Ireland drag it down.

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Sorry if this sounds stupid, I am not a financial advisor. If I have say 20k savings in a Halifax account and I want to take it out of stirling and put it as you suggest somewhere else, how do I do that?... go to the travel agent and ask them to give me 20k worth of YEN and stuff it under the bed?

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"...the bank's in no immediate danger of going under given its assets are still high quality. Northern Rock isn't guilty of reckless lending itself."

High quality assets yet the shares have still dropped 32% in one day, that should tell you there is more going on behind the scenes that we dont know about.

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Sorry if this sounds stupid, I am not a financial advisor. If I have say 20k savings in a Halifax account and I want to take it out of stirling and put it as you suggest somewhere else, how do I do that?... go to the travel agent and ask them to give me 20k worth of YEN and stuff it under the bed?

I've seen thumbs up for

http://www.oanda.com/

on a variety of boards. i might be trying them soon myself.

Edited by Boarder

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"...the bank's in no immediate danger of going under given its assets are still high quality. Northern Rock isn't guilty of reckless lending itself."

High quality assets yet the shares have still dropped 32% in one day, that should tell you there is more going on behind the scenes that we dont know about.

Exactly. The commercial paper with NRs name on it is not being bought up in the commercial market for a decent rate.

The clips of queues of people lining up outside their shop fronts and the leagues of internet customers who can't pay their bills or move money around will SINK this dog of a company. Banks rely on trust.

Those who bought NR shares this afternoon will be duly punished.

Edited by Pluto

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"...the bank's in no immediate danger of going under given its assets are still high quality. Northern Rock isn't guilty of reckless lending itself."

High quality assets yet the shares have still dropped 32% in one day, that should tell you there is more going on behind the scenes that we dont know about.

The only assets are the houses of the mortgage holders!!! If the repo whole mortgage book at 60% of valuation they are bankrupt.

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