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Henry Paulson Says Banks Are Safe And Sound

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Henry Paulson, the US Treasury Secretary, sought to reassure Americans yesterday that the banking system was “safe and sound”, but he said that the crisis facing lenders would take months to fix.

Mr Paulson said in a television interview: “I think it's going to be months that we're working our way through this period, clearly months. Of course the list [of difficulties] is going to grow longer given the stresses we have in the marketplace, given the housing correction - but again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”

After the collapse of IndyMac this month, the fifth American bank to fail, Mr Paulson said that all savings of up to $100,000 (£50,000) were insured by the US Government.

His comments came on the eve of new rules being introduced today governing the short-selling of shares - effectively, a bet that a share price will fall. The Securities and Exchange Commission (SEC) will introduce new regulations to limit short-selling of 19 financial stocks including Fannie Mae and Freddie Mac, the mortgage backers.

It's confirmed then the entire US banking system is screwed!!!!!

If the US govt is saying the system is safe the exact opposite is true.

I feel so much better knowing that the lax regulators who allowed this to happen are on top of it, just image the mess if they weren't??

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Yep. My contrarian sensor is beeping.

Mine too, except is sounds like the horn on a Merc 600 Grosser ( for those that saw Top Gear last night)...

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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