Monday, August 20, 2007
How deep does this rabbit hole go?
Australian councils facing CDO losses, reports Daily Telegraph
I don't know Dorothy, but buckle your seatbelt because Kansas is going bye bye. Along with most of the World Mortgage system.
Posted by lvmreader @ 02:26 PM (557 views)
2 thoughts on “How deep does this rabbit hole go?”
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Orwell says:
That is interesting. The last time this happened, the resulting swaps that had gone down in value were ruled illegal and ultra vires the consititutions of the councils (Hazell v Hammersmith & Fulham LBC).
Now of course we have the well being power in The Local Government Act 2000. So, will they now be illegal these investments or will Mr. Brown at the Treasury have to put his hand in his pocket.
Watch this space.
deepak says:
So I can bet on there stock market crashing tomorrow.
This would lead to UK FTSE going tomorrow as well. Where is David .. I go 1-0 FTSE crashing tomorrow and going below 6000.