Sunday, September 9, 2007

This will be interesting

Banks face 10-day debt timebomb

Britain's biggest banks could be forced to cough up as much as £70bn over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos.

Best quote "The sub-prime crisis has exposed the structured credit asset class as highly dubious. In five years' time it won't exist." so it looks like easy mortgages on lax terms will not exist as well.

Posted by enuii @ 07:42 PM (736 views)
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2 thoughts on “This will be interesting

  • Very interesting indeed. I looked back at my very first posting on this site, in Jan 06, and at that time I said “I don’t know what the hell is going on with interest rates – with government borrowing at all time highs, you would expect this to impact on interest rates – more demand for money => higher price for money.” Well, now we are finding that basic economics has not abandoned the UK economy – the demand for money (from all quarters) is pushing up the price of money, no matter what the BoE does. Well, I’ve just signed a 2 year lease on my dream home at a rental yield of 2.5%, so bring it on!

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  • Come, come chaps. What’s all this speculation? Don’t you know, regulation is in place, fall-back lending has been agreed and the executives highly bonused to ensure it happens like a well oiled machine? Oh … and Derby will win the Premiership..!

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