Wednesday, April 16, 2008
Brown waffles on – but will it make any difference
Some interesting points here. Libor remains steady at about 1% above base. Latest 15bn auction of 3 month funds undersubscribed; reason believed to be that banks short of AAA mortgage paper as collateral and want to hold on to their good stuff because they hope the Bank will accept the rubbish later. Will any of this dodgy business work? In these situations the antics of govts and banks are often futile. We shall see.