Wednesday, October 8, 2008

Timetable

The secret plan was out. The Chancellor had lost control

"Alistair Darling’s car nosed into an industrial estate on the edge of Luxembourg in the teeming rain shortly after 7am yesterday. The Chancellor, who had been woken at 4am, looked drawn. The previous day there had been the largest fall in the FTSE 100 for 21 years with bank shares taking the worst of the hammering. Markets, spooked by European governments’ ill-disciplined and confused response to the credit crisis, now threatened the survival of lenders across the continent...".

Posted by alan @ 04:48 PM (538 views)
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6 thoughts on “Timetable

  • Badger Darling is going to buy some Hydrogen Peroxide from Al Qaeda and Osama bin Laden to bleach is eye brows. We are all going to have to eat Jappati Flour.

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  • Whostolemyendowment says:

    The markets and sentiment are moving too fast for governments to react – globally not just the UK. I had an e-mail from a Chinese friend of mine who wrote that the UK is having the same financial problems as the USA……wrong ‘ UK is having problems with the root cause in the USA!’ As we have seen today in Asian markets – this firestorm is raging around the world – it will take a global stratergy – only trouble is there isn’t time!

    Maybe a cave in the Afgan mountains will be the best place to hole up with my AK47 and long supply of beans!

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  • The banks got the capitalisation ratios wrong. (compare USA vs UK). When it was recognised it wasn’t fixed. They had a year to sort it out. The government set the framework, not bank directors.

    …..Bank regulators were useless.

    Now comes the bill…..How much….£50Bn?? How many noughts is that?

    Isn’t it time NuLabour resigned and took the regulators with them?

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  • Planning4acrash says:

    No, they wanted the news to get out, so that bank stocks would be decimated prior to the BOE buying, I mean, bailing out the banks at pennies on the pound. Things like that don’t happen by mistake.

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  • What exactly is this article about?
    The Economic miracle is based on debt
    The Banks are insolvent.
    Governments serve the Banks and not the People.

    Meanwhile the Times maintains that some kind of perfect sequence of political events would now help.

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