Fortis May Fail Monday

Discussion in 'Current Affairs, News and Analysis' started by tomahawk6, Sep 28, 2008.

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    The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system
  2. What's the rush? We need to make sure that any bailout plan makes sure that Democratic cash cows reap benefits from the deal.

    If the Repubs won't vote for giving ACORN and La Raza nice big payouts as part of the bailout deal, well then they can just take the blame for the failure of the global economy, can't they?

    Win/win for the Congressional Democrats. Too bad for you.
  3. Bradford and Bingley (UK) a large mortgage lender to be nationalised.

    Can't provide link as my internet connection is fcuking random.
  4. B & B Link

    Down the tubes, and we pay for it again...
  5. Don't you just love the way the 'dishonest' selling of sub-prime mortgages in the US to those who couldn't really afford it, then the repackaging of said loans by US financial institutions into 'toxic' instruments around the world, then the failure of those US mortgage holders to pay their way, and suddenly, according to tomahawk6, it's the failure of a euro bank that's going to have a "disasterous effect on the American banking system."

    This shite started on your side of the Atlantic. Stop trying to pass the buck elsewhere...
  6. Rent Day is on Tuesday (30 Sep); I wonder how many firms/shops are busy clearing out the premises this weekend?

    The newspapers have MFI in their sights. I wonder who else will go bust?

  7. Big business such as MFI going down is one thing to watch, and I guess there are many in a similar state from the Leisure, furniture and building industry where the effects of a slowdown on high street spending are going to be very quickly felt.

    The worst impact however is on small business, where 2 or 3 people are employed, nobody reports these businesses failing, and many of these disappearing through the recession is going to increase the dole queues by thousands.

    The country is in a poor state to weather this storm, money has been wasted on a vast scale, and there is very little scope to do things like reducing taxation which may allow the economy to improve. How people can see Brown/Darling as being competent to handle the economy I just dont know, they have had their hands on the tiller for the past 11 years, and have steered us into this.
  8. well on the up side it will clear TV of those constant sale's ad's with there mahhosive saving to be made and 1 years interest free credit...

    but the knock on effect is starting too roll downhill... here in the SW jobs are dropping daily a few 100 here a few hundred there... so they don't get the news worthiness out side of the counties involved, that makes its way to One Eyes all is well on HMS Titanic... :x
  9. Companies such as MFI or DFS are more finance than furniture, the furniture is the thing that gets customers in the door, to take their "cheap" credit deals. I guess the credit crunch will soon hit these companies hard!
  10. Exactly and proof positive that we as a nation under the dear leader 'One Eyes' stewardship both in No 11 and No 10 have encouraged that our only real product these days has been in increasing the gambling syndicates rather than solid production of goods as a base of the economy.

    Would i be surprised to find that the very goods touted as the bait , for the juicy credit deal isn't even manufactured in the UK...
  11. I bloody well hope not. DFS uses BlackHorse as their credit provider who are owned by.... Lloyds TSB. If they go under, everyone is fcuked.
  12. They have milked us for years with “Great Deals” on credit, loans or mortgages now not only do I have to feel sorry for them for keeping us at the poverty line for years on the never never but now I have to support their shareholders through a wee tough time. I would rather support my local drug dealer who will at least admit to being a criminal.

    Why should we help the big banks who have made billions and passed it onto their shareholder, it should be them that the Government are turning to not the tax payer, when our industry (Rover etc) went to the wall did the country rally round no did they fcuk so why should we prop up the banks, “it is to help the country” well I’m sorry it is only to help the fat cats who have just all been promised their “bonuses”.

    To steal one of their saying let the market find its own level, let the uneconomic banks fold or merge the same as they would allow for any other business, yes it will be hard for a while but we will end up with a better or at least less corrupt result. Let them sink and rot in hell.
  13. we all ready are we produce no marketable goods of note that dont have a foreign company at the helm... ie HONDA, we control little of our strategic assets Water transport Power inc Nuclear...

    We have exported swathes of service industry 'bank' call centres and even government support and administration jobs too India 'NHS' records being one off the top of my head.

    and the queue to flip burgers for the chavs is filling with illegals or EU workers...

    Good time to invest in... erm 8O
  14. It's so tempting to do the 6 clicks to happiness on JPA and sod off to New Zealand...
  15. I've let 3 out of 17 go in the last few months. If we don't get anything in asap there'll be another 3 to go. We are metal bashers in the construction industry. We have diversified fairly recently and shouldn't have to lose any more but subcontractors arrses must be nipping now - most projects mothballed here.

    Brown has steered us into this mess and the cupboard is bare. Add in PFI and the borrowing figures are disastrous. Last man to leave switch off the lights :D