Darling announces £50 billion rescue plan

Soldato
Joined
18 Oct 2002
Posts
3,926
Location
SW London
Well, the markets certainly aren't impressed.
FTSE 100 is down by over 6.5% already.

RBS down almost 20%
Barclays down over 15%
Lloyds TSB down over 8%

The only one up is HBOS, presumably as this will make the takeover by Lloyds TSB more likely to go through.
 
Soldato
Joined
13 Jan 2003
Posts
21,109
This is copy cat from the US. The US plan also will not save the banks from all accounts I've read.

What was interesting was that Independent article with the 97 year old financial adviser that saw the US stock market crash in the 20s and the depression that followed.
 
Soldato
Joined
23 Sep 2005
Posts
5,431
Location
Dundee
This is copy cat from the US. The US plan also will not save the banks from all accounts I've read.

What was interesting was that Independent article with the 97 year old financial adviser that saw the US stock market crash in the 20s and the depression that followed.

It might not save the banks, but it's about the only thing that can be done. If the banks don't get money, they will never lend to each other and the crisis will worsen. It will get worse anyway, but without a bailout it would be far worse.
 
Permabanned
Joined
31 May 2005
Posts
1,628
Location
South Yorkshire
I'm just thrilled at having absolutely no choice in the matter of whether or not my tax goes towards bailing out this bunch of greedy *****.

If they can't run a business properly, let them deal with the consequences - not your average joe on the street.
 
Soldato
Joined
23 Sep 2005
Posts
5,431
Location
Dundee
I'm just thrilled at having absolutely no choice in the matter of whether or not my tax goes towards bailing out this bunch of greedy *****.

If they can't run a business properly, let them deal with the consequences - not your average joe on the street.

The consequences will be banks collapsing and the economy going into meltdown.
 
Soldato
Joined
21 Jan 2007
Posts
8,704
we would all be ****ed if the banks go, something, has to be done, even if the government doesn't arrest those responsible for ****ing it in the first place
 
Soldato
Joined
7 Nov 2005
Posts
4,951
Location
Widnes
Buy when there's blood on the streets

That's exactly what I did. Oh, how I love to watch HBOS share price raise. Shame I didn't set my limit higher than +30 though. Could have made another £200.
 
Associate
Joined
7 Oct 2008
Posts
172
My issue is I hope the people responsible don't get massive payouts for being pushed out of their position like most of them seem to do. But i still believe in the saying the rich get richer and the poor get poorer.Sorry to be a downer but if I get on my soap box I'll be here all day.
 
Soldato
Joined
13 Jan 2003
Posts
21,109
But can't you see that if this isn't done then it will affect average Joe.

I can see both sides - I'm just annoyed that I have to bail out the management of the banks because it's got so bad that it is the only definition.
 
Permabanned
Joined
15 May 2006
Posts
4,107
Location
London
This is copy cat from the US. The US plan also will not save the banks from all accounts I've read.

What was interesting was that Independent article with the 97 year old financial adviser that saw the US stock market crash in the 20s and the depression that followed.

Its not a copy cat of the US bailout, the US should of infact done what we have done, the US markets were calling for what we have done but they did not get it, thats why their market continued to free fall.
 
Soldato
Joined
27 Nov 2005
Posts
23,361
Location
Guernsey
greed-is-bailout.jpg


Untitled-6.jpg
 
Soldato
Joined
18 Jul 2006
Posts
5,703
Location
Geneva
Could someone tell me what exactly triggered all this mess to happen, from what I can tell banks have been doing this for a long time and all of a sudden this **** hits the fan :confused:
 
Associate
Joined
28 Sep 2003
Posts
632
This is a good solution. Taxpayers will effectively get what will become a profitable investment. Banks will survive, so there will be a reduction of the knock-on effect on consumers and businesses of having a non-existent banking system.

Slightly different to USA's bailout plan though, as I think Darling is considering buying stakes in banks, whilst in USA the $700bn fund is to buy toxic assets to clear the system.
 
Caporegime
Joined
4 Jul 2004
Posts
30,396
Could someone tell me what exactly triggered all this mess to happen, from what I can tell banks have been doing this for a long time and all of a sudden this **** hits the fan :confused:

They're reluctant to lend to each other. I think that's how it all started anyway.
 
Top