Archive for the Economy Category

Financial Armageddon

Well I suppose it was only a matter of time before the financial crisis crossed the Atlantic. HBOS, the UK’s largest mortgage broker and collector of savings is in emergency talks with Lloyds TSB after the stock price continued to go south due to malicious rumours. And there are reports that Prime Minister Brown has intervened personally to help sure up the situation. God us I tell you! God help us! Times Online, September 17, 2008 Lloyds TSB in talks to buy HBOS Christine Seib, Patrick Hosking Lloyds TSB is in advanced talks to buy HBOS, Britain’s biggest mortgage lender, […]

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Financial Meltdown

This morning when I went to bed around 2:30am London time the storm circling Wall Street was still out at sea. Now, a mere few hours later, things are in full swing. Not only has Lehman Brothers filed for chapter 11 bankruptcy but Merrill Lynch has been sold to Bank of America. Also, AIG and Washington Mutual are also now under threat. Others I’m sure will unfortunately follow. So maybe, just maybe we are getting close to the bottom of this financial crisis. Either way, it will be interesting to see what happens after the dust settles. Government I am […]

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Banking Blues

The well has run dry. Or better yet, the American government has finally come to its senses and realises that while it must do all it can to not let major players within the financial systems, that does not automatically mean it must prop up investment banks like Lehman Brothers using taxpayer funds. Now don’t get me wrong, I do not want to see the bank fail and I really do hope that a deal can be hammered out privately to rescue the bank as not all of the 24,000+ employees are rich investment bankers. That said, I strongly believe […]

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The R word

The general rule of thumb is that a recession occurs when real gross domestic product (GDP) growth is negative for two or more consecutive quarters And based on forecasts by the Organisation for Economic Co-operation and Development, Britain will be the only major economy that falls into recession this year. Apparently the near collapse of the housing market is to blame for the demise of the UK economy which is why the Labour government announced a rescue package earlier this week. Most pundits have panned the package and a few even go so far as to say that it will […]

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Economic Storm

I’ve been obsessing about the US presidential elections, that I’ve failed to note that the senior British Cabinet minister for economic/financial matters has gone on record and basically said that the UK economy is fucked! Hmmm, I wonder how long until he gets sacked? Now he may have spoken the truth, but no one likes a politician who does not instil confidence is all doom and gloom. Economy at 60-year low, says Darling. And it will get worse. Chancellor says Labour failing to communicate with voters Nicholas Watt, chief political correspondent The Guardian, Saturday August 30 2008 Britain is facing […]

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