Wall Street or Ramadi? He's screaming and waving so much that he sounds likea sergeant with a heavily depleted platoon who has just been ordered on a suicide mission to storm an entrenched enemy in a fortified position without any cover or fire support.
Damn, these people piss me off. No, they actually even make me feel sick. And that doesn't happen very often at all.
"These people [Bear Stearns et al] have been in the business for 25 years, and they're LOSING THEIR JOBS, and these FIRMS ARE GONNA GO OUT OF BUSINESS, NUTS! THEY'RE NUTS!"
I am sure employment can swiftly be found at the nearest US Army recruiting office. The force is hard stretched and paying good money. Well, relatively good.
On your way soldier! Peak oil is not an energy crisis. It is a liquid fuel crisis.
Did you notice that not long after, the Fed DID open the discount window?
I can assure you, the Fed does NOT listen to me like that. (sigh) "Remember the I35W bridge--who needs terrorists when there are Republicans"
I was talking about the "discount window", and the bank run in LA and the possibility that for the first time in 70+ years Americans could see a real bank collapse where people see their money got puff. Now I undertand that the FDIC insures up to $100,000, but after that you're on your own.
My friend is from Mexico, and he was telling me about the peso crisis in 1994. He lost everything. As much as we like to think that we are immune to this in the developed world, we aren't. The political impact of hundreds of thousands forced from their homes, others who've lost the money they've put in the bank. We aren't prepared for that.
Now the government can step in to provide order, but after what happened with Katrina, I'm not holding my breath.
And when you subject a nation to that sort of economic hardship you intitate Polanyi's double movement. Society acts to protect itself, and that can come in social democratic form, or that can result in appeals to God and country. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
the UK is worse. The govt cover is about L15K at 75% if I remember from the time when BCCI went down.
Money is a social contract. If the contract fails, those who are ahead get hosed. Those who are behind get a redo.
Details, kind of deposits covered and list of institutions covered by the insurance are here:
http://www.garantiedesdepots.fr/spip/article.php3?id_article=6&id_rubrique=6
Delay for repayment is 2 monthes.
The UK only guarantees to 15,000 quid, are you serious?
I can't understand why the British would even put money i the bank. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
Regards Luke -- #include witty_sig.h
Do you have a reference/URL for this information? I've been looking for it (now that there's a bank run in the UK).
90 pence on the pound looks like a big mistake because it gives incentive to run in all cases!
My shot from the hip was wrong in fact, it's been a while since I looked at this stuff. The protection for bank deposits is actually:
First £2k - 100% covered next £33k - 90% covered
leaving anything above £35K vulnerable if the bank goes under.
Here's a link to the horse's mouth: http://www.fscs.org.uk/consumer/key_facts/limitations_of_the_scheme/compensation_limits/
The point is moot however, since the Chancellor announced last night (after it became evident that depositor nervousness was likely to spread to other banks) that for the duration of the current crisis HMG is standing behind Northern Rock for all of their deposits and will stand behind the entirety of deposits for any institution who approaches the Bank of England for lender-of-last-resort funds.
Thus politics trumps moral hazard.
