Metatone dug up a reference that £250bn is the interbank lending volume as of September 2007. Before the crisis started the volume was £650bn. I don't know about the duration of that volume of lending. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
MD of Pimco Europe:
INSTANT VIEW - UK unveils financial support package for banks | Reuters
"Moral hazard is a concept that nobody can afford when markets are going down at this rate."
Believe me, I can't afford to gag.
Well, like Krugman noted brilliantly: "Just as there are no atheists in foxholes, there are no libertarians in financial crises." Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
you are the media you consume.
BuyMyShitPile.com: Hey Washington, can you buy my bad investments too?
With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their "distressed assets", i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government. We need your help and you need the Government's help! Use the form below to submit bad assets you'd like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD "MMMbop", it's not what you can sell these items for that matters, it's what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets.
With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their "distressed assets", i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government. We need your help and you need the Government's help!
Use the form below to submit bad assets you'd like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD "MMMbop", it's not what you can sell these items for that matters, it's what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets.
40% is all your shitpile are belong to Gordo
lol, all hail to the enabler-in-chief! ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
