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OT - Yeah, It's the Economy Stupid - It's a mess. UK announces 50 billion pounds bailout for Banks
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Pharzeone
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10/8/2008  4:34 AM
Chancellor Alistair Darling today launched a drastic rescue of Britain's high street banks in move designed to head off a cataclysmic failure of confidence by announcing a part-nationalisation plan with £50 billion of taxpayers' money.

He said there will also be extra help from the Bank of England to ensure that the banks have enough cash to run their day-to-day activities to help reassure savers and kickstart the paralysed credit markets.

The Bank of England will make available at least £200 billion to banks under the Special Liquidity Scheme.

Seven banks and Britain's biggest building society have signed up for up to £50 billion of additional finance from the government in exhcnage for the taxpayer taking preference shares, ordinary shares or permanent interest bearing shares
I don't like to play bad rookies , I like to play good rookies - Mike D'Antoni
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Pharzeone
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10/8/2008  4:36 AM
Worldwide Depression for sure.
I don't like to play bad rookies , I like to play good rookies - Mike D'Antoni
4949
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USA
10/8/2008  4:56 AM
The banks have to fail for this to happen. Everywhere! I think people are a lot more intelligent then in 1929 of course. And I don't think it will be the people who will sell it all out in the end. For this to happen, something else very unique would throw everyone into a tailspin. I don't see it happening. I have money here and there and I ain't touching it, even if I end up losing it.

Credit is the biggest thing right now. If that topples, then we will stop! So the lending institutions are the most important thing right now. They gotta get their confidence back.

But despite, I'm hearing some very, very bad news in the press and it's just a matter of time before it hits everyone. KEEP YOUR FINGERS CROSSED AT ALL TIMES PEOPLE AND HOPE FOR THE VERY BEST TO COME OUT OF THIS TOUGH TIME! Pass on the word. 'Stay confidant'.
I'll never trust this' team again.
firefly
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United Kingdom
10/8/2008  5:21 AM
Its actually 500 billion in various shapes and forms. Pounds. Just for the UK. and while news is all mainly bad right now, i am encouraged at the way British politics pulled together to provide this package. Noone needed 150 billion in special interest tax breaks to say yes, like you guys did.

Dont forget this is £500 billion just for the UK. Thats almost a trillion dollars for a country smaller then Texas. Good luck with your politicians but ill take sex scandals over mind-numbing stupidity any day.

And Iceland (the country) is on the verge of receivership. I got dibs on Rejykavik.

Oh, and oil prices are down. Happy days.
Some men see things as they are and ask why. I dream things that never were and ask why not?
Pharzeone
Posts: 32183
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Joined: 2/11/2005
Member: #871
10/8/2008  5:58 AM
Posted by firefly:

Its actually 500 billion in various shapes and forms. Pounds. Just for the UK. and while news is all mainly bad right now, i am encouraged at the way British politics pulled together to provide this package. Noone needed 150 billion in special interest tax breaks to say yes, like you guys did.

Dont forget this is £500 billion just for the UK. Thats almost a trillion dollars for a country smaller then Texas. Good luck with your politicians but ill take sex scandals over mind-numbing stupidity any day.

And Iceland (the country) is on the verge of receivership. I got dibs on Rejykavik.

Oh, and oil prices are down. Happy days.

ROFL. You mean you guys didn't need wooden arrows? What type of country is that.
I don't like to play bad rookies , I like to play good rookies - Mike D'Antoni
firefly
Posts: 23248
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Joined: 7/26/2004
Member: #721
United Kingdom
10/8/2008  6:03 AM
Posted by Pharzeone:
Posted by firefly:

Its actually 500 billion in various shapes and forms. Pounds. Just for the UK. and while news is all mainly bad right now, i am encouraged at the way British politics pulled together to provide this package. Noone needed 150 billion in special interest tax breaks to say yes, like you guys did.

Dont forget this is £500 billion just for the UK. Thats almost a trillion dollars for a country smaller then Texas. Good luck with your politicians but ill take sex scandals over mind-numbing stupidity any day.

And Iceland (the country) is on the verge of receivership. I got dibs on Rejykavik.

Oh, and oil prices are down. Happy days.

ROFL. You mean you guys didn't need wooden arrows? What type of country is that.

Too late to ask for help now. You should have thought about this when you were dumping our tea into Boston Harbor. You know how cranky we get without our tea.

Some men see things as they are and ask why. I dream things that never were and ask why not?
Pharzeone
Posts: 32183
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Joined: 2/11/2005
Member: #871
10/8/2008  6:24 AM
LOL.
I don't like to play bad rookies , I like to play good rookies - Mike D'Antoni
Solace
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USA
10/8/2008  7:16 AM
Initially I thought this post was about Martin and Andrew using their vast profits from UltimateKnicks to save the banks. But now I realize it was just the United Kingdom.
Wishing everyone well. I enjoyed posting here for a while, but as I matured I realized this forum isn't for me. We all evolve. Thanks for the memories everyone.
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OT - Yeah, It's the Economy Stupid - It's a mess. UK announces 50 billion pounds bailout for Banks
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