Rolling UK Economy Into The Shitbin Thread

LOL HBOS

http://newsvote.bbc.co.uk/nol/shared/fds/hi/business/market_data/chart?style=bbc-big_thick-line&ins=1.E:HBOS&from=2008-09-12%2015:27:00&to=2008-09-15%2015:30:00&timeoffset=0&filter=weekend&filter=markettime(07:00,15:30)&src=intraday&plot=value&fixedxaxis=on

Uh, please don't LOL at my bank. Am I fuX0red?

I've never known trade as bad as this. It's worse than the '80's up here.

you are fine as long as you don't have more that £35,000 in savings and even then the government ended up guaranteeing all deposits when Northern Rock went titsup.

Oh, that's share price, not the bank actually falling apart or anything. I hope? What happens to your savings (ha ha, they just gave me an overdraft... oh wait, my paycheck just went in.) in the UK if your bank fails? There isn't an FDIC or whatever over here, is there?

x-post OK, phew.

Best comment I've heard so far, 'I'm keeping my money in my mattress, at least I know it'll be there in the spring'.

RBOS owns my US bank... let me know when I should be worried.

Strange. It's like I've posted here before.

Never mind, it was just a passing sensation.

Best comment I've heard so far, 'I'm keeping my money in my mattress, at least I know it'll be there in the spring'.

― Billy Dods, Tuesday, September 16, 2008 7:00 PM (3 hours ago) Bookmark Suggest Ban Permalink

not where i live.

you used to be able to kick a ball in the street.

http://news.bbc.co.uk/1/hi/business/7620483.stm

RBOS != HBOS.

Royal (have Scotland actually had royalty since the Glorious Revolution?) vs. Halifax/Bank of Scotland.

(I have never understood why there were two. I can only assume it's some devious Sassenach plot.)

yes, they are different in that HBOS is on the maelstrom's cusp while RBOS is only heading in its general direction

FSA have apparently banned short trading on shares in banks and insurers. Classic shutting stable door after horse has bolted scenario.

As I said on the other thread: "Wouldn't a ban on short selling allow an overvalued stock to remain so for longer? So once investors decide to bail there's pretty much the same effect, especially in a climate of complete panic."

It just removes some liquidity from the market, which might restrict some of the herd instinct. However if people want to go short there wil still be ways for people to do it and that sentiment will feed back into the market.

Also it was hilarious to watch the mid-market Tory tabloids going "YES! ABOUT TIME TOO!" Lol Tory supporters not understanding modern Conservatism at all.

i think they all have been to some extent (read recently that Derbyshire Building Society have a high % of non-prime, and they're a mutual, with supposedly some sense!)

― laxalt, Monday, 18 February 2008 10:38 (7 months ago) Permalink

wonder whatever happened to them!

lol bradford and bingley

Is that all the demutualizeds gone now? Not a single one left?

Any of the mutuals vulnerable? I think Britannia and then Scarboro

So then, how does it feel to be a share holder ina bunch of clapped out banks?

Great, can I sell my shares immediately?

When the tories get back in they will be able to pull the scam of selling us things we already own again. Tell Sid he can fuck off.

^ and then using the proceeds to cut tax rates for the rich

Tories remarkably silent this week.

I think Cameron is hoping for doing an atlee from behind brown's churchill, except that atlee had ministries and plans.

Tories remarkably silent this week.

Biding their time until PMQs this afternoon.

Nah, it was all softball

http://www.guardian.co.uk/politics/blog/2008/oct/08/pmqs.gordonbrown

You know how Gordon Brown totally disappeared during the build-up to the Iraq war, and tacitly signalled his support, stumped up the money, but otherwise kept totally out of the headlines? That's exactly what Cameron's doing now.

except he has to stand up every week and raise the issues of the day, so it doesn't work so well.

Nah, it was all softball

Ha! I didn't realise the time - I've been on a mercy dash to Watford Gap and have lost the morning.

And now we wait.

useful summary:

http://www.moneyweek.com/news-and-charts/the-banking-sector-turns-into-the-public-sector-13778.aspx

Will it work? Well, the FTSE 100 has already fallen by 350-odd points this morning.

Actually it's up and down like a fuckin' yo-yo.

I really do think just a couple of days quiet reflection might be good for everyone instead of this constant barrage of STUFF from people who are all such experts they all should be chancellor of the f-ing exchequer.

And I'm not talking about ilx here, it's pretty calm and restrained really but just look at some of the new forums and really I've never read so much shit in my life. And I've been on the internet since 1993.

"News forums"

Huge bonuses for City high flyers will be hard to rein in

And if London becomes badly paid then there will be an exodus to Mumbai, Shanghai or Dubai.

Well, FUCK OFF THEN!

So much for having a day of quiet reflection.

Well, FUCK OFF THEN!
:-)

(Question passed on from an interested foreigner)

What would you say is the safest UK bank at this point? Is that an answerable question?

What Which would you say is the safest UK bank at this point?

Any of them really. Your money will be safe as the government won't let them fail. Of the main high street clearers then Barclays has come through this the strongest, followed by HSBC. Citi is strong and has accounts available to UKers (and allows you to save and bank in Dollars on the side). I still like Nationwide for sticking to mutuality, Co-op has decided to merge with Britannia but is still a reasonable bet. Abbey and A&L look dodgy as they are Spanish owned and no-one quite knows how spain will play out yet or how well Santander has diversified. However for cast iron solidity you can't beat government owned Northern Rock, and RBS will probably majority government owned by the end of the week.

Thanks brah.

Pretty big short positions against Santander at the moment tho.

Its best to split between multiple institutions. This doesn't cost anything to do

10 people who predicted financial meltdown

An ok list I guess but no mention of faber, schiff, harrison, (taleb?)

Kind of amusing for that to appear in The Times, whose own writers still appear to be in the latter stages of denial even now

http://4.bp.blogspot.com/_ozdg0g2E4Vk/SPHLunW29mI/AAAAAAAAB8w/j11d1yn4bis/s1600-h/6a00d8341c823e53ef0105356c4c25970b-400wi.jpg

thundersplurge

OK, best Sun front page ever.