Tuesday, 7 October 2008

End game approaching faster than the Government can cope with.

On just Sunday, which seems a lifetime ago, I wrote the world faced meltdown this week from a variety of factors. And Lo, it has come to pass.

Horrendous mismangement of the PR by banks and the Government has allowed a delicate situation to snowball into the worst banking crisis of our lifetimes in the UK.

RBS is now on the critical list. Either the Government 'does an HBOS/Northern Wreck' or we have a failed bank on our hands which will push the UK over a cliff and probably mangle our financial services business for ever.

I detest government intervention, but hold my nose when all our futures depend on it. Saving northern wreck was political, saving HBOS and RBS is not, a systemic failure would be more expensive than the bail-out.

I detest cack-handed government intervention even more, but that is where we are. There must be a huge day of reckoning to come for the Government and leading bankers when the actual crisis is over.

At least re-capitalisation is the right idea and the US have kick-started the commercial paper market. At the 11th hour I hope it is not all too late...

UPDATE: The deed will be done in the morning. Fingers crossed now. If this does not work the lights will be out soon.

17 comments:

Blue Eyes said...

It all makes the government's actions in the run up to White Wednesday look pretty competent... "We won't devalue, we won't devalue, we won't devalue"!!!

Will the BoE go for the half point cut on Thursday?

dearieme said...

Why does the govt keep leaking exaggerated info on confidential business to Mr Peston?

ken from glos said...

Look like my grandaughter will be in debt when she starts earning a living !! What a mess

CityUnslicker said...

Dearime - at the risk of also creating a false market....

when the banks go cap in hand to the gov and the gov offers some money it will now be at reduced rates.

IE £10 billion is a lot more equity in RBS than it was a week ago when the share price was doubled.

This way the taxpayers really do stand to make their money back from an investment.

just saying that is all....

Hairy Arsed Bloke said...

What we need is something to take the peoples mind off things and cheer them up.

I suggest: The public execution of Gordon Brown, Tony Blair, and the rest of the cabinet for high treason. Method to be the traditional British hung, drawn and quartered. Live peak-time telly coverage too. Head on pikes and all the trimmings.

FTSE 10,000 by the end of the week.

Anonymous said...

http://cache.gawker.com/assets/images/consumerist/2008/10/economistohfuck.jpg

Anonymous said...

ahem, damn html...

http://cache.gawker.com/assets/images/consumerist/2008/10/economistohfuck.jpg

Anonymous said...

ah, forget it

Sackerson said...

Sharpen your axe for the reckoning.

Sackerson said...

P.S. Look out for more Press conferences to be held very near international airports.

Anonymous said...

Sackers.

Why not on outward bound planes?

dearieme said...

I repeat my prediction of a few weeks ago: if Scotland loses both Bank of Scotland and Royal Bank of Scotland, Labour loses Scotland forever. That would mean that it couldn't be expected ever to form a British government again.

roym said...

@Dearieme

im not really sure i get economic nationalism. after all if i were working class i just somehwere to deposit my earnings and a cash till to get to it. why would i give two figs for corporate financiers in edinburgh who over stretched themsleves? they certainly didnt care about me!

dearieme said...

@roym, I'm just looking at the bright side.

Another anonymous said...

http://cache.gawker.com/assets/images/consumerist/2008/10/economistohfuck.jpg

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