Here at Schloss C@W, we've been anticipating autumn for some while, and what will happen when everyone gets back from their holidays. It won't all be good -
... powerful trouble / like a hell-broth, boil and bubble
Hmm, mustn't get carried away. Long-term readers of this blog (Sid and Doris Bankers ?) will know my views on dominos - they fall slowly, and another of them is rocking gently. Yes, S&P have downgraded Ireland again.
"we believe that the government’s support of the banking sector represents a substantial and increasing fiscal burden, which in our view will be slow to unwind"
Now which other government hereabouts might need to think carefully about that issue ? Actually, it probably wasn't top of George Osborne's worry-list this summer, and there were some modestly encouraging results published in July from the UK banks. But they weren't so robust as to be proof against any weakening of retail activity or default-rates, still less a full-blown double-dip. Martin Weale, newly-appointed to the BoE's monetary policy committee, has thrown some eye of newt and toe of frog into the brew: yesterday he
"identified rising unemployment, falling house prices and a renewed banking crisis as the threats to the economy".
No rest for the wicked, eh George ? Harpier cries, 'tis time, 'tis time !
And so, back to Ireland: I shall be off to Cork again shortly (hip-flask at the ready, see comments here) and will report on local sentiment in due course.
Update: tragedy looms and Steven L has done the Shakespearean business good & proper, see 5th comment below