Holy moly - Congress has voted against US bail out

[dinny]

Goodness me

ahem

Finished reading in time for One Tree Hill seasin finale [excited]

Thank you that is completely clear to me now

only just saw this i am

all very worrying, isn't it?

dh says far far too risky to buy now, just don't know how this will affect everything

but it is scary not the time for some kind of dance

sorry, Zippi, don't know what you mean really....?

soryu was repying to kererymum

I'm all in favour of the spivs and speculators getting their comeuppance. And in a change of attitude to finance and the economy - have long thought giving the Bank of England one measure to focus on and sod the rest is rather strange. (As far as I understand it - which is probably not far enough -it's low inflation that has made endowments a disaster.)

Covered the South Sea Bubble and tulip mania in history lessons when I was a teenager and wondered why no-one in charge could apparently see any parallels. Or care about it, if they did.

BUT what really worries me is the effect this will have on all us ordinary people. Everyone who isn't cushioned by years of fat bonuses. Are we going down with the fat cats?

Exactly, Edam - "Everyone who isn't cushioned by years of fat bonuses."

People who can retire age 38

If you look at the history of stock markets, the players are always running with the herd. It only takes one to panic and they are all panicking. Chicken Licken is actually all about capitalism!

(I don't have any detailed, knowledgeable intellectual insights to offer, just glib opinions, I'm afraid. But at least I recognised a South Sea bubble when I saw one!)

I would love to see them get their come uppance too.BUT this is on such a scale that unfortunately it is average jo who will really suffer If this had been an isolated bank with an individual reckless ercord then yes let them roast but this is much more than that. Do you think they may be trying to put the wind up them and let them stew for a few days rather than hand it to them with such ease?

Oh, it'll all work out
Best to start growing your own veg, and I have never been that interested in owning property anyway
You can't eat money as the saying goes

"Are we going down with the fat cats?"

Well it depends. You could go down if:

1. You work in one of the affected banks (most banks will be affected to a greater or lesser extent)
2. You work in or own a business with liquidity problems because the business won't be able to borrow
3. You need to sell a house because this will depress the property market considerably
4. You have a mortgage because borrowing will become more expensive. Particularly if you have borrowed unfeasibly large amounts of money
5. You are a saver and you have a biggish amount of money deposited in a bank that goes under
6. You are a consumer of anything because as debt gets more expensive so do products

Is that everyone? I think so.

or you work and maybe it wont be long before you dont

or you dont work and you may have to wait an awful long time before you do

yeah, the ripple effect means many jobs will be affected in as yet unseen ways

Today is the first day I've really started to feel twitchy. I worked in investment banking for 10 years, DP still works for an investment bank. For the first time today I've started to add up in my mind what will happen if the bank goes bump he loses his job.

i hate to think what will happen to me