purepaloma
09-17-2007, 03:48 PM
Just ask these people in the UK....it is HERE in the States as well but just hasn't reared it's ugly head.
Anxious scenes at bank branches (LOOK AT THE PICTURES of the LINES)
Customers of Northern Rock bank lined up outside branches for a second day on Saturday, fearing for their savings following its request for an emergency Bank of England loan.
BBC News joined queues in north London, Sheffield and Leeds.
Unfortunately this is just the start of the GLOBAL financial crisis. Even the biggest and best names here in the States are coming under pressure.
Link: http://news.bbc.co.uk/1/hi/business/6996653.stm
THE PROBLEM ???? - OVER THE COUNTER DERIVATIVES !!!! (The Media's Code Name is Sub-Prime)
A crisis spade is being called a crisis spade in Euroland. However think for a moment - everyone is not failing on their mortgages at a rate that would result in something being called a crisis. The crisis they are referring to is the mountain of OTC credit and default derivatives shaking quite significantly.
Anxious scenes at bank branches (LOOK AT THE PICTURES of the LINES)
Customers of Northern Rock bank lined up outside branches for a second day on Saturday, fearing for their savings following its request for an emergency Bank of England loan.
BBC News joined queues in north London, Sheffield and Leeds.
Unfortunately this is just the start of the GLOBAL financial crisis. Even the biggest and best names here in the States are coming under pressure.
Link: http://news.bbc.co.uk/1/hi/business/6996653.stm
THE PROBLEM ???? - OVER THE COUNTER DERIVATIVES !!!! (The Media's Code Name is Sub-Prime)
A crisis spade is being called a crisis spade in Euroland. However think for a moment - everyone is not failing on their mortgages at a rate that would result in something being called a crisis. The crisis they are referring to is the mountain of OTC credit and default derivatives shaking quite significantly.