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EU governments have woken up to the need to defend the banking system by guaranteeing all or some of their citizens’ bank deposits. After Germany, Ireland and Greece, Denmark is the latest to do so. And Denmark may also be the one country that needs to do so the most of the remaining [...]
Archive for October, 2008
Denmark gets on the deposit guarantee train: all aboard!
Oct
News Round-Up: 6 Oct 2008
Oct
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If you were away on Holiday this past week or just away from the hustle and bustle of civilisation this past weekend, you may have missed the firework in Europe. Basically, over the past week, what started as a U.S. subprime crisis and then became a U.S. banking crisis metastasized into a European banking [...]
BNP takes over Dutch-Belgian bank Fortis
Oct
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Fortis, the nationalised Belgo-Dutch bank and largest private employer in Belgium. This is a good thing as I have a distinct preference for mergers over bankruptcy or long-term nationalisation as a way to hep consolidate and rationalize the global financial services industry. Let’s hope that the new BNP Paribas, an amalgamation of Banque [...]
The Europeanisation of the Credit Crisis
Oct
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I have been a bit on edge of late because of the credit crisis that is making headlines. Recently, a lot of people have been duped into believing that the economic crisis we are experiencing is not critical and have their eyes focused elsewhere. However, this event is potentially the most critical event in [...]
The Germans guarantee all savings deposits
Oct
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Facing a potential breakdown in its banking system, the German government has decided to offer a blanket guarantee to private savings deposits (see comments below from German blogger egghat about this distinction), much as Ireland and Greece have done. As much as I praise this move on the part of the Germans to restore [...]
The SNL version of the Palin-Biden debate
Oct
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Very funny!
UK: House prices are going to rise substantially
Oct
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If you want a good laugh, take a look at what Graham Norwood reports in today’s Guardian. House prices in Britain are going to rise — a lot! Apparently, he forgot that house prices are falling at double digit rates and we are in the worst banking crisis since the Great Depression. [...]
Did JP Morgan cause Lehman’s bankruptcy?
Oct
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According to the Times of London, that’s what Lehman’s creditors seem to suggest in Lehman’s bankruptcy filings. Apparently, JP Morgan cut Lehman off the night before it filed for bankruptcy and creditors are blaming this action for Lehman Brothers failure.
RUUUBBISH! I don’t buy it one bit — Lehman was bankrupt all on its own. [...]
Brian Williams: “I’m A Maverick, And I May Not Answer The Questions Tonight”
Oct
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The NBC News anchor apparently has a sense of humor. I found this video on Brian Williams mimicking Sarah Palin via the Huffington Post. Maybe Brian was miffed because Palin decided to talk to Katie Couric and Charlie Gibson but left him twiddling his thumbs.
Regardless of the reason, it’s pretty funny. The [...]
US: Democrats looking at a filibuster proof Senate majority
Oct
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Politico is reporting that the Democrats are on track to potentially reach a super-majority of sixty seats in the U.S. Senate. Sixty is a very important number in the Senate because it neuters any attempt by the opposing party to block legislation by eliminating the opportunity to filibuster.
If Barack Obama is elected President, such [...]
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- “I spent most of my professional life in this building. Watching the politics of the things we did in the past financial crises in Mexico and Asia had a powerful effect on me. The surveys were 9-to-1 against almost everything that helped contain the damage. And I watched exceptionally capable people just get killed in the court of public opinion as they defended those policies on the Hill. This is a necessary part of the office, certainly in financial crises. I think this really says something important about the president, not about me. The test is whether you have people willing to do the things that are deeply unpopular, deeply hard to understand, knowing that they\'re necessary to do and better than the alternatives. We\'ll be judged on how we dealt with the things that were broken in the country. We broke the back of the worst financial panic in three generations, more effectively and at a much lower cost than I think anybody thought was possible.”
-- U.S. Treasury Secretary Tim Geithner, Dec. 2009
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