Markets rattled by bank worries

[Sweetpea]

Markets worldwide recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend.

Wall Street had a rollercoaster day, with the benchmark Dow Jones average ending in positive territory - up 0.18% - after tumbling in early trading.
European shares suffered most, with the UK's FTSE 100 index ending down 3.9%.
Investors fear that the collapse of one of Wall Street's biggest names means that the credit crunch is intensifying.
Banks hammered US, UK and European banks were hammered: shares in Lehman Brothers fell 19%, UBS lost 10%, HBOS 12.7% and Germany's Commerzbank fell 6.8%.

MARKET DATA - 22:04 UK
FTSE 1005414.4down
-217.30Dax6182.3down
-269.60Cac 404431.0down
-161.11Dow Jones11972.3up
21.16Nasdaq2177.0down
-35.48S&P 5001276.6down
-11.54BBC Global 305336.2down
-11.38


BBC NEWS | Business | Markets rattled by bank worries

[easyg]

As far as I am concerned, The central investments banks have got the F**K what they deserve.
Buying up sub prime mortgages, in the hope of the financial situation staying buoyant, i.e. sub prime mortgagees, being able to stump up the over inflated percentage rates for being able to get 100% mortgages and more.
They have had their head in the sand for far to long.
Unfortunately, it will be the bank account holders and tax payers who ultimately pay the price.
I am lucky, I don't have a mortgage or a credit bill, but I really feel for the young people with a family, who where struggling before all this came along.
Its gonna get worse before it gets better, and we the ordinary people, are going to be the ones that suffer. GRRRRRRRRRRRRRRRRRRRRRRRRR

[poppy]

hubs recons we will win the lotto now, just in time to pay it into a bank that fails so we lose it all. he's a cheerful beggar

[Sweetpea]

The middle classes will suffer worse, they always do. Chav class have benefits to back them up.

Just heard on the radio that if you are not wanting credit, or don't have a bank account, there is nothing to worry about.

Hmmm. Really?

Trouble is all the businesses are up to the knecks in credit. So it is garunteed that the customer will be hit by higher prices.

[Sweetpea]

How many don't have a bank account? I know of one.

Lets not forget, all benefits are now paid into accounts of one sort or another.

Me.

[Sweetpea]

OK, I know of two.

[easyg]

Iv'e got a post office savings account with 2/6p in it.git2

[poppy]

Is that in old money easy