Anorak | Red Tuesday: Banks Fall, The Experts’ Top Tips And Spending Is The New Saving

Red Tuesday: Banks Fall, The Experts’ Top Tips And Spending Is The New Saving

by | 30th, September 2008

MORE news that no-one knows what’s going on in the money markets as the Sun screams: “BLACKEST DAY”. Or as the Mirror puts it: “BLACKEST MONDAY.”

Black Monday is the name given to Monday, October 19, 1987, when stock markets around the world crashed. Should not yesterday be “Blacker Monday”?

Readers may be confused. To be in the black means to be free of debt; it is in the red that suggests debt and poverty. The Sun’s headline should read: REDDEST DAY .”

Happily for Daily Express and Daiuly Mail readers, it’s all a “MELTDOWN”.

Elsewhere on the Sun’s front page, readers learn that the US Treasury rejected a $400billion plan to bail out the financial system.

The failure of US lawmakers to gather enough votes to pass the $700bn rescue of the US financial system is big news, and triggered a 777 points drop on the Dow Jones index.

But on the currency markets, confidence in the dollar is higher than it is in sterling. Yesterday, by mid-afternoon in New York, the dollar was up 1.6 per cent to $1.8145 against the pound. That £400bn rescue package is getting more expensive all the time, at least if it’s funded in pounds it is. Althogh the optimistic Telegraph says it works out at £380bn.

Of all the papers, it’s the Daily Star alone that gets it right: “US SNUBS £388bn BAIL-OUT.”  

What The Experts Say

But at least the experts can agree on the course of action:

INDEPENDENT (front page): “SELL! SELL!

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Posted: 30th, September 2008 | In: Money, Tabloids Comments (24) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink