LIBOR Climbs Aboard The Titanic
I KNOW, just when you thought it was safe to go back into the water, sorry, financial markets, the vultures are circling as the rate at which banks lend dollars to each other, dollar LIBOR, starts climbing again.
If I were really cynical I would view this as a concerted attempt at persuading the Group of 20, who are meeting this weekend, to throw yet more taxpayers’ money at the banks so that they can continue their inalienable human right of paying themselves huge bonuses whilst presiding over the biggest f*ck up since the Great Depression.
On second thoughts, rescind that; it suggests that the bankers are competent enough to actually come up with a plan, and that the US Treasury might see something wrong with the taxpayers’ stumping up for the fat bonuses.
So, why is it happening?
Posted: 15th, November 2008 | In: Money Comments (4) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
Comments
- susan jones on Susan Boyle Weeps As The Press Set About Destroying Her
- The Real Stig on The Great Cathay Pacific Blocked Toilet Mystery
- SoDak-GhostDog on Interview With Survior Of James Arthur Ray’s Sedona Sweat Lodge
- Katie Norman on I’m A Celebrity: Joe Bugner’s Career In Pictures
- HOTWATER on Madeleine McCann: The Media Creates A New Maddie Monster And Twists The Facts
November 16th, 2008 at 2:33 pm
Really, Ten?
According to the coverage of the G20 meeting on Bloomberg, Bush was the individual who objected strongly to any kind of international regulation of the financial markets; that is why I pointed out that by the time they reconvene next March there may be no financial markets left to regulate. The only people with the money to bail us out are extremely keen on regulation; the belief that there are still suckers lining up to thrust money into the gaping pit of the US deficit is the last vestige of the old delusions.
And I have written at considerable length about Greenspan; as you will see if you run a search here, and on the Forums side of Anorak, using that tag. I’m not keen on Ayn Rand, either…
November 16th, 2008 at 2:14 pm
Yeah, chenier, except that there’s no evidence this has anything to do with Bushie economics. Unless maybe you spell Booosh “Alan Greenspan” or maybe “US Fed” or even “fiat currency fractional reserve system”. Thanks for the critical thought.
November 15th, 2008 at 11:27 pm
I agree that it is a great shame, since the likely consequences of the last gasp of Bushie economics are catastrophic; it may well be that by the time they reconvene there will be nothing left to argue about since there won’t be any financial markets left to regulate…
November 15th, 2008 at 11:15 pm
What was G-20 about? A few politicians had serious agendas but they couldn’t get agreement. Since they couldn’t agree, they just complimented (and complemented ;)) each other and pushed out a sheet of drivel about all being on the same team yada yada. Great shame.