pslewis

Banks and Building Societies!!

Holy Crap!!

12 Institutions downgraded ......... panic NOW!

Coffin Dodger

Suppose you'll be sleeping upon your enormous wealth from now on then...

FlightMan

Panic now?

ROFLMAO. People should have been panicking years ago. But no, they're too busy watching X-Factor.

Get back to your warheads Pete.

pslewis

Yesterday I moved a chunk of money to Newcastle BS - their name appears on the list, on the list of Banks which the UK Government will allow to go under!!

FFS!!

J4CKO

iTrader: (1)

http://www.youtube.com/watch?v=_eyFiClAzq8

dpb

http://youtu.be/ZR6wok7g7do

zip106

Christ, you're such a drama queen.
You sure your name's Pete and not Patricia?

Chip

All this "we're doomed" business is getting a little bit tiresome. Things will pick up,everthing will be OK then in 10 years or so we'll all go through the same again.

Chi

J4CKO

iTrader: (1)

I wish all these agencies would stop downgrading everything, every time they so much as fart my shares drop 50P

MattW

Pete, has it ever occured to you that there may be a number of people on this site who are not au fait with economics and maybe genuinely worried about their jobs and financial future. The amount of crap you post on here scare mongering must have an effect on them.

Maybe you'd like to dwell on that and grow up a bit.

Dedrater

Well, I don't even understand what is going on or what the relevance of banks being downgraded is.

So, on that note, i am not going to give a single fu*k.

SiPie

Well said that man

Chip

Same here really, all I know is my share portfolio is worth more now than it was 6 months ago, yet according to the "experts" the whole financial world has collapsed around us.

Chip

Dr Hu

PSLewis earlier today.......

EddScott

As I said in the other thread, its because the banks look more likely to be split between retail and investment and of course investment will be more risky.

Its the new buzz to "downgrade" a country or bank without anyone really understanding what it means.

It would be handy if we could just have one combined thread rather than lots of little threads all relating to the same thing.

TelBoy

Sorry Edd, not getting on your case, but got to take issue with this.

Do you mean that you don't understand what a country downgrade means or represents?

Because i understand what it means. Who is this "anyone"?

Leslie

Well not being well up in the mysticism of financial affairs by any means, I would be really grateful for a simple explanation of the meaning of these downgrades etc.

All I can see for the future is high inflation stemming from the quantative easing which is happening.

Is Pete right when he says that the government would no longer support the downgraded institutions and does that mean no support for peoples' saving if those banks went to the wall?

Les

pslewis

This is the start ... batten down the hatches ... this is going to be very bad indeed!

madscoob

iTrader: (3)

: sleep:
RESIST PEOPLE

pslewis

I have dwelled upon it.

I understand that I understand these things better than some.

I also think it is my duty, nay, responsibility, to warn those for whom economics may pass them by ...... if I am scared and concerned about my savings, then Mrs. Smith aged 95 should be too .... and if I can alert these people to what may happen then I should do - I couldn't sleep at night if I stayed quiet and silently secured my own finances while not helping others.

I think some on here need to grow up and stop being so damned selfish with their knowledge!

dpb

I wonder what/whether these ratings agencies get out of statements like this , i mean its obvious to most theres no money around

all i do know is 'several' times these agencies have put out warnings about co's iv invested in and several times shares have risen !!

dpb

Possibly . But my moneys on youve got little else to do Pete , and enjoy the possiblity of creating a little drama

pslewis

^^ At least you know where to put your money! ^^

EddScott

The hysteria that it causes. Dont take offence, i wasnt looking at you. The media reals out all this fear of downgrade yet this particular downgrade is quite understandable. Its an attempt by government to remove "too big to fail"

It doesnt mean the banks mentioned are actually going to fail. The media would have us believe otherwise.

scud8

iTrader: (1)

The downgrade was always on the cards once the UK government looked serious about ring-fencing. The banks like to pretend they get no benefit from the implicit government guarantee of being too big to fail, but as soon as the government makes moves to take the guarantee away they obviously become more of a credit risk.

jef

iTrader: (13)

what does the downgrade mean exactly?

TelBoy

Succinctly, that the banks are a little bit less likely to repay their debts.

Tommy2396

Get a grip man if the world's financial systems were to enter into total meltdown it would be every man for himself.

Can anyone tell me what causes a recession because I haven't got a clue apart from some super force deliberately applying the brakes periodically to keep things on a even keel for years to come.

pslewis

It means that the Credit Agencies have responded to the fact that the UK Government will not, neccessarily, bail out a Bank or Building Society that gets into trouble.

One of those named is the Newcastle BS ... this is quite small, Lloyds Bank is of course huge and would send shockwaves around the world if they went down the tubes ..... the Building Societies would probably merge rather than fail - I guess?

TelBoy

Lewis, one day, promise me this, that once you're bored with Scoobynet, admit to everybody just how much of a sheister you've been. You know what i mean. Hold me to it, it will be your finest hour. Do not respond to this post please. But do learn the difference between whose and who's, you ignorant tw@t