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Thursday, September 25, 2008
A Moment of Epiphany
I have just seen an advert for the Halifax which says they pay fifty times more interest than any other bank.
Suddenly, the demise of HBOS all makes sense :)
15 comments:
Anonymous
said...
Not as much sense as the demise of Gordon Brown...
Nice to see that smiley at the end of your post, Iain
You tories really are loving this credit crisis aren't you. Who cares how it affects Britain, just so long as it makes your bunch of fools look better than the current bunch.
Anyone else noticed how said ad suddently does not include Lloyds as one of the banks that Halifax pays more than 50x?
HBOS's demise had nothing to do with paying 5% on current accounts- it had to do with lending too much for too many mortgages and not having enough deposits or long term funding to cover it, so when money markets deized up, they could not fund themselves.
FYI some banks are paying up to 12% interbank rates at present.
"Solution" should have been Government hitting property market hard when things were getting silly on the way up (110% mortgages anyone, prices at current silly levels, etc), but of course no Government would dare stop house prices going up- hence we ended up in thi mess. US and UK- same problem, UK just a few months behind- you can expect house prices down 30% or more and more bank failures in coming year.
Exactly. The amount Halifax is/was paying out on current accounts in interest is trivial compared to its other liabilities and has nothing to do with its troubles. It doubtless recoups it back in charges anyway.
Gordon has been trying so hard to visit Bush. Reminds me of the precocious brat who says he knows it all while his peers just think that he bores the pants off them.
Bush has more important things on his mind than saving Bean's political bacon...
Anonymous at 1.09...how ridiculous - don't Tories also suffer in a recession?
I have been made redundant after 25year and the the private sector job market has dried up (though lots of recruitment still in the public sector I see - I suspect however in a years time the country's bankruptcy will lead to massive public sector job losses as well). I can't sell my late father's house even though it is back to the year 2000 price, so I don't have that financial cushion to fall back on. What is left of my redundancy pay is in HBOS!
I can't say I am looking forward to my home being repossessed. My sole consolation in life is the warm welcome on the doorstep when canvassing for the Tories..don't begrudge me that!
Howard looks nothing like Trevor Phillips. I hear we all look alike to some people. But dear oh dear ..... this is like calling Cameron a Brown lookalike.
15 comments:
Not as much sense as the demise of Gordon Brown...
I blame that singing Trevor Phillips lookalike for Halifax's problem.
Though it must be said Iain ... not to you it doesn't.
Clearly even at these prices this capital is cheaper and more reliable than that from other sources.
There's your epiphany. HBOS have been victim of a betting scam by city boys, didn't you hear the archbishop?
Who gives you extra?
We do....
It's Howard in those funny glasses to blame for the global economic crisis!
You are supposed to be bable to spot the Company about to collapse by its flashy advertising campaign.
Nice to see that smiley at the end of your post, Iain
You tories really are loving this credit crisis aren't you. Who cares how it affects Britain, just so long as it makes your bunch of fools look better than the current bunch.
Idiot.
Anonymous troll at 1.05 am.
You must be barking if you think anyone, regardless of political persuasion, enjoys financial hardship. Can Dolly do better than that!?
The only people "enjoying " this bleak environment are Gordon and his incredibly rich mates you moron.
Wake up and smell the coffee. No wonder Labour are in a mess if you're the best they've got.
Anyone else noticed how said ad suddently does not include Lloyds as one of the banks that Halifax pays more than 50x?
HBOS's demise had nothing to do with paying 5% on current accounts- it had to do with lending too much for too many mortgages and not having enough deposits or long term funding to cover it, so when money markets deized up, they could not fund themselves.
FYI some banks are paying up to 12% interbank rates at present.
"Solution" should have been Government hitting property market hard when things were getting silly on the way up (110% mortgages anyone, prices at current silly levels, etc), but of course no Government would dare stop house prices going up- hence we ended up in thi mess. US and UK- same problem, UK just a few months behind- you can expect house prices down 30% or more and more bank failures in coming year.
Joe
Exactly. The amount Halifax is/was paying out on current accounts in interest is trivial compared to its other liabilities and has nothing to do with its troubles. It doubtless recoups it back in charges anyway.
It frightens me that suddenly the buzzword is 'regulation'.
Gordon must be in hog heaven. A need for centralised intervention plays so well for his species.
Could it be that he even might... No, I don't even want to think about it.
Gordon has been trying so hard to visit Bush. Reminds me of the precocious brat who says he knows it all while his peers just think that he bores the pants off them.
Bush has more important things on his mind than saving Bean's political bacon...
Anonymous at 1.09...how ridiculous - don't Tories also suffer in a recession?
I have been made redundant after 25year and the the private sector job market has dried up (though lots of recruitment still in the public sector I see - I suspect however in a years time the country's bankruptcy will lead to massive public sector job losses as well). I can't sell my late father's house even though it is back to the year 2000 price, so I don't have that financial cushion to fall back on. What is left of my redundancy pay is in HBOS!
I can't say I am looking forward to my home being repossessed. My sole consolation in life is the warm welcome on the doorstep when canvassing for the Tories..don't begrudge me that!
The 50x thing had some small print attached, as I discovered earlier this year.
Basically, you get 6% on the first £2,500 and mouse droppings on any excess.
Howard looks nothing like Trevor Phillips. I hear we all look alike to some people. But dear oh dear ..... this is like calling Cameron a Brown lookalike.
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