Spore Technical Recession!!!!!!

[Ticklish8]

Heheheheh just come back from work. If not can post an article on bank run.... Interesting because now u can use the Internet to transfer money from 1 bank to another, no need to queue anymore.....

[Ticklish8]

Paulsen say bank failure will increase... Oei said crisis in Europe ie UK will be worst compare with US. A lot of UK depositor already lost money in Iceland... now the UK government launching physco warfare on Iceland to get money back.

[Albeniz]

I have a 10-year savings plan with AXA which is going to mature in 1 year's time.

I am considering to take it out and keep it under my pillow.

Edited October 11, 2008 by Albeniz

[Ticklish8]

So sad... many old folks with life saving......

 

 

ABOUT 600 investors in Lehman-linked derivatives held a public meeting in Singapore on Saturday to protest about the way banks sold them the investment products and to discuss ways to get compensation.

 

Held at Speakers' Corner, the only outdoor area where public meetings can be held without a permit, the crowd included several people who were sold products in July, when there were already concerns about Lehman's health.

 

'They never told me the issuer was Lehman and I told the manager I was afraid of American banks,' said Ms Lin Ling, who bought S$60,000 worth of Lehman-linked 'Minibonds' from a Singapore finance firm that had marketed the structured notes as a safe alternative to fixed deposits.

Edited October 11, 2008 by Ticklish8

[Ticklish8]

Insurer is in the next line of fire.....

[Cheekg98]

all industry will never escape

[Ticklish8]

waiting for more company to go bankrupt....

[Pisces69]

Wonder what the deco in Orchard would look like... maybe no deco?

==================

 

Might b even brighter cos in bad times, must advertise more to bring in sales.

[Pisces69]

time to cut ministers pay

=======================

 

Or maybe time to get some new ministers who cost less & r able to do more.

[Hishercar]

thank you

 

i did not get out in time

 

it is an important lesson

 

it is very kind of you to share

 

well done

[Ticklish8]

Should market be closed down?

 

Bloomberg - Oct 10 -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

 

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''

 

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

 

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

 

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

 

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

[Jacf]

So sad... many old folks with life saving......

 

 

ABOUT 600 investors in Lehman-linked derivatives held a public meeting in Singapore on Saturday to protest about the way banks sold them the investment products and to discuss ways to get compensation.

 

Held at Speakers' Corner, the only outdoor area where public meetings can be held without a permit, the crowd included several people who were sold products in July, when there were already concerns about Lehman's health.

 

'They never told me the issuer was Lehman and I told the manager I was afraid of American banks,' said Ms Lin Ling, who bought S$60,000 worth of Lehman-linked 'Minibonds' from a Singapore finance firm that had marketed the structured notes as a safe alternative to fixed deposits.

 

 

if the investor had ask the bank who is the issuer and the bank lied, then there's a case of 'misrepresentation'.. else if the investor never ask, and the bank dun tell.. then most likely gone case.

[Rexxxer]

Times are real bad....better manage your $$ well

[Ticklish8]

Bear Market Rally.... time to sell

 

PRINCETON - THE world is likely headed for a deep recession despite the European-led plan to bail out banks hit by the credit meltdown, the US economist who won the 2008 Nobel prize for economics said on Monday.

Paul Krugman, an economics professor at Princeton University and columnist for The New York Times, said the plan to recapitalise banks has the potential to heal financial institutions, unlike the US-led plan to buy bad debt that preceded it.

 

The US Treasury Department was expected to unveil on Tuesday a US$250 billion (S$365 billion) plan to purchase equity stakes in financial institutions along with a three-year guarantee of bank-to-bank lending, according to a financial policy source familiar with the plan.

 

Krugman, 55, warned that the crisis has already inflicted serious damage on the world economy, and said 'it's terrifying'.

 

'There is a tremendous amount of downward momentum built into the real economy from this crisis,' he said. 'Even if we unlock the credit markets, we probably still have a nasty recession ahead of us.'

 

Earlier on Monday he told reporters in Sweden: 'We're going to have a recession and perhaps a prolonged one but perhaps not a collapse.'

 

However, he also offered a reassuring note, saying that much of the US economy remained sound, despite the collapse of Wall Street.

 

'It's not the whole engine that's broken, it's one specific piece,' he said in a live telephone relay of a press conference hours after hearing that he had been awarded the Nobel.

 

Krugman, an outspoken critic of the Bush administration in his newspaper columns, denied that he felt vindicated by the Nobel Prize because it was given for his professional work as an economist rather than for his commentary.

 

But he said he took some pleasure from polls suggesting many Americans are now equally critical of Mr Bush's policies.

 

'I feel vindicated by the fact that when I was criticising Bush, 80 per cent of the public approved of him, and now it's more like 80 per cent of the public disapproves. That's the vindication,' Krugman said.

 

Krugman praised the European-led plan that sparked huge rallies in world stock markets on Monday as having a good chance of fixing the credit crisis, especially praising British Prime Minister Gordon Brown.

 

'I am more comfortable now than I was a few days ago,' he said; but also warned the market's euphoric reaction was not necessarily a signal it would work.

 

'I think we do have the potential now for a plan that will basically bulk up the financial sector to where it can start to function again,' he said.

 

Krugman argued that the crisis signals a cultural shift away from the belief in the primacy of markets, as espoused by the Bush administration.

 

'The people who assured us that markets work, that the private pursuit of profit always leads to a good result have been rather massively wrong,' he said.

 

The harsh critic of the White House's handling of the turmoil, earlier told Swedish television: 'I never thought I would see anything that looked like 1931 in my lifetime, but in many ways this crisis does.'

 

The Nobel committee awarded Krugman the prize for work that helps explain why some countries dominate international trade.

 

The Royal Swedish Academy of Sciences said the award recognises Krugman's formulation of a new theory that addresses what drives worldwide urbanisation.

 

'He has thereby integrated the previously disparate research fields of international trade and economic geography,' the committee said.

 

Krugman, known for his popular style and sense of humour, brought the house down with a quip in answer to a question over where he kept his money.

 

'A lot of it is in cash... in the backyard.' -- REUTERS, AFP

[Ticklish8]

This is what you get by appointing President Bush.... incompetent... sigh

Hopefully the next US President can provide a better leadership.....

[Ticklish8]

US should be the one providing the leadership. Not Britain.. Sigh

 

Oct. 13 (Bloomberg) -- Neel Kashkari, the U.S. Treasury official overseeing the $700 billion rescue of the financial system, said government equity injections will be aimed at ``healthy'' firms.

 

``We are designing a standardized program to purchase equity in a broad array of financial institutions,'' Kashkari, who heads the department's Troubled Asset Relief Program, said in a speech in Washington. ``The equity purchase program will be voluntary and designed with attractive terms to encourage participation from healthy institutions.''

 

U.S. officials are hurrying to address frozen credit markets that led France, Germany, Spain, the Netherlands and Austria to agree to commit $1.8 trillion to guarantee interbank loans and take equity stakes in banks. Buying shares of financial institutions has become the latest focus of Treasury Secretary Henry Paulson's rescue plan.

 

``While the U.S. tends to shy away from nationalizing or even partially nationalizing its financial institutions, it would appear that it has no choice but to follow suit,'' Win Thin, a senior currency analyst with Brown Brothers Harriman & Co. in New York, said in a research note today.

[Ticklish8]

Property in Ireland... interesting read

 

DUBLIN, Oct 14, 2008 (AFP) - Thousands of new homes shot up in the town of

Tallaght during Ireland

[Ticklish8]

Maybe should open account in EU Bank?

 

PARIS, Oct 14, 2008 (AFP) - European banks, desperate for cash to fill

vaults emptied by the credit crunch, are falling over each other to attract

cash from depositors.

In Spain the Banesto bank is offering a deposit account