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Britain: too big to fail?
Britain's bailout of its financial institutions has currency markets dumping the pound, which some now expect to reach parity with the (relatively) strong dollar.
Desperate times call for desperate measures. Royal Bank of Scotland recently announced it would post $41 billion dollar loss for 2008.
The UK remains committed to its big banks. It probably has no choice. But there's big, and there's big. According to a report today, RBS' total liabilities are almost double the size of the entire British economy.
Too big to fail, indeed.
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Between you and Eds and a couple others, I feel like digging a hole and crawling into it.
WAIT ONE DAMN MINUTE. I am already in a hole!!!!
January 23, 2009 4:40 PM | Reply | Permalink
You know, DD, if you dig deep enough you'll wind up in China.
I'm an optimist by nature. That's why I voted for a 47 year old college professor, community organizer and one-term senator to be leader of the free world. (The fact that he is smart as a whip and may have the shrewdest political mind of my generation doesn't hurt either, but I'm on a roll here.)
You just have to wonder sometimes.
At the moment, I'm wondering how the conservative tax-cut-and-spend wizards that got us into this mess can honestly believe that they -- and only they -- can get us out. You know the definition of stupidity: doing the same thing and expecting different results.
January 23, 2009 5:36 PM | Reply | Permalink
Meanie, check out NCSteve if you have not already.
There was an interesting vote in the senate. You know Ny is appointed but has not taken the oath.
Minnesota will be decided by xmas. I did not find out if Colorado has got their dem in yet.
But the vote on a civil rts bill already passed by Pelosi last week, went through the Senate like shit through a goose. Only like 31 nays. No Dems nayed.
Both Maine girls yea'd. Texas gal went along. Specter went along.
This is a big deal. It really surprised me. If the Dems wish to pass something, they have NO problems now.
January 23, 2009 5:47 PM | Reply | Permalink
Maine "ladies" - dd.
January 23, 2009 5:50 PM | Reply | Permalink
Oh TheraP, they are ladies, in the finest sense. And they are on our side. And you are a lady, a fine lady.
Oh I suppose it sounds sexist. All right, those two fine Senators from Maine.
PS I still think of them as ladies. Fine ladies as long as they stay away from w's policies.
January 23, 2009 5:57 PM | Reply | Permalink
I think of them as ladies too. I was really just teasing in a way. I'm totally happy to have them called ladies. I can't speak for them, of course.
Ladies on our side, I like that. But shhhhhh...
January 23, 2009 6:02 PM | Reply | Permalink
DD, put down your shovel and crawl back up into the light. Here in Meanieland the senators are ladies, the president is above average and bank ceos never make a penny more than ... they deserve.
January 23, 2009 6:17 PM | Reply | Permalink