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Britain bolsters banks

BARRIE MCKENNA AND DOUG SAUNDERS

Globe and Mail Update

Latest comment posted at 12:08 PM EST 08/10/08

Stocks in Canada, the United States and much of the rest of the world spiral downward ...Read the full article

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  1. Double Money from Canada writes: What a mess the U.S. has made the worldwide financial system by exporting their mortgage foolishness. Let's hope our banking system continues to avoid the worlwide problems. The U.S. exported mess is happening under Bush League Jr. watch. Can we have Bush League Jr. charged with Grand Larceny at the World Court?

    www.doubleourmoney.ca
  2. Not on this Blog from Montreal, Canada writes: Double Money, I'm NO fan of Bush's, but the UK's problems, as with Ireland and Spain, are entirely home grown; same kind of greed, Equally evident to the casual observer, but still home grown
  3. kelly moss from Canada writes: im not a rocket scientist - but i dont think greed is the problem .. a bunch of people ( millions ) watched as there neighbors became millionaires thru home ownership while they paid rent .. when interest rates became low enough -5% the last 10 years - the monthly payment on 60,000 was maybe 500 a mnth - less than the rent they were paying - so they bought ... but like in the 80s when interst rates went to 20% -- and people couldnt afford to refinance at 1000 - we had trouble

    this time we probably have 15 mil houses upside down worldwide - more owed by abt 50,000 than they are worth -- smart people ( and old people like me that saw it once) have been predicting this would happen for years

    like tokyo real estate at 1000 / sf - this will take a long time to work out and a lot of people who were rich wont be any more
  4. Tom Araxias from Chatham, Canada writes: Double Money from Canada writes: What a mess the U.S. has made the worldwide financial system by exporting their mortgage foolishness. Let's hope our banking system continues to avoid the worlwide problems. The U.S. exported mess is happening under Bush League Jr. watch. Can we have Bush League Jr. charged with Grand Larceny at the World Court?

    I'm not sure if we can press charges of larceny against Bush at the World Court but I am sure we have a very strong case in charging him with crimes against humanity.
  5. Jonathan T from Milton, Canada writes: Bad debt mortgages are the epicenter of the problem. They should be making bankruptcies and foreclosures more difficult to file right now. Banks should be extending the number of months before mortgage owners are considered in default, giving banks new powers to seize a percentage of family pay (prior to default), and re-amortizing existing adjustable rate loans at 50 year amortizations. In ten years they can then readjust the amortization back to twenty years.
  6. Mark H from Columbus, IN, United States writes: "Double Money from Canada writes: What a mess the U.S. has made the worldwide financial system by exporting their mortgage foolishness. Let's hope our banking system continues to avoid the worlwide problems. The U.S. exported mess is happening under Bush League Jr. watch. Can we have Bush League Jr. charged with Grand Larceny at the World Court?"

    Uhhh...the roots of this crisis go back to Clinton, not Bush. W has tried a half-dozen times to regulate Fannie and Freddie, and at every turn has been thwarted by the Senate Banking Committee, stacked and led by Dems who get an awful lot of campaign money from Fannie and Freddie. Bush Derangement Syndrome knows no bounds.

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