George Lee: We Have Four Banks - Which One to Save?

George Lee: We Have Four Banks - Which One to Save?

That’s the question.

He stated it in a what if scenario.

Save the POST OFFICE! :wink:

Lee also said that we are on the cusp of a real 1929 situation.

No doubt about it, this is some fucking mess.

It has to be

But who to save?

Can we afford to save all four?

Two?

Three?

One?

Jaysus :open_mouth:

So the banks are running and yet the people are not allowed to!

Is this game over kind of thing???

Don’t fully understand but why does ECB not take the cash and tell banks to give it to other banks and give a guarantee as will have to anyway - thats what my genius is suggesting

Yup, this is what I was saying elsewhere about a reserve deposit scheme for the Fed being tacked onto the bailout bill. Banks don’t have anywhere safe to put their money so they are putting it in the ECB. British banks are doing the same thing with the BoE. Typically, the reserve deposit rate is 1% below the lombard rate, so banks are losing money by doing this. The risk/reward calculation of the banks with money is that the rest of the banking system is too risky for them to put their money into it.

This guy would love to see the Euro break up alright. :angry:

Where are we going to get the cash to nationalise the banks?

Make the rate very low so no reward and then the cash go to banks?

At risk of being accused of being selfish.

Save the one that my money is in :angry:

What if you have money in all four? :open_mouth:

The odds in russian roulette sound better to me 8)

Irish bonds…

ise.ie/app/bondList.asp?type=5

Wonder who’ll buy 'em and at what rate!

Banks would still put their money in. The rate on short-term US treasury bonds went negative last week - that means that somone was paying to keep their money in treasuries. That is like having your money on deposit and paying someone for the privilege. In fact, what it is like is locking your money is a storage box and paying fort knox to keep it for you.

No sign of George having started a run on the PASS machines anyway. Went down town to take out some cash just to be safe and the place was deserted. 8)