Big Plans
Looks like the UK is planning to take large positions in major banks, and the EU is considering guaranteeing interbank lending for an “interim period”.
I’m sure we’ll find out more details of these plans over the next day or two, and there will be more plans announced as well – like Australia and New Zealand acting to guarantee bank deposits.
Update: Can all the countries in the world just keep guaranteeing everything? Mish says no. BMB would have to agree – this is all starting to sound a little ridiculous.
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I wish they would put Social Security and Medicare at the top of the list of things they are going to guarantee. And then explain just how they are going to do it.
Comment by EDN — 10/12/2008 @ 4:37 pm
I think those are the least of their worries at the moment. And they’ll remain the least of their worries until it’s far too late to save them – if it isn’t already.
Comment by BMB — 10/12/2008 @ 5:25 pm