Brown's spend, spend, spend during his Chancellor's days has brought us into the current economy we are facing today. His appeal at a Downing Street meeting for the lenders to pass on cuts appeared to fall on deaf ears with HBOS, which owns the Halifax, increasing its rate on some mortgages from 6.09 to 6.59 per cent. Borrowers taking out this type of deal will now pay 46 more a month. On a two-year tracker, the rate will increase from 1.49 points above base rate to 1.99 points, giving a current rate of 6.99 per cent.

Other lenders are expected to follow Halifaxs lead.

If the Government wants the banks to lower mortgage rates to home owners - why not just offer them through Northern Rock? Everyone would rush to the Rock to get the loans forcing banks to match the rates or lose the business? Or maybe the government would then run into bigger credit crunch?

And just what level gives you the higher ground, scotinvestor?

It's good to see the bailout plan by Bush failed otherwise Gordon would use the same idea on us.



Wall St sinks as House rejects bailout bill
AFX


NEW YORK, Sept 29 (Reuters) - U.S. stocks plunged on Monday as the U.S. House of Representatives rejected a $700 billion financial sector bailout plan, renewing fear about frozen world credit markets and the global economy's health.

The House vote shocked financial markets, which expected it to approve the Bush administration's rescue plan. The Dow at one point fell more than 700 points, its biggest intraday point decline ever, while the Nasdaq and S&P dropped more than 7 percent.

The Nasdaq was on course for its biggest one-day slide since the market reopened in the aftermath of the September 11, 2001, attacks.

'I can't believe they weren't able to come together and come up with a solution. Complete disaster was predicted if it didn't pass,' said Stephen Berte, senior equity trader at Standard Life in Boston. 'Everybody was expecting it to pass and it didn't pass. I can't see what the upside is right now.'

The bailout's failure in the House added to losses suffered after Wachovia Corp became the latest major U.S. bank to succumb to the global credit crisis.

Investors feared financial market turmoil would continue to spread around the world. In recent days, European authorities have been forced to step in and rescue a bevy of banks in Britain, Belgium, Germany, Iceland and elsewhere.

The Dow Jones industrial average was down 554.75 points, or 4.98 percent, at 10,588.38. The Standard & Poor's 500 Index was down 73.83 points, or 6.09 percent, at 1,139.18. The Nasdaq Composite Index was down 140.70 points, or 6.44 percent, at 2,042.64.

Financial shares were among the hardest hit, with Bank of America Corp, off nearly 10 percent at $33.02, leading the slide. The S&P financial index fell 8.6 percent. Regional banks' shares fell sharply, as investors tried to anticipate who could be the next victim of the credit crisis.

Apple Inc fell almost 15 percent to $109.23 after several brokerages slashed their recommendations on the tech bellwether. Shares of Google were down almost 9 percent at $393.54, not far from a two-year low of $380.71 hit earlier.

The bailout plan met heavy resistance from Republicans, with the final tally of 228 lawmakers voting against the bill and 205 in favor.

Earlier, European authorities were forced to step in and rescue a slew of European banks, while U.S. regional bank Wachovia sold most of its assets to Citigroup in a deal brokered by the Federal Deposit Insurance Corp.

Global money markets remained paralyzed, even as central banks, including the Federal Reserve, pumped cash into world markets in an attempt to boost liquidity.

It's going to be bad, I fear. and it's mostly "fear" that has created the aftermath, once the Sub-prime fiasco was unearthed.

A fall of 7% is surprising - somewhat less than many Bankers were trying to tell us . . . did they just want some more cheap-money to fritter away?

At least this will shake out the weak

Hold onto your wallets!


Just watching the TV ( ads today) - B&B still advertising mortgages - does ITV/Ch4 expect to be paid? Perhaps they demanded cash with order! Ho-Ho.
Yesterday I saw an ad by Halifax . . . . . . . even showing how they had "better" rates than LLoyds . . . . . . . their new Masters must be fuming!!!

Ho! Ho!

This is getter worser the bail out was a false start and the market will fall 300 points on Tuesday now what is Gordon the gofer going to do nationalise all the banks and forget it ever happened..

Your grammer and punctuation is very poor, mitzy. Not to mention that you are racist

scotinvestor - 29 Sep 2008 23:44 - 3022 of 3022
there will be just 2 banks left in uk soon and 1 of them is banco santander the spanish dagos.

It beggars belief that the moronic scotinvestor can accuse anyone of racism when his own posts are full of vitriolic hate - the above is just a small example. It's about time you were banned again.

"Your grammer and punctuation is very poor"

Did you mean grammar? And shouldn't that read "are very poor" as "is" refers to the singular?

Why do the words pot, kettle and black spring to mind?

lol....

banned again? i wasnt banned the 1st time potty holder, lol. maybe i only hate prats like u posting drivel most days mr.potty holder.....away back to your garage

'wasn't banned the first time'?

Does that mean you were banned for a second time? - LoL Or perhaps your posting privileges were revoked for a week or so until you learned how to behave yourself? Problem is you can't educate pork, as we've all seen since your period of banishment.

Keep up the inane, useless posts - keeps me entertained no end when you tie yourself up in knots :) You just have no idea what's coming out of your mouth next do you?

Where is the annoying little twerp these days..?

Hope Mr Brown is watching how to make a speech - Cameron on now

Cameron has made a brilliant speech--answered all the criticisms levelled against him IMO!! bring on the election.

Sounded like a five year old answering questions of three year olds. Same old spiv. Same old hanger ons. with blue rinses.

God help the s'tories.

Pity to have a closed mind for life. We tried out New Labour and look at where that has got us. Unfortunately Brown will do plenty of more damage unless his party stop him prior to the next General Election. I just hope influence can be applied in alternative ways. The public are fed up with the control freakery. Well done Cameron.

I would vote for Jeffrey Archer for PM anyone is better than Brown.

If you put Blair and Cameron in a sack, I wouldn't try to guess which one would get out first.

Cameron's "better times", what a laugh. He is still reading "Economics for Dummies".

He even had to fall back on the "Maggie" to get a clap. I thought they were going to wheel her out for a while with the banner " I didn't sink the Belgrano, honest".

Horrendous. Ok for the Daily Mail and Express.

Mitzy, vote Cameron and Osborne and you will get two Archers. What a thought!

lol Fred...I met his wife Mary about 3 months ago shes a lovely lady never met Jeff but know people who have..

So what exactly do you think you know about the Belgrano Fred?