selnor said:
Do you realise the effect this has had in the UK? Most banks in the UK have ties to America. Hence why the Bank of England has had to bail banks here out. 12 European banks have been hit hard by this. It affects mortgages and lending. Which in turn affected housing market (worst in 12 years in UK) and borrowing is all but extinct at the moment. Retailers here also have not been able to get any more funding from banks leading to 3 administrations so far. Its a very bad credit crunch. Now you see the reason for my OP. Theres more posts on Page 1 with links that I did. Read those for more understanding. By NO means is this just Americas problem.
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On the other hand, the Hong Kong and US markets are way up this morning, and it's possible that with a little luck we may pull out of this tailspin in the nearterm. It all depends on whether or not people continue to panic about the mortgage/banking issue.
Still lots of work to do to fix the mortgage/banking industry, but at least the ripple effect may be subsiding.
