Wednesday, October 08, 2008

Will the Last One Out Turn Off the Lights

UK Chancellor of the Exchequer Alistair DarlingImage via WikipediaInterest rates were cut around the world today in the latest attempts to stop the global financial problems. The Bank of England, US Federal Reserve, the European Central Bank, the Bank of Canada, the Swiss National Bank and the Swedish central bank all announced cuts to help bring relief.

All this after I woke up this morning to Chancellor Alistair Darling revealing that £50bn will be used to recapitalise banks, with £200bn used to improve liquidity and another £250bn to underwrite inter-banking lending [Lite].

I find it difficult to follow what Mr Darling says as those eyebrows are amazing and my gaze locks onto them transfixed wondering whether he dyes them. Oasis and the Gallagher brothers I feel still have the most powerful brows out there as no one comes close although this is an innovative attempt.

The £50bn is offered to the major banks in return for the Government taking a stake in preferential shares, to an extent semi nationalisation of those that need the money.

It seems that no one is safe and everyone is feeling the pinch, everyone except Mr. Noel Gallagher himself it seems who reminds us all that he isn't affected as he is rich. It's been a roller coaster few weeks with the market losing more points than Spurs. At least Tottenham appear to be in safe hands, the same can't be said for West Ham who are surrounded in problems at the moment. Owner Bjorgolfur Gudmundsson has insisted that finances are secure even though yesterday he was sacked from Landsbanki the company he chaired.

We may not be in a recession but for many it will not feel that way, spending has tightened and families are struggling. I feel it and if offered overtime I would jump at the opportunity to put more money on the table. Well if it gets to difficult we should all head over to Noel Gallagher's D'you know what I mean?

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