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FSA Warns Banks of 1990s-style Recession

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posted on Aug, 9 2008 @ 04:25 AM
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FSA Warns Banks of 1990s-style Recession


news.bbc.co.uk

Banks should make plans based on the assumption the economic downturn could be as bad for them as the recession in the 1990s, the City watchdog has said.

The warning from FSA chief executive Hector Sants comes a year after the credit crunch officially began.

Mr Sants also told the BBC he had put pressure on most of the UK's big banks to raise billions in new capital.
(visit the link for the full news article)



posted on Aug, 9 2008 @ 04:25 AM
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Those who think yesterday's stock market rally means it's all over might do well to heed this warning given by the Chief Executive of the UK's Financial Services Authority. If he is predicting this level of downturn in public it makes you wonder what he really knows.

news.bbc.co.uk
(visit the link for the full news article)



posted on Aug, 9 2008 @ 04:41 AM
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reply to post by pause4thought
 


it's going to get as bad as the 90s, and this time there won't be an internet bubble that emerges to save the day. given the global situation, if obama is elected, we could literally be headed for another great depression.



posted on Aug, 9 2008 @ 05:34 PM
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reply to post by Slothrop
 


If the banks go down you can elect who you like, it will be too late. You could vote David Copperfield, I suppose...



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