The Financial Meltdown is a global problem

Besides the American banks, I have also heard of banks in the UK going under. According to Paul Krugman at the New York Times, there are also banks in Iceland going down. Glitnir Bank there has taken a massive infusion of euros from the government of Iceland in return for 75% of the bank.

I suspect we will see more along the way.

Meanwhile, tomorrow, the dead cat bounce we saw on Wall Street today should be over and plummeting prices should resume.

Good times!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.