Another one bites the dust..
#61
Joined: Jun 2006
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Re: Another one bites the dust..
Australia and Canada have something in common that meant the GFC effect was not as bad. A lot of valuable muck.
#62
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Re: Another one bites the dust..
#63
Joined: Jun 2006
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Re: Another one bites the dust..
Yep I got made redundant despite working in a related industry. Miners made a lot redundant but the royalties kept treasury happy.
#64
Re: Another one bites the dust..
The most visible one in the UK was Northern Rock, but the institution lives on, and is now owned by Virgin Money. Others still exist, but the ownership changed in that the government used public money.
In Australia, RAMS was taken over by Westpac and BankWest by CBA - both direct results of the GFC. Also, didn't the banks in Australia use the country's credit rating during the GFC to get their hands on cheaper money rather than their actual rating, which have been cut since then?
Looks not too dissimilar to me.
In Australia, RAMS was taken over by Westpac and BankWest by CBA - both direct results of the GFC. Also, didn't the banks in Australia use the country's credit rating during the GFC to get their hands on cheaper money rather than their actual rating, which have been cut since then?
Looks not too dissimilar to me.
#65
Joined: Jun 2006
Posts: 4,555
Re: Another one bites the dust..
Allco and Babcock were the main Australian financial failures. Bankwest was supposed to have been a Dodo. Suncorp and Bendigo needed strong assistance. The banks were backed by the federal credit rating and deposits are still guaranteed by the reserve.
Right now the ECB is still using panic measures incliding providing 3 year low interest loans. British banks have been beneficiaries. Currently the British taxpayer is taking a 40 billion sterling loss on the RBS and Lloyds alone.
Britain's biggest issue is private debt. Britains net external debt is 400% GDP. US 100% GDP and Australia 90% GDP. Thats indicates a lot of mortgages to be paid off or written off in the UK. It also shows that Australia's debt level is similiar to the US and could be a shackle should the resources boom settle.
Britain has so much much public and private debt it will take a long time to get out of the poo. The US has to get realistic about its public debt but the politicians on both sides live in monkey land. Cut taxes, increase spending and it will sort itself out crap.
Right now the ECB is still using panic measures incliding providing 3 year low interest loans. British banks have been beneficiaries. Currently the British taxpayer is taking a 40 billion sterling loss on the RBS and Lloyds alone.
Britain's biggest issue is private debt. Britains net external debt is 400% GDP. US 100% GDP and Australia 90% GDP. Thats indicates a lot of mortgages to be paid off or written off in the UK. It also shows that Australia's debt level is similiar to the US and could be a shackle should the resources boom settle.
Britain has so much much public and private debt it will take a long time to get out of the poo. The US has to get realistic about its public debt but the politicians on both sides live in monkey land. Cut taxes, increase spending and it will sort itself out crap.
The most visible one in the UK was Northern Rock, but the institution lives on, and is now owned by Virgin Money. Others still exist, but the ownership changed in that the government used public money.
In Australia, RAMS was taken over by Westpac and BankWest by CBA - both direct results of the GFC. Also, didn't the banks in Australia use the country's credit rating during the GFC to get their hands on cheaper money rather than their actual rating, which have been cut since then?
Looks not too dissimilar to me.
In Australia, RAMS was taken over by Westpac and BankWest by CBA - both direct results of the GFC. Also, didn't the banks in Australia use the country's credit rating during the GFC to get their hands on cheaper money rather than their actual rating, which have been cut since then?
Looks not too dissimilar to me.
#66
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Re: Another one bites the dust..
According to this news article, SA & Tas are in a recession, and Vic is on the brink of one. Almost all the economic growth in Australia during 2011 was from the mining states.
#67
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Re: Another one bites the dust..
Yes but Australia avoided the GFC, La la la, fingers in ears. I'm not being flippant but I am amazed that people can believe it.
#68
Re: Another one bites the dust..
It certainly is. Here's another one:
http://www.bbc.co.uk/news/uk-17293073
http://www.bbc.co.uk/news/uk-17293073
#69
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Re: Another one bites the dust..
#70
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Re: Another one bites the dust..
I guess the banks just aren't making enough money ?
http://www.smh.com.au/business/westp...306-1ui8n.html
http://www.smh.com.au/business/westp...306-1ui8n.html
#71
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Re: Another one bites the dust..
It certainly is. Here's another one:
http://www.bbc.co.uk/news/uk-17293073
http://www.bbc.co.uk/news/uk-17293073
#72
Re: Another one bites the dust..
Don't forget this one for the UK too ... oh wait, aren't they your employer?
#73
Re: Another one bites the dust..
I guess the banks just aren't making enough money ?
http://www.smh.com.au/business/westp...306-1ui8n.html
http://www.smh.com.au/business/westp...306-1ui8n.html
http://www.bbc.co.uk/news/uk-scotlan...iness-17265620
#74
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Re: Another one bites the dust..
Nissan in the UK creating more jobs at their Sunderland factory. They've really turned that factory around, helped a lot by the Qashqai/Dualis model.
#75
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Re: Another one bites the dust..
Yes I saw that, 2000 jobs is brilliant for that area.
Nissan in the UK creating more jobs at their Sunderland factory. They've really turned that factory around, helped a lot by the Qashqai/Dualis model.