uh oh this doesn’t look good…
The share market is still going down. Banks, particularly US ones are taking a big hit, mainly because they were stupid enough to think they could get away with lending money to people who really couldn’t afford to pay it back. Lots of money. It’s spilling over on to the rest of the market, the underlying confidence that drives a market up is giving way to realism. My simple peasant view of it all is that suddenly everyone will become much more cautious about money and casual credit or friendly easy going sellers will become dinosaurs. Here in Oz we have already seen the local banks hit their customers for an extra bit of interest, with more of the same likely to follow. Keeping the poor poor so that the rich don’t have to suffer is the name of the game. What a world.