Which banks are you talking about Ruth?

Our ones?

Have a look at Phil’s 1:34 and then think about which Aus banks own which NZ banks.

Personally I wouldn’t touch banking shares with a barge pole, I’ve had all my money in gold, silver and coltan for a very long time now.

Banks are fine but like anything they can be misused and misdirected and that can be either a temporary issue as in people have not operated them correctly or it can be fundamental as in the banks themselves are built on sand. Unfortunately in the case of this GFC its exposing the fundamental flaws and that’s why personally, I’m calling this a structural GFC and not a cyclical one. Which is all most unfortunate for those of us who prefer stability in our jobs, lifestyle, geopolitical relations, etc.

Report back to me in 12 months when I have made a fortune!

As I said this investment is not for the risk averse.

“Well Ruth the reason for all the global bailout activity is because the banking system is critical to capitalism. ”

Perhaps this should now be rewritten to say “the banking system is critical OF capitalism.” Seeing as they are becoming an arm of the state and all …

So we are all doomed.

I believe banks will not be nationalised, as it is not in govt interests, or in the interests of fat cats who have so much tied up in options.

Well Ruth the reason for all the global bailout activity is because the banking system is critical to capitalism. Capitalism can’t operate without them.

Therefore, the govt has to keep them functioning, one way or the other.

Just as one example of how serious this is, the three largest banks in the US – JPMorgan, Bank of America and CitiGroup, all have liabilities that exceed their total assets by factors of between 5 and 7.

This means that the three largest banks in the US either go out of business or they’re nationalised. There’s no third alternative. If they go out of business that means total loss for all their depositors and all the creditors and all their shareholders.

That’s just three banks in one country. It’s not a small issue.

Either tell me in plain English, or forget it. I don’t really care, either way.

The congregation stood about,
Coat-collars to the ears,
And talked of stock, and crops, and drought,
As it had done for years.

“It’s looking crook,” said Daniel Croke;
“Bedad, it’s cruke, me lad,
For never since the banks went broke
Has seasons been so bad.”

“It’s dry, all right,” said young O’Neil,
With which astute remark
He squatted down upon his heel
And chewed a piece of bark.

And so around the chorus ran
“It’s keepin’ dry, no doubt.”
“We’ll all be rooned,” said Hanrahan,
“Before the year is out.”

“The crops are done; ye’ll have your work
To save one bag of grain;
From here way out to Back-o’-Bourke
They’re singin’ out for rain.

“They’re singin’ out for rain,” he said,
“And all the tanks are dry.”
The congregation scratched its head,
And gazed around the sky.

“There won’t be grass, in any case,
Enough to feed an ass;
There’s not a blade on Casey’s place
As I came down to Mass.”

“If rain don’t come this month,” said Dan,
And cleared his throat to speak -
“We’ll all be rooned,” said Hanrahan,
“If rain don’t come this week.”

A heavy silence seemed to steal
On all at this remark;
And each man squatted on his heel,
And chewed a piece of bark.

“We want an inch of rain, we do,”
O’Neil observed at last;
But Croke “maintained” we wanted two
To put the danger past.

“If we don’t get three inches, man,
Or four to break this drought,
We’ll all be rooned,” said Hanrahan,
“Before the year is out.”

In God’s good time down came the rain;
And all the afternoon
On iron roof and window-pane
It drummed a homely tune.

And through the night it pattered still,
And lightsome, gladsome elves
On dripping spout and window-sill
Kept talking to themselves.

It pelted, pelted all day long,
A-singing at its work,
Till every heart took up the song
Way out to Back-o’-Bourke.

And every creek a banker ran,
And dams filled overtop;
“We’ll all be rooned,” said Hanrahan,
“If this rain doesn’t stop.”

And stop it did, in God’s good time;
And spring came in to fold
A mantle o’er the hills sublime
Of green and pink and gold.

And days went by on dancing feet,
With harvest-hopes immense,
And laughing eyes beheld the wheat
Nid-nodding o’er the fence.

And, oh, the smiles on every face,
As happy lad and lass
Through grass knee-deep on Casey’s place
Went riding down to Mass.

While round the church in clothes genteel
Discoursed the men of mark,
And each man squatted on his heel,
And chewed his piece of bark.

“There’ll be bush-fires for sure, me man,
There will, without a doubt;
We’ll all be rooned,” said Hanrahan,
“Before the year is out.”

John O’Brien, Around the booree log and other verses

I believe banks will not be nationalised, as it is not in govt interests, or in the interests of fat cats who have so much tied up in options.

So I have put in an order for a few more come Monday. Not a strategy for the faint-hearted, but banks shares have never been so cheap, and you cannot lose if you don’t think nationalisation will happen.

Follow the money – look at what the Jews are doing Same as in the Great Depression. Those who bought wisely made their fortune.

Thanks for the correction, billy.

Now, about your massive delusion that the Aus/NZ banks’ balance sheets aren’t fucked, care to expand on that?

And again, what’s a Hanrahan. Google didn’t explain it, for once.

P.S. What do you mean, wrong AGAIN?

I’ve only ever been wrong once. I thought I was wrong, but I wasn’t.

NAB owns BNZ

ASB is owned by CBA

Yep, a definite Hanrahan.

Small error in earlier post, was meant to read total capital needed

NAB owns ASB.

“We need more disclosure and we need a central clearing system so we know where the risk ends up,” he said.

That’s exactly right. There’s a very good article that explains where they came from. Phil, it might have been you that put me onto it, thanks if so. It’s the unknown nature of these that’s the real issue.

Does Bollard really understand this? Was that ever “wealth” in the first place?

http://www.theaustralian.news.com.au/business/story/0,28124,24512665-30538,00.html

reid, currently in AUS/NZ, the total capital is $US0.00.

With the exception of NAB, who had their strife a few years back, AUS/NZ banks are insulated from the shiity US/UK/Euro banks.

Of course, its Hanrahans like you who only make things worse.

What a peculiar post, billy. Can you explicate please? The bits about capital and Hanrahan? You’re talking Yeats I assume? Don’t know him that well.

“the people must be kept in a state of political antagonism.”

This is the conspiracy that is denied and crippling democracy and capatilism.

“People without homes will not quarrel with their leaders.”

I can’t agree with this statement. People taken of their posessions have nothng to do but quarrel.

that’s because Michael Laws isn’t the editor. THe opinion piece would be very small, then non existent.

after insulting many of the correspondents of course.

well now I understand the true meaning of a dickhead

some one who is always angrily completely right. Berates those who don’t agree with him.

Uses colourful phrases to hide his ignorance. And is a complete moron in his fragrant and persistent portayal of self and detriment of others.

Sounds like the very one on this kiwi blog.

But, its funny how someone like Redbaiter always sounds angry and biased yet doesn’t come across as a dickhead.

But the key is to sound intelligent not angry. A tool Michael Moore uses; humour with bias. Definitely keeps the masses.

With the exception of NAB, who had their strife a few years back, AUS/NZ banks are insulated from the shiity US/UK/Euro banks.

Of course, its Hanrahans like you who only make things worse.

Thus, bank nationalization is not just a threat to shareholders of the “zombie” banks that are likely to be the ones nationalized. It is also a threat to the shareholders of healthier banks that will not be nationalized.

Re: Frank’s and RB’s posts, have a look at this: Governor of Bank of England says it’s impossible to say how much capital is needed to shore up the banking system