A cynic might say that mention of returning to the' up tic rule' coincided with a rather silly announcement from Citi (yes the banks are making fat profits) to inflict maximum damage to anyone short the market and with Citi under $1 it was not really a huge punt for anyone. It's one thing to trade markets but when governments stick their oar in, it's like your team playing against not only the opposing team, but also a crooked referee.
Aside from my trading I am involved with helping people with debt problems, and I can only foresee an avalanche of these-and not just the typical £16k on the plastic- fuel bills,food bills and rents have increased, and we do not have deflation, so poorer people are squeezed. My council tax is over £1800 or £34.60 in old money-that is a lot to get the bin emptied!
The banks mailshot me with offers of loans and credit cards all over 20% interest. As Warren Buffett said -I can't get rich borrowing money at 20%- for once I agree with him.
Wednesday 11 March 2009
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