Irish Banks surge for 3 days

[Tox]

Proof that bail outs work,

Despite the fact that all major Irish banks are still making considerable profits the Irish government has past a law providing 400 Billion euro of protection to Irish banks and a protection for all people who save with these banks. Not just does it protect Irish bank but their subsidiaries as well. With the Bill passed the ISEQ has surge despite massive losses in New York with all bank up a min of 10 each day since the bill has been passed.

http://www.independent.ie/business/stocks-markets/banks-leading-charge-as-new-act-lifts-iseq-gloom-1488753.html

http://www.independent.ie/business/irish/government-may-extend-euro400-billion-guarantee-after-plan-approval-1487796.html

http://itn.co.uk/news/19d6b4bf3a1ea524317401e01ffb7bd0.html

And as far as I know they cover foreign subsidiaries of Irish banks to like Allfirst in the US and First trust bank in the UK and a lot more.

Funnily enough it covers the UK's post office savings as there ran by Bank of Ireland.

[Tox]

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4856987.ece

British bank's taking a hit as Irish bank and subsidies rake in massive amounts from people switching there savings.

[Melidan]

It wont last.. The economic bailout is a band-aid, and capital is still flowing into money markets and T-Bonds as a recession is almost assured now.

[nonamemark]

Well Ireland is offically in a recession now

[Zagato]

It wont last.. The economic bailout is a band-aid, and capital is still flowing into money markets and T-Bonds as a recession is almost assured now.

Indeed.

Lets go back in time to 1979. The Chrysler Corporation nearly goes to the wall. But the government steps in and bails them out. In an attempt to help out, the military stockpiles on Dodge pick-up trucks to make America's first non-combat 'techincal.'
Fortunately it was Chrysler's invention of the minivan, one of the biggest impacts on our childhoods, that saved the corporation's hides.

So how on earth will this kind of bailout work out? What the hell could the banks pull out of their asses that could be as influential as the minivan!?

[Tox]

Indeed.

Lets go back in time to 1979. The Chrysler Corporation nearly goes to the wall. But the government steps in and bails them out. In an attempt to help out, the military stockpiles on Dodge pick-up trucks to make America's first non-combat 'techincal.'
Fortunately it was Chrysler's invention of the minivan, one of the biggest impacts on our childhoods, that saved the corporation's hides.

So how on earth will this kind of bailout work out? What the hell could the banks pull out of their asses that could be as influential as the minivan!?

All banks willing to be covered by this bill will have to have the senior management appear before the Dail (parliament) for a serious grilling as to how they could have let this happen.

[Melidan]

In other news, Dow plunges 500 pts, below 10,000 for the first time since October 2004.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aEwyz_pna0jE&refer=home

Edit:
http://www.usagold.com/amk/pics/steinbigfatbailout.gif

[Villalba]

is Ireland, a very small densly populated island, with a Western Economy based on alcohol products as their principal export, a bailout is going to work there because their economy is small but fill with prosperity. While in the United States it is different because its wider dense, higher the demands, and a bigger wide array of goods and services.

[King Seifer Almasy]

this is all a temp fix once this is done we are all goners for this whole mess

[Tox]

is Ireland, a very small densly populated island, with a Western Economy based on alcohol products as their principal export, a bailout is going to work there because their economy is small but fill with prosperity. While in the United States it is different because its wider dense, higher the demands, and a bigger wide array of goods and services.

Irelands largest export is Computers and beef actually.

Also Ireland is the 3rd largest software exporter in the world and is heavily dependent on the pharmaceutical industry. Alcohol is a traditional Irish industry not a modern Irish industry.

And the reason that this worked is because it was put in place before a bail out is needed, this is simply a gaurentee that if needed a bail out will be there. And it includes private and corprate savings. The main effect of this was that because the British financail sector is in a shambles british companies and people are transfering there money to Irish and Irish owned banks which will raise the capital they require to keep trading and lending without going under like other banks.

[Villalba]

But what happens if the Irish bank fails, all that money will go down the drain, and a lot of British companies are going to loose their savings, I just wish it would happen in Switzerland, so that those bastards that stole all that money from my country's treasury would pay the price.

[Melidan]

Just heard on CNBC that European consumer institutions are refusing to accept UK credit cards.

[Tox]

The problem is so bad in the UK that the goverment is spending £50billion to part nationalize the major banks, it costly but atleast the tax payer will have something solid, once the back get back on there feet they will be able to sell the shares at a tidy sum one would presome.