$700 billion bail-out fails

[pete2711]

Originally Posted by cow moolester

Once America collapses, the rest of the world just dies

Sorry but thats just bollox unless ure a yank then thats pure ego.

[cow moolester]

Originally Posted by pete2711

Sorry but thats just bollox unless ure a yank then thats pure ego.

Of course it's an exageration but it has a lot of truth in it... America makes up something like 25% of the world economy. If the dollar collapses then it is VERY bad news for the rest of the world.

Ever hear the saying "When America sneezes, the rest of the world gets the flu" ?

[guil07]

its true, i bet once the big banks start to go bust there then they will everywhere, sure didnt the federal reserve have to bailo out aig, man u's sponsor

[cow moolester]

Yep... that's because if AIG went then we would get a complete global economic collapse. AIG insures all the bank's loans. If the banks didn't have insurance on their loans and people defaulted on their mortgages then the banks would be forced in bankruptcy. Banks everywhere would shut down....

Also, Banks in Europe have major share holdings in American banks, if they lose them then it would spell major trouble for them over here...

Luckily for us, the Government said they would protect any domestic bank in Ireland. I'd say AIB are happy to hear that considering their shares fell 44% today.

[pete2711]

Originally Posted by cow moolester

Of course it's an exageration but it has a lot of truth in it... America makes up something like 25% of the world economy. If the dollar collapses then it is VERY bad news for the rest of the world.

Ever hear the saying "When America sneezes, the rest of the world gets the flu" ?

Yeh you used it in a previous thread,

How will it directly effect me?? Thats what i want to know really because i don't understand alot of this .

[ChrisPs3]

It's actually not funny, if America collapses financially, they are so vulnerable to an attack from Russia. AMG! o.O

[pete2711]

Oh i slightly get it now, If you dont have a morgage are you ok?

Edit, Actualyy no, I Don't get it

[razgriz]

america will obviously suffer the most to which a lot of the world will take pleasure in but who knows what will happen. i really doubt it'll affect the world in a massive massive way in which joe public suffers big time

[pete2711]

No i didn't think it would effect us much personally, We shud cut all ties with america some how an leave em to it.

[guil07]

Originally Posted by cow moolester

Yep... that's because if AIG went then we would get a complete global economic collapse. AIG insures all the bank's loans. If the banks didn't have insurance on their loans and people defaulted on their mortgages then the banks would be forced in bankruptcy. Banks everywhere would shut down....

Also, Banks in Europe have major share holdings in American banks, if they lose them then it would spell major trouble for them over here...

Luckily for us, the Government said they would protect any domestic bank in Ireland. I'd say AIB are happy to hear that considering their shares fell 44% today.

ha thats a joke they cant run the country let alone bail out a bank
there was somone on gerry ryan the other day sayin if ur bank go's into liquidation well then there is a (cant think of the name) that will pursue ya for ur loans and mortgage

[ChrisPs3]

You won't beat Cow, he reads The Independent.

[guil07]

yeah but when he's in school i have the gr show (gerry ryan) and i'm not tryin to beat anyone

[cow moolester]

Originally Posted by pete2711

Oh i slightly get it now, If you dont have a morgage are you ok?

Edit, Actualyy no, I Don't get it

If you don't have a mortgage then you will be ok..It won't effect you directly then.

Basically, you'll have a VERY hard time getting a mortgage r any other loan in the future as no other bank will lend to eah other.

You can expect 0 increases in pay because this effects all businesses negatively. They won't have the money to keep raising people's salary... There's some other effects too.

[guil07]

i got a mortgage and all the loans i wanted already lol, rte even made lots of cutbacks, gerry ryan wasnt happy cos he had to buy his own coffee

[ChrisPs3]

Originally Posted by guil07