UK pretty much definitely in recession, everyone else to follow probably

[Govinda]

Well, someone had to bring it up sometime, right?

I heard on the radio just there that the FTSE, the UK share index, fell to its lowest in fifty years this morning. Richard Branson is panicky and saying that this is the worst financial crisis he's seen in his lifetime. Millions were wiped off of the market's value today.

I can't really speak for America, but I know you guys are in it pretty deep too. So are the Russians.

So what should be done? Do you think the bailout plans both given by American and Irish governments (though theirs was more of a guarantee of help) are what's needed right now? Or will those funds just disappear like the last bailouts and revenue from interest rates hikes/cuts?

Personally, speaking for the UK, I'm quite worried. My bank, the Royal Bank of Scotland, lost some like 17% of its value today. That's not cool. Barclays are doing the usual stoic English thing and pretending they're not in trouble after losing 5% of their whole value in just one morning. HBOS got bought out by Lloyds TSB, who also lost something in the region of 14% value today.

I wonder how HypoReal are doing, and the American banks? Can anyone volunteer info?

Thoughts?

[Walter Sobchak]

The Dow fell before 10,000 yesterday. That is one of those "Holy shit!" moments for sure. Recession is all but guaranteed. At this point, we need to worry about depression.

I am personally excited for a possible return to the bartering system.

[Doc Rocco]

While we here in Australia aren't experiencing as drastic changes in the stock markets, we're still feeling the sting. The ASX fell 3.3% on Monday, reaching a 3 year low. In response, the Reserve Bank has cut interest rates by 1%, the largest cut in 16 years. We're only buying 72 US cents now, and it actually sunk below 70 cents today. That hasn't been the case for years now. For a while, it looked like we were going to reach the point in the next year where our two currencies would be equal.

This has also shook up the banks here. For a while, it looked like many of our banks would end up being taken over, and indeed, the Commonwealth Bank will most likely acquire Bank West later this month. They've already begun negotiations (I think) or at the very least, an offer on the bank has been made.

So yes. I am worried that if Wall Street crashes, Australia, the UK, New Zealand and a myriad of other countries will also be going into depression. Not good.

I am personally excited for a possible return to the bartering system.

Hear hear! Soon we'll be able to swap our computers for a bowl of rancid muesli, as we'll no longer be able to afford Internet connections when we're in the Great Depression of 2008. I'll have to brush up on my bartering. It's been a few hundred years since I last did it.

[Walter Sobchak]

Hear hear! Soon we'll be able to swap our computers for a bowl of rancid muesli, as we'll no longer be able to afford Internet connections when we're in the Great Depression of 2008. I'll have to brush up on my bartering. It's been a few hundred years since I last did it.

We won't all survive the bartering system, for sure. I mastered the art back when I traded Pokemon cards, so I will be fine.

[Sean]

The Bailout can help to an extent, but as all our silly officials keep saying, it requires a lot of oversight, and I hope with all the hope I can muster these Millionaire CEOs who are fueled by greed get what's coming to them. Quite a few are being investigated now and many more are to follow.

We just covered a lot of the topics in my Business Administration class as to ethical and legal behavior, and most of these assholes acted unethically but still barely within the law, but that may not get them off with the economy in this state.

[Unknown Entity]

I don't know if I heard correctly, but they were saying on the news that our shares went up - just a little - today. Not much of a difference I guess, but at least its a sign that things can get better.

Lol... I remember the day when a pack of crips were only 30p... now your looking at 45p or 50p... Unless you don't want out-of-date chocolate anyway.

Damn banks for over spending...

[Martin]

It's rallying. Looks like the bailout may work although it's early days. FTSE closed up 3.3 % today at 4,391.21 but well... I'm a little concerned it will fluctuate massively until the proposal comes to fruition.

I'm extremely annoyed at the total lack of management that caused this mess in the first place. And what do we do, we bail them out. I spotted this 18 months ago, because crunching is what happens when people live beyond their means. So whilst I can gloat and whine... I wish that it had never come to this at the first place.

One thing though, isn't Gordon coming out of this very well? Guaranteeing the Icelandic investors their stakes and assets... restoring faith in a shattered credit market... Fourth term maybe? Is it enough? I do wonder...