Happy St Patrick's Day to the Irish or those of Irish descent. Here in Scotland, our national day is November 30th. The weather today is quite acceptable, fairly bright with some chinks in the clouds. The webcam shows that quite well.
The US has now got its own Northern Rock - it's called Bear Stearns. This bank was taken over for a fraction of its recent value by competitor JP Morgan on the back of the mortgage crisis. I specifically omit the word "sub-prime", because in a recent commentary, I heard that the problems with defaults on payments were spreading into the normal mortgage market.
Plugging one hole with another does not work in the long run. When you run out of holes, you're in one hell of a hole. And if you keep digging, it just gets worse. I'm not being even half funny saying this. It is what lies at the bottom of this debacle.
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"HAPPY ST.PATRICKS DAY,GUIDO-
ReplyDeleteSorry we missed your day of celebration........
connie
Seems with our economy tanking more each day the holes are getting bigger & bigger.
ReplyDeleteLisa
Lot's of celebrations today for many. Thanks for the link to the webcam. I saw the news this morning concerning the breaking news ...things are going down fast...take care!
ReplyDeleteJoyce
Happy St. Patrick's Day!
ReplyDeleteI be a wee bit Irish...
Linda :)