Community Views : What’s on the boards today….7th Dec 2010

7th December 2010

The Daily Telegraph

"The euro fell sharply against the dollar ahead of a crucial meeting of eurozone finance ministers over the direction of monetary union as a Hungarian bond downgrade left investors uneasy about European debts."

hayek thinks: "I HOPE THE MARKETS DESTROY THE EURO BEFORE IT CAUSES MORE DAMAGE AND MISERY TO EUROPE. I am shorting the euro, buying put options on the euro worth 50 grand. Wish me luck!!!"

The Daily Telegraph

"HSBC failed to act on "numerous red flags" raised over Bernard Madoff in an act of wilful neglect that allowed the fraudster to carry on for years longer than he otherwise would have done, a lawsuit alleges."

ejderha comments: "The Madoff scam was the result of a lot of different people choosing to ignore the signs. Not just banks and authorities. But most seriously the investors themselves! The continued return on the funds were just too good to be true! I should know I lost a load during the whole affair. But on reflection I chose to ignore the signs because I wanted the "free lunch"."

While in the Independent they are saying:

Thruthseeker: "Whats new the whole banking sector is the same selling of toxic debt bundles as investment packages with the aid of the credit rating agencies, billions of pounds being thrown at the banks and the person on the street is left to foot the bill, and billions more will continue to be poured down the black hole all to prop up a corrupt body,"

And the Wall Street Journal readers think:

Tim Murray: "The word on the Street is that the Social Security Administration may be sued next because that's where Bernie got the idea in the first place."

The Guardian

"European leaders are facing fresh demands to increase the size of their rescue fund as the financial markets continue to threaten the weakest members of the eurozone."

chickenlover says: "Follow Iceland's example and let the banks go."

The Economist

The Economist are asking will the Eurozone break up?

The Daily Telegraph

"Under questioning from MPs on the Treasury Select Committee, Stephen Nickell, a member of the Office for Budget Responsibility (OBR) and a former Bank of England rate-setter, said a collapse of the single currency was "a possibility"."

noah2010s says: "Euro collapse has already happened otherwise why are the ECB propping up ?"

Followed by nawibo "£ collapse has already happened otherwise why is the BoE propping up with QE?"

The possible collapse of the Euro is the top story in the Daily Mail:

Tony writes: "I predict the Euro will be dead by the middle of 2011. Hooray! Perhaps then we will cancel our membership of "Euroland club", and can once again make our own laws, and get back to at least a modicum of sanity"

The Daily Mail

"Overdraft charges soar to record 19%: Borrowers pay an extortionate 38 times the Bank of England's base rate"

Michael Cawood thinks: "I would like the bank to pay me 19.5% interest on my savings."

The Wall Street Journal

"Germany beat back bids for more expansive approaches to Europe's rescue of its fiscally troubled countries, leaving the euro zone to muddle through in the near term as markets warily watch Portugal and Spain."

David Cole writes: "Trust the Germans to give the rest of the EU a badly needed reality check. But you gotta love the cheek of the EU to spend other people's money. At some point Germany's going to tell the rest of EU to get stuffed, and it will collapse like a house of cards. It will be highly entertaining and satisfying to watch." 

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