Financial Armageddon?!*

So according to George Bush and his cronies in the US Treasury the US Govt's $700bn bail-out package is needed to prevent a complete global financial meltdown or armageddon. Armegeddon obviously sounds more perilous. The current situation has even been compared to the Wall St crash of 1929, the Great Depression of the 1930's, the 1970's oil and inflation crisis, and recessions of the early 1980's and 1990's rolled into one. Financial commentators in the US are also using terms like the "Armageddon discount".

We're all doomed and financial armageddon awaits us all (apparently).

What a load of tosh.

If you compare all of the various metrics e.g. house prices, inflation, interest rates, unemployment, retail spending etc, what we're experiencing now isn't good, but is a drop in the ocean compared to what we've seen before.

The sooner George Bush, and Gordon Brown for that matter, depart their respective offices the better. Then perhaps Barack Obama and David Cameron can sort out this mess properly.

I guess we can now all breathe a huge sigh of relief that Financial Armageddon has been averted now that the US Senate as approved a new version of the $700bn rescue plan.

Thank God for George Bush.

 sorry francis not over till the lower house accepts it

Kyle,

It seems the International Monetary Fund disagrees with you and has stated that the world economy is entering a major downturn in the biggest financial crisis since the 1930s. In a hard-hitting report, the IMF warned the global economy was facing its most dangerous crisis for 70 years.

seems to be a lot of rumours, i think they do it to force shares down and pick them up cheap.

one ray of hope is that hsbc has turned down the offer of money from the govt. seems they have all they need.

has one bank at least got it right???