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UH OH: Britain is in no position to laugh at Iceland’s problems. “Is Britain simply a bigger ver…
Instapundit — ... UH OH: Britain is in no position to laugh at Iceland’s problems. “Is Britain simply a bigger version of Iceland? Certainly the City of London is starting to look a bit too much like Reykjavik, but with taller buildings and fewer cod. It is an exaggeration, but not that much of an exaggeration, to liken the UK to the broken, bankrupt North Atlantic island.” ...

Too big to bail
The Corner on National Review Online — ... ] As a break from the economic gloom over here, here's some economic gloom from over there. The Times in London : In essence the domestic banks are largely bust. The Government s 500 billion bailout plan is primarily designed not to keep banks lending to small firms and to homebuyers but to prevent an unimaginable financial calamity... We should not be worrying about whether this is going to be a thin Christmas for retailers (it is), but whether Britain and the West are about to plunge into a years-long economic Dark Age complete with mass unemployment and social unrest. ...

IS ALL THE ECONOMIC DOOM AND GLOOM JUSTIFIED?
Right Wing Nut House — ... and places them on the larger balance sheet of the public sector, he said.“It’s not good,” but society is vulnerable and society is going to have to intervene, Hendry said. I don’t know Mr. Hendry from Adam but CNBC thinks enough of him to quote his prediction and include a video of his remarks. Does that make him an expert? Got me. And its even worse overseas – if you believe the foreign press. Iceland is all but bankrupt, the product of their state bank going belly up. But what about Great Britain? The scale of our problems has still not been understood. In essence the ...

Quotes of the day
Hot Air » Top Picks — ... for retailers (it is), but whether Britain and the West are about to plunge into a years-long economic Dark Age – complete with mass unemployment and social unrest… The fattened-up capital cushions of the banks will be enough for a while, but banks remain colossolly levered. It wouldn’t take much of a deterioration in their assets to wipe out all the fresh capital raised. The banks may well have to come back to taxpayers for more. They will be given it, too, albeit at the price of total nationalisation .” * ...