credit market stink

[archytas]

The effects of the crisis are showing up in some unexpected places.
One of the latest casualties is the sewer system of Jefferson county,
Alabama. The county, which includes the city of Birmingham, had agreed
to interest-rate swaps worth a remarkable $5.4 billion in an attempt
to limit its financing costs. But the rationale for the deal was
undermined by the credit problems of the "monolines", which insured
the sewer system's bonds. The result was a sharp rise in financing
costs. A group of banks led by JPMorgan Chase is asking it to put up a
further $184m in collateral; the county is refusing. Standard and
Poor have rated the debts involved at CCC, which is about as good a
currency as dog-dirt.

All that goes around comes around. The Queen will no dount soon be
offering you traitorous colonials shelter in the empire once again,
and perhaps the loan of the royal plumbers!

Sir Francis Drake (RN retired)

[ornamentalmind]

"We", the colonials have had our share of and fill of plumbers,
attempting to put their thumbs in Water Gate!
I'm sure our typical arrogance and greed will remain as we whirl down
the toilet's maelstrom.

[archytas]

I often try and give our royal family away Orn. My scheme to
repatriate them to Germany fell foul of EU legislation. So many
Americans come over to watch the Queen's birthday celebrations I
thought it greener to send them over to you.

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[ornamentalmind]

Sorry Neil, I already have my hands full with the madness of king
George!

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[archytas]

Perhaps we'll have to pass them on with something useful, like a
couple of bags of sugar?

[ornamentalmind]

Uhhh, in the USA at least, almost EVERY food purchased is laced with
that white stuff. So, no, not even aspartame!

[archytas]

I'm off to securitise my toilet Orn - see you later.

Neil