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Twelve more US banks join the funding party

It is beginning to look like a party invitation list as another 12 US banks sign up to the country's record breaking rescue plan, or should that be plans?

The US stock market, along with those in Europe and the Far East, has been in meltdown of late as the financial turbulence hitting worldwide markets continues to gather pace. After a period of reflection when many assumed that the worst was over we are now seeing the start of another massive down leg which could literally put many economies back years.

To make matters worse the Yen has been very strong on the currency markets and the G7 of the largest economies in the world have expressed concern that the strong yen could cause major problems and thwart any possible short term bounce. If you look at the situation with the yen and also consider sterling's problems with dollar it really does look as though the UK is in one of the weakest positions of the developed nations.

More action is needed now to hit the real problem, the lack of money in the pockets of tax payers and the fact that many in the UK are dreading the expected winter cold snap.

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