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Henry Paulson in talks with US banks

Henry Paulson has emerged from his bunker to begin talks with the massive array of US banks as details of the $700 billion recapitalisation of the US financial system begin to emerge. While the UK market had its own day in the sun with an 8% rise it was the US market which took the lead with an 11% rise of just under 1,000 points!

Slowly but surely we are seeing an increased acceptance of the rescue plan and while the UK / European initiative has grabbed the headlines over the last few days, the start of the US bailout is set to obscure almost everything else happening in the markets of the world. Finally we are now seeing some movement in the stock markets but we need to see this follow through to the money markets and get the liquidity flowing again.

The next couple of days need to see banks start to lend money to each other again and we should see more of the same on the stock markets of the world. However, if the banks were not to follow through and start lending to each other then we could easily be back to square one again having wasted the last funding available for a rescue. Quite what would happen then is something we cannot afford to contemplate.

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