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Tuesday, February 10, 2009

BetOnMarkets Afternoon Report

Just a short note today -- Effectively markets are on hold pending the
details of US Treasury Secretary Geithner's bank recovery plan an 4PM.
There's also the small issue of the $838 billion stimulus plan which is
going before the senate. Obama last night said that the world's largest
economy faces a 'full blow crisis'. While this may be a statement of
fact, it is hard to know if the intention behind such a stark statement
is partly to facilitate the passing on the new stimulus plan.

In the UK, former RBS chief executive, Sir Tom McKillop wins the award
for understatement of the year with his admission that the purchase of
ABN was a 'bad mistake'. The lion's share of RBS' record losses and
indeed UK the government bailout have been swallowed up by this
disastrous takeover.