Save save save.

Peter Schiff does it again on Takimag.com
I know if we all start saving money things will get worse - but Schiff makes the important point that it is the leverage on capital that makes possible lending. So £1 saved is - say - £10 lent.
The present problem is that that £1 isn't there. Arguably, all the money thrown at the banks is to replace that £1, because the trillions they used to borrow on the interbank market has gone - and has had to be replaced by their own tier 1 capital and actual deposits. And, of course, all those taxpayer squillions.
So the answer? Save like hell and/or pay down debt as fast as possible.
The quicker you do it, the faster we will get back to a sort of normality.

Loans loans loans

As I'm in Romania I am somewhat insulated from the hurly burly of the present political debate about borrowing all that money ( I ask you, who on earth is going to borrow a falling pound?).
The one thing that did filter through, because it was on Romanian TV news, was that Woolworths had gone bust. That was always going to happen once the original GBP1 takeover failed to work. The Romanians are fascinated by the goings on in UK and US - they find all the esoteric instruments completely incomprehesible. A loan is your brother giving you RON 1000, and getting it back sometime later - with or without interest.
The banks clearly think they can do better than what was on offer. Personally, knowing what administrators and lawyers charge, I would think they will end up worse off, but it may also be a wake up call for other struggling companies - sort yourselves out or you are toast.
That chap Corbett who destroyed Network Rail or whatever it was called was in charge of Woolies for a few years, and appears to have done exactly the same thing ( albeit he left a year or so ago.)
And no, he was nothing to do with Sootie and Sweep.