I am the average person who has just lost a third of our family's private pension, more losses ahead probably. get out now or wait & gamble on improvement?( a friends provident fund). Over the years we have really struggled to put earnings aside, now this disaster. There must be lots like like me!

margaret, hong kong,

Who has all the money that was irresponsibly loaned?
DAVID, SYDNEY,
The people who took out loans for houses at average prices of more than 8 times average wages, because everyone said prices only ever go up. The government for pushing this frenzy to gain votes and tax. Hopefully lesson learned

andy, winchester,

But the banks have got my money!

david, Bromley,

Gov, please stop giving money to bail-out corrupted banks.
The billions just go in smoke in matter of hours.
Someone must be cashing out, somewhere, although I doubt that it is the tax-payer in the role of the cow, once again.

Lauren, London, Uk

How come all the genius's cannot think of a way out ? If they knew that there was a zero chance of any tax payer money, this would be over in two minutes. When your money is at stake one can become crearive.

Desmond Taylor, Houston, USA TX

The government wants taxpayers to bail out their corupt policies. Councils organising mortgages to immigrants, that the taxpayer ends up subsiding. We are being ripped off and yet we do nothing.

Richard, Ivybridge,

Banks & Govt across the world depend on trust & people believing their words.People across the world no longer trust the words of the Goverment. Rich depositers are saying we want our money bank please and the banks haven't got enough money to cover these withdrawls. Don't be fooled get your cash.

Rupert, London, UK

All of this reminds of me of that wonderful scene from the film Airplane -the alternative viewpoint.
"They bought their tickets,they knew what they were getting into ,i say let them crash".
A timeless classic skit that can be applied to lots of applications - but this one even moreso. says I.

david devonport, Great Yarmouth, UK

The banks are obviousley enlarging the begging cap as we speak. By governments saying they will guarantee savings they are admitting the savings might not be there. If they are not basically they have been stolen and there must be a paper trace as to where they are.

rob, ashbourne, uk

Who has all the money that was irresponsibly loaned?

DAVID, SYDNEY,

Can someone who understands these things (maybe even a Times reporter) please explain the impact on the current bank crisis of Basel 2 and the later EU directives. It seems crazy that a profitable well capitalised bank is brought to its knees for reasons that are far from clear to the man in the st

David, Bournemouth, England

This recession is not the product of isolated problems in the banking sector, nor can it be confined to it: it begun in the real economy, and will end in the real economy. That the symptoms first showed in fiscal markets is neither here nor there.

James E. Petts, Burnham, England

i don't really get it. if the markets plunge on fears and concerns, why don't they just not have fears and concerns and the markets will rise? either way, they shouldn't be bailed out. i didn't notice Barclays having much sympathy for me when i lost my job.

mike, leeds,

Banks around the world are bust becuase credit markets have dried up. The most scary thing is that the Goverment of California which is just one state and in terms of economic output roughly similar to the whole of the UK cannot get finance to pay its employees.

Rupert, London, UK

Big money is still causing havoc and making fools of Governments.

Taxpayers in the West are still paying the very rich to make themselves poorer.

There's no point in pouring Taxpayers money - via Government Banks - into the system, whilst still letting the clowns in the 'Market' siphon it off

cap, london, uk

The concept of needing a recession to teach people a lesson in financial management is ridiculous. What we do need is responsible lending policies within the banking sector and the introduction of personal finance management as a key subject within the education system.

Rafel Gazpacho, Oxford, United Kingdom

...and the re-introduction of Control Orders would go some way to imposing a measure of fiscal responsibility on personal borrowing levels.

Rafael Gazapacho, Oxford, United Kingdom

It just hasn`t dawned on people yet. In my Cotswold town a new shop is opening to sell bespoke handmade kitchens- costly paints and wedding lists on the side... when no houses are being built or sold and city boys who might have patronised such a place are jobless. A reality check is long overdue.

SUSAN, Chipping Campden,

So the markets went up when the American's passed the bailout agreement but go down when European governments act to guarantee saving's,were is the logic the markets are now the cause of the problem anything to move the markets sharply up or down and make a killing seems the way they are working.

terry, watford, uk

Why not shut down the world's stock markets until a solution to the crisis is found and end the speculation playing havoc with share prices undermining the real economy. A period of calm would give Governments and markets time to assess the exact extent of the financial crisis in the banking sector

peterfieldman, paris, france

We need a nasty recession to bring us all to our senses and understand that we must live within our means and borrow in a prudent manner. Our leaders are trying to wriggle out of a recession but there is no way out of 15 years of excess. Economic fundamemtals will not be denied this time.

Chris, Chipping Norton,