« What would happen if bank bondholders were left to rot? | Main | Eskimo ice cream »
Every bed a bank?
Maybe the owners deserve TARP funds as well:
The bed manufacturer reckons that finding someway to keep your cash safe is becoming increasingly problematic. So it has come up with a new divan bed that conceals a safe.
That's for the UK, of course, where standardized deposit insurance has not attained the heights seen in this country. I thank Michael Cleverly for the pointer.
Posted by Tyler Cowen on March 7, 2009 at 06:17 AM in Economics | Permalink
Comments
Owners have got what they deserve: Gordon Brown.
Posted by: E. Barandiaran at Mar 7, 2009 6:41:34 AM
But they still have deposit accounts at the post office? Surely those are safe as ... houses?
Posted by: odograph at Mar 7, 2009 6:42:35 AM
Meanwhile, in the US, leveraged buyout firms put their money into mattress manufacturers, per WSJ:
http://online.wsj.com/article/SB123629959334046669.html
Now I ask you, what kind of company will you end up with caring, involved, informed ownership like this:
"Simmons, for example, has been owned by five equity funds over the past 20 years.
"THL bought Simmons in 2003 from Fenway Partners for $1.1 billion. Between 2004 and 2007, the private-equity firm took out one-time special dividends of about $440 million, in part funded by debt.... Simmons was owned at various times by Bahrain's Investcorp SA and Merrill Lynch Capital Partners. It was publicly traded from the 1920s to the 1970s."
Mattresses looked stable, and so the mattress companies became heavily leveraged, but sales have gone south with the decline in the real estate market.
Posted by: Zbicyclist at Mar 7, 2009 8:41:25 AM
The Spanish have a long standing propensity to keep cash at home - mostly €500 notes, half of all that are "in circulation" seem to be hidden in Spain. This bed should sell here; not only among British ex-pats.
However, a corollary is that prosperous Spaniards' houses tend to be well worth robbing -with violence if necessary. That incentive seems to work; but the statsitics are distorted by the amount of the hidden cash that is undeclared for tax, un-fit for mention to investigating police, and unreclaimable from insurers.
Posted by: Diversity at Mar 7, 2009 10:50:16 AM
That is fine for the wimpy Europeans. This is America. We turn out beds into gunsafes.
http://www.bedgunsafe.com/
Posted by: TomHynes at Mar 7, 2009 11:20:23 AM
my opinion in the world now all problems :D
Posted by: Kampanye Damai Pemilu Indonesia 2009 at Mar 7, 2009 1:22:04 PM
"But they still have deposit accounts at the post office?" Yes. But unfortunately they are run by Bank of Ireland.
Posted by: dearieme at Mar 7, 2009 1:32:57 PM
Looks like we are one step away from the days when pirates buried gold in treasure chests hoping to make it back and use them some day.
The bed is no good. You get evicted and the bed is now on the front lawn.
Posted by: bob likes to travel at Mar 9, 2009 8:59:23 AM
aion gold
aion money
cheap aion gold
cheap aion money
buy aion gold
Mabinogi online gold
Mabinogi gold
buy Mabinogi gold
cheap Mabinogi gold
Mabinogi money
2moons dil
2moons gold
buy 2moons dil
2moons dil
cheap 2moons dil
flyff gold
flyff penya
flyff money
buy flyff penya
cheap flyff penya
cheap flyff gold
Dofus kamas
buy Dofus kamas
cheap kamas
Dofus kama
Dofus gold
Dofus money
Knight online gold
Knight Gold
Knight Noah
Knight online Noah
Posted by: aion at Jul 10, 2009 2:41:47 AM
