Wednesday, Sep 12, 2007
Mervyn's the man!
Guardian: Bank won't bail out City
"Mervyn King today ruled out emergency cuts in interest rates or easier credit terms to bail out the City as he warned Britain's banks that they would have to face the consequences of excessive risk-taking in the past."
Good. Let the reckless borrowers learn a lesson.
Posted by quiet guy @ 07:57 PM (183 views) Add Comment
1 Comment
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1. dohousescrashinthewoods said...
Apologies for re-posting:
I have picked up some respect for Merv in this. Seems like he's at least trying to steer towards the right thing.
To stand up, limit the money-printing and tell te banks to buzz off and deal with their own mess is quite something. Partcularly when you compare it to the paid shills at the Fed who lie on cue, print money when asked to and inflate a given bubble under orders. "To serve and protect the rich, and provide lip-service to the poor".
At least Merv could hold, as real rates are rising for him, and justifiably not cut until things really get hairy. He may still get crushed, but he would be in the middle when it closes in, rather off down a yes-man Fed cow-tow trail.