Monday, Feb 18, 2008
This is only a precursor ... recession approaches.
Times Online: Devil is in the detail of financial announcements
“The purpose of nationalisation should not have been - and in the end will not be - what the Chancellor and the Rock’s new chairman, Ron Sandler, promised yesterday: to continue “business as usual” at the bank and eventually to return it to the private sector, maybe even securing a nice profit for taxpayers in the process. The purpose of nationalisation should have been - and in the end will be - to recoup £100 billion of taxpayers’ money as quickly as possible ..." and to slice and dice it ASAP ... please.
Posted by fahrenheit451 @ 02:14 PM (522 views) Add Comment
3 Comments
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1. fahrenheit451 said...
Unfortunately we now have two forthcoming scenarios, neither "desirable". Either a full-blown "inflationary driven" recession is approaching, or a crunch which will take the heat out of the recession and turn it into a "short sharp shock". Which way it falls is only a matter of base rate manoeuvring. We are not convinced but it might be that the Fed is going for the quick kill to get it over with. Unfortunately there is the “China” factor to contend with.
And whilst I’m on the subject, it should not be forgotten that it’s mineral resources that are behind the Darfour problem, just like Kuwait, or any other military war.
I repeat, this is the new Cold War, an economic war … and there will be casualties.
2. hpwatcher said...
''the Fed is going for the quick kill to get it over with.''
They would love to think that is possible...it's good for their egos.
Recession is here...I'm hearing about redundancies all the time.
3. Simplysam said...
More jobs for the boys! How about Mr Sandler only getting his pay of £90000/month(said on BBC) after he turns NR around.
Most of us mortals have to cough up 1000s of pounds of money to enrol on childish training courses because jobs are not offered.
Nobody mentions who this £55 billion is owed to? Or where this money has gone. It is still in the country is it not?. Has it gone to the developers who are putting house prices up to cover their fat profits and pay for the army of workers?
Everyone has to have every little expense with receipts ready for ten years incase needed for tax purposes and a bank with FSA regulation makes a simple little miscalculation to the tune of £55 billion and gets saved and everyone paid. Do the bosses fillin their tax forms?...What a laugh!...It is not a miscalculation. Someone has to pay with their life/money/time/skills. Borrowing from future to pay for now is like what is happening to the global climate. Sooner or later it is pay back time.