Monday, Apr 21, 2008
Chasing their losses......
Daily Mail: £50billion taxpayer funded bail-out for banks could be doubled
''...The City was holdings its breath today to see if the dramatic £50billion cash injection to the banks is enough. There was speculation it could be doubled to an eye-watering £100billion if necessary to stave off a collapse in the housing market....'' Make no mistake, the cost of housing has become EVERYTHING to this government. Nothing else matters.
Posted by hpwatcher @ 11:15 AM (306 views) Add Comment
1 Comment
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1. Icarus said...
Who gave AAA ratings to these assets? The ratings agencies have been discredited - they worked closely with the underwriters securitising mortgages, the business of rating these securities was highly profitable and their complicity was essential for generating new markets in risky MBAs. Their models were deeply flawed - based as they were on default rates in the 'good times'. So what does 'AAA' mean? Has the BoE second-guessed the ratings agencies and done its own ratings?