Wednesday, Jul 30, 2008
Said is said!
FT letters: No transfer, no need for scheme
Sir, You report that the government is considering an extension of the scheme whereby the Bank of England swaps mortgage-backed securities for gilts (“Darling looks at new mortgage plan”, July 28). Treasury aides are quoted as saying that “the risk would remain with lenders, not taxpayers”. If there were no transfer of risk from private lenders, there would be no need for the scheme as the mortgage-backed securities would be marketable without the Bank's help. John Whittaker, Economics Department, Lancaster University, NB - John W is also a UKIP MEP for the Northwest Region.
Posted by mark wadsworth @ 06:49 PM (516 views) Add Comment
5 Comments
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1. planning4acrash said...
I think I'll be voting UKIP or another patriot party from now on.
2. paul said...
That's a good find mark. It points out the doublespeak in the press right now, being far too pliant to the labour party line on shelling out taspayers' money.
3. whiteknight said...
It's one rule for you. Whatever they want the rules to be for them.
4. renting2 said...
Neatly sums up what's been said here for a long time.
5. drewster said...
Thanks Mark. I'm surprised this point hasn't been made elsewhere too, it seems so obvious! Is it easier to dress something as a "special liquidity scheme" rather than as a plain bailout?