Monday, Jan 19, 2009
The latest banking bail-out won't be the last
MoneyWeek: The latest banking bail-out won't be the last
So the Government has yet another bank rescue plan. But it won't be the last, says John Stepek. And because of reckless lending, bad policy and poor regulation, taxpayers will be left with billions of pounds-worth of garbage.
Posted by damien @ 01:49 PM (633 views) Add Comment
8 Comments
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1. 51ck-6-51x said...
I can't resist.
"taxpayers will be left with billions of pounds-worth of garbage"
...which will be about enough to buy two dozen eggs, eight rashers of bacon and a loaf of bread.
2. need-a-crash said...
"That's what makes it somewhat galling when Gordon Brown says he's angry about the banks' behaviour. Well, you know, Mr Brown, maybe you should have thought of that when you saw house prices rocketing. Did you never wonder where the money was coming from? It wasn't because people were suddenly earning a lot more. Or because we were woefully short of houses in this country (as is clear from the sudden glut of cheap rental property hitting the market)."
Money Week speaks the Truth again :) There is a voice of sanity out there after all.
3. letthemfall said...
John Stepek is good on quotes. The one from Evan Davis is the most relevant here I think. Bankers followed the herd like fund managers follow the herd, one reason being they feel safe in the crowd, even if they realised (some must have) what was going on. Similarly politicians follow the electorate and other countries. This govt must take responsibility for its actions, but it is pointless slagging them off as being totally at fault for the current situation, because if they had acted to restrict credit they would have been criticised for stifling growth and individual freedom to borrow and accumulate wealth. Govts fail not just because of their shortcomings, but the electorate's too. The boasts they make become their epitaphs. Gordon Brown's will no doubt be "No more boom and bust."
4. techieman said...
letthemfall - its not often we agree but......
5. letthemfall said...
You kinda like me, don't you techieman
6. techieman said...
..."like" hmmm "grudging respect" is the best i can do :-).
7. troy said...
Darling said it was the second in a series of measures this morning. duh!
A supreme psychoeconomipolitical coup
as has been said before acute wealth extraction, forget the detail and other diversions, look at the facts.
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