Saturday, Feb 21, 2009
LESS transparency? BAD idea!
BBC: New Banking Act comes into effect
The Bank of England will be able to give hidden support to stricken banks, with the aim of maintaining financial stability.
However, critics of the act say it throws a cloak of secrecy around the banking world, which could be detrimental for consumers.
The act allows certain decisions to be exempt from disclosure under Freedom of Information laws.
Posted by gardeniadotnet @ 05:48 PM (642 views) Add Comment
11 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. gardeniadotnet said...
The financial system is collapsing due to lack of trust.
Now ask yourself, is this action likely to decrease the level of trust? Of course.
So why would they want to go and do a silly thing like that for?
2. paul said...
"The new legislation is unlikely to prevent banks collapsing but it arms the financial authorities with the ability to act behind the scenes in the overall interest of the economy"
So it enables unnamed, unelected officials to act for the common good, according to their own definition of the common good, on terms they define in utter secrecy without any supervision and without any auditability.
Sounds to me like a despotic act from a government desperate to hold on to power.
3. Right Old Madam said...
Sounds to me like one of the real reasons for this orchestrated boom and bust coming into fruition. What exactly do they really intend to do behind the scenes that we mustn't know about? Bring in a global bank, do away with currency, transfer even more wealth..... by any chance?
4. Right Old Madam said...
p.s. Of course the announcement is made quietly on a Saturday.
5. plato said...
Just received an ancestral email :-
Sophocles wrote, "Do nothing secretly; for time sees and hears all things, and discloses all."
6. plato said...
........and for those religious among us :-
Buddha, once said "Three things cannot long stay hidden: The sun, the moon and the truth."
7. plato said...
......and what naturally follows as a result of secrecy:-
A conspiracy theory alleges a coordinated group is, or was, secretly working to commit illegal or wrongful actions, including attempting to hide the existence of the group and its activities. In notable cases the hypothesis contradicts what was, or is, represented as the mainstream explanation for historical or current events. The phrase is also sometimes used dismissively in an attempt to portray a person or group's views as being untrue or outlandish. (wiki)
8. Marc said...
Desparate, paranoid and out of control.
Despotic, controlling, coercive eliminators of civil liberties who hold nothing but contempt for the British People.
People on the make, exploiting tax payers money for their own means.
Oh, the David Kelly whitewash (psst. should be careful what I say or I may be taken for a walk up a hill)
Incapable politicians with no real world experience. They live in a blissful ignorance of the lives the majority. Even if they
An isolated, a wounded dying animal.
The streets of London will be alive this Summer I think. Will the people care about the 1km Parliament Square No Demonstration rule (to keep them isolated from reality). I doubt it.
The game of Labour is so filthy that they have to hide it. What back room deals will be done to ensure the bankers look after the government members who help them?
And don't blame it all on the bankers. Labour just as culpable. Failure to regulate. Over taxation of the people and a demoralised nation fed up of living in this now vile nation.
Labour has properly buggared Britain. Why are we tolerating them?
9. Cashisking said...
What will this do for foreign investor confidence in the UK? I cannot believe that they didn’t consider this, but on balance they decided they needed these powers. Things are THAT bad.
10. troy said...
a theory, a possiblity, a probability, an accepted fact.
Years ago when I was new to this stuff I approached an elderly, dare I say 'middle England', family member regarding money and conspiracy theories. "WHAT! she screamed "YOU MEAN THE BANKS? that's no theory, THAT IS FACT!"
nough said
11. mdmick said...
I guess that Company Law books will need an appendum with regards to what constitutes insider dealing.
Mr X knew that bank Y was in trouble and he sold his stock of shares based on that information before news reached the market;
but it's OK because an Act lets some people keep secrets.