Tuesday, September 18, 2007

Free-market principles turned upside down

NoCityBailout Petition

Anyone who plays the housing market IS in effect being bailed out right now, with the costs carried by all taxpayers. Petition the Prime Minister not to bail out mortgage holders and mortgage lenders with our taxes. http://petitions.pm.gov.uk/NoCityBailout

Posted by templer @ 01:44 PM (1203 views)
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5 thoughts on “Free-market principles turned upside down

  • 21 people have already signed

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  • If the BoE had not acted yesterday, NR would have gone under. After that, A&L, Paragon and so on. Allowing the City (our key export) to self destruct was never really an option.

    Could Gordon have avoided the worldwide credit freeze caused by greedy mortgage and bond salesmen in the US and Wall St? I don’t think so. Read Bloomberg and you will see that even the Malaysian Ringgit dropped for the 3rd day running on “sub-prime woes”.

    If the BoE had allowed the NR merger a few months back the same disaster would have hit A&L or B&B. Sub prime is a Tsunami, I believe, and a bigger wave (of bond defaults) is coming around the end of November 07.

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  • I would sign, but as the road pricing petition proved, those online petitions are just another example of appeasing to the few.

    Even if every person in the world put their name down it would not make a damn bit of difference

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  • captain sensible says:

    I think that the main benefit of this petition, if enough voters sign it, is to let the government know that not everyone is seduced by the fantasy notion that if the house they own (but cannot sell because they need somewhere to live) is supposedly worth hundreds of thousands, that all is well in the world. This might just encourage the government to pursue policies which are a bit more balanced than ‘spend, spend spend and don’t worry about the trillion odd pounds of personal debt’. Sorry, I’m in my own fantasy land this evening – thinking that governments ever listen to anything.

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