Wednesday, October 8, 2008

UK banks: what’s really happening

UK banks: what's really happening

Alistair Darling has announced a £50bn package aimed at rescuing Britain's banks. John Stepek explains exactly how we got here in the first place, and what this means now for the average taxpayer.

Posted by damien @ 12:17 PM (644 views)
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7 thoughts on “UK banks: what’s really happening

  • Eternal Sceptic says:

    all pigs in a trough

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  • I agree.

    Crash Gordon and the blubbermint should resign immediately, they led us increasingly, down a narrow path that led here. No more boom & bust – what a d!ckhead!

    We need a government of national unity. We need to weed out the chaff and stop thinking we are some massive colonial power with a massive financial institution at it’s heart. The city of London is just a load of spivs playing with billions and now the game is up. They have no credibility, the government has no credibility and the country’s finances are in tatters.

    The Labour government has taxed us too much, spent all the money on a set of “Glorious projects for the motherland”, led us into illegal and unnecessary wars and now led us into the biggest financial bust the world has ever seen. If they are not careful they will actually lead us into losing money we all have in the bank.

    This mess makes Brown look like the awful moron he is. High on public morality and prudence but sadly lacking in any sort of political insight of any description.

    He thinks he’s in The Beatles, when he’s really in “Freddie and the Dreamers”.

    A half blind sack of spuds, with a history degree, in a poorly fitted suit who thinks he was “destined” to be the leader of this country. A dangerous mix of ideology and bluster, mixed with his inability to actually make anything other than a dogs dinner of what should be one of the richest (per capita) countries on earth.

    Fook off Brown, your epitaph will be that you made 18 years of absolute bo££ocks under that witch Thatcher and the Tories look better every day.

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  • last_days_of_disco says:

    John Stepek once again gives an excellent incisive analysis.

    I fear however the fun has just begun. After the 10th or 20th bank failure will the government still be so keen to guarantee all deposits.
    A colleague of mine has just lost a large chunk of change in an Icelandic bank. The reality is coming home to people the government guarantee is
    meaningless really because it doesn’t pay out immediately. If you lose your main savings/current account, how are you going to eat? Lots of people
    are going to be caught by this.

    I need to get cash out not just for myself, but for my friends and family too.

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  • japanese uncle says:

    As shareholders the public can theoretically bring class action against those banks seeking compensation and imprisonment due to the breach of their duty of care, and the gravest gross negligence.

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  • I think that this is simply gordon clown’s latest attempt to prop up the housing bubble (with taxpayer and bank shareholder money). The key phrase is banks will be required to offer “full commitment to support lending to small businesses and home buyers”. I suppose “full commitment” means 120 percent mortgages and 8x joint incomes.

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  • Crashwatcher says:

    nooneo – if you ever beleived that the Government (GB) could countrol the economy your obviously as stupid as he is. Where were you when the Tories were tying to control it between 89 and 93 – infants school?

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  • How was it possible that a bunch of “amateurs” on a UK website saw this coming, foretold the outcome, for better than five years [that I know of and have been a contributor anyway] and all these highly-trained and carefully chosen government-types and their six-figure advisors have refuted the inevitable all this time and seem so very surprised? Why did they refuse to see reason and try to blot us out and instead supported the Kristy and Phil brigade? Japanese Uncle and Uncle Tom should be running the government. I’ll make tea.

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