Tuesday, February 3, 2009

‘Bad bank’ still being considered

'Bad bank' still being considered

UK Chancellor of the Exchequer Alistair Darling said that the establishment of a bad bank to ring-fence toxic bank assets had not been ruled out. "We've certainly not closed the door on a bad bank if that is necessary," he told a House of Lords committee. In January a Treasury rescue scheme was introduced to insure banks against heavy losses on hard-to-trade assets. But the chancellor said that he still thought that "we need to look at a range of options" that were available.

Posted by flintster1994 @ 07:20 PM (789 views)
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11 thoughts on “‘Bad bank’ still being considered

  • they wont need to discuss a bad government……lol

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  • I expect this ‘Bad bank’ to be established within a month or two. There appears to be no movement in any significant lending patterns that I can see. £185 billion quid later and the banks are still letting viable businesses go to the wall ! Far from preventing the “stop – go ” economy Brown and his cohorts will be seen as the fiddlers at the wake that is this recession.

    Our reliance on the financial sector to drive the economy was singularly the most ridiculous and dangerous policy that any government has exploited since the Labour party’s disastrous socialist ‘experiments’ in nationalising our industrial and manufacturing base into extinction. They are again ‘experimenting’ with their disastrous exploits into supporting the banks and the financial sector without reserve. After their ‘bad bank’ will come the expansion of the ‘Post office bank’, that will be used to directly try and support the housing bubble they created and allow distribution of all those hot new £5 and £10 pound notes into the sweaty palms of a desperate public, mad rabid by easy money and the lack of responsibility that not paying it back incurs!

    The VIs are many, almost anyone with a job or their own home has exploited the easy credit of recent times to expand either their property portfolios or their waistlines or both. A huge chunk of the population has used the 15% increase in their property’s value to borrow ever larger amounts, buying ever more over-valued houses to used the equity as an income. Prudence has been thrown to the wind and every fool and his aunt have MEW-ed to buy holidays, kitchens, chelsea tractors, kids educations, plasma screen TVs, more holidays and even boob jobs!

    The history books will look back at this time and remember – “No more stop-go economics” – “no more boom & bust” – “Sound fundementals” – “A strong economy based on our financial services” – And we might all remember that the “do nothing party” might have been right for not going the whole hog and bankrupting the country with this pompous man’s Keynesian untried and untested philosophy!

    The history books may also look back on today, particularly, and wonder “Exactly how long did it take Foreign Secretary David Milliband to extract his nose from Hilary Clinton’s posterior!”

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  • flintster1994 says:

    Good rant shining,

    One question; do you think the tories would have avoided this mess in the first place and if not do you think they would have handled it any better?

    Is it conceivable that this is all just a smoke screen?

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  • 2 flintster1994 @ 4….

    The Conservative party ! Just as out of touch with the real world as Dennis “Beast of Bolsover” Skinner is .

    If the tories were in it could’ve been worse perhaps. They have no interest in building homes for poor people (like this shower) and they are just as inept and corrupt IMO. They have little regard for any modern approach to lberalism yet they know how to chum up with Mandy on a shieks boat (f-na, f-na!)

    The trouble with New Labour is that the thought, just because they got elected, that they had the wisdom to do things. Take IT for instance. Everyone has the conception of a database, but few know how to implement one. When Teflon Tony said he wanted ” all medical records to be available on computer” he didn’t realise that after nearly ten years the budget would’ve ballooned from £2.7 billion to over £12 billion with no sign of it finishing. Whilst studying for a Computer degree (99-02) I came across and interesting piece of research done by some johnnies in the US, using data from large recent projects, looking at budgeting, time and computer development. Their findings were extremely interesting, stating that very large (and very very large) projects related to computing, got consistently cheaper and more viable with the addition of time. They concluded that every 18 months or so (as with moores law) the cost of a project and the ability to actually make it viable almost doubled. They advised all government projects of this nature should be avoided at all costs until the technology was adequate enough to make the thing easily viable. They demonstated their findings with numerous examples.

    Just because some elected nitwit, who can just about text and email, thinks something is viable, it may well be just pie in your eye!

    Back to the tories……After losing to New labour, they went with William “14 pints a night” Hague, Iain “the quiet man is here to stay, and he’s turning up the volume” Duncan Smith, Michael “Something of the night about him” Howard before deciding that David “fed up with the Punch and Judy politics of Westminster but I’ll fill my cabinet with public school boys, now wheres my fag” Cameron. They appear to have been able to make little of no mileage at all out of the Iraq War, the massive property boom and the related debt either (too busy expending their property portfolios and messin with their phillipino au-pairs), the cash for peerages affair and they couldn’t see through the downright stupity of the New Labour trip on the road to ruin and recession. If they govern like they have opposed then the country is going to really be in the smelly stuff.

    We’re doomed I tell yee, dooooomed!

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  • flintster1994 says:

    I appreciate your contributions shining;

    Hpc needed some fresh blood.

    You come accross as someone worth listening to.

    I look forward to your future posts.

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  • Contrary to some opinions this site has always been insightful. It has plenty of life in it yet. Even the tin foil hatters have some good points!

    Haven’t seen any bulls around for a while though! Has the hunting season started ?

    I remember the good ol’ days when Caesium would rant that there would never be a house price crash ?

    I wonder what has happened to all those people, so sure of their convictions that they would post ridiculous articles by Rosie Millard and that soon to be bankrupt plonker, Stuart Law from his A(r)ssets, website, informing us of how to keep taking the equity from our BTLs and re-investing it in another BTL- ” Oh lord, where did all that money go”. Wonder what happened to those wrinkly maths teachers and their BTL “1st to have a billion” property empire ? It does go to show you can fool most of the people, most of the time!

    They must all be praying for a miracle. I expect that for every prudent person who said “this is too good to be real” there are 2 or 3 total fools who have finished up in bankruptcy. Never mind, as long as the government knows what it’s doing. DOH !!!.

    By the way – It must’ve cost some people a fortune in underwear lately, all those property rampers, mortgage advisors, pen pushers, estate agents, surveyors, amateur property developers, part time BTL “you can’t lose darling, I’ve bought three flats in west london this month” landlords, so-called economists (fiunullalala’s a bit quite lately, must’ve tried out her time machine!), property consultants (garrington homefinders – soon to be dole finders), who have I left out, Oh yes, all those people who “know what my property is worth” and “there won’t be a crash like the last one because of, sound fundementals, blah, low unemployment, blah, low inflation, blah, pent up demand, blah, a shortage of suitable properties, blah….”

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  • All Alistair Darling has ta do iz decide which one of doze high street banks ‘fess up to da most debts and make it the “Baddest of the Bad Mutha-Debtin’ Loan-Givin’ Self-Certin’ Bonus-Lovin Bank of dem’ all” and make it the Baddest Bank – Perhaps the BBC can run a phone scam and let the public decide – init !

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  • You’re on roll tonight shining !

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  • “We need to stop empowering politicians, bureaucrats, and bankers, and start empowering the good within ourselves.” -Raymond D. Powell

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  • welcome back Nooneo aka shining wit.where you been?

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