Tuesday, October 5, 2010
I predict the banking system will collapse next year.
No new bail-out for UK banks, says Chancellor George Osborne
In a report titled 'Where did our money go?', the NEF said Britain's major banks "may well be asking for another hand-out from the public purse in 2011"
Posted by devo @ 06:39 AM (1259 views)
3 thoughts on “I predict the banking system will collapse next year.”
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devo says:
By responding to the NEF report, Osborne has painted himself into a corner. Damned if he bails the banksters out again, damned if he doesn’t.
greenmind says:
I got kinda hopeful when I read the headline as I interpretted it as meaning “no more bank bailouts come what may.” Disappointed to then read the article, as Osborne was actually saying he didnt think there would be a need for more bailouts which is of course entirely different as I suspect the banks will come cap in hand soon enough.
mark wadsworth says:
I hope that George means what he says, but I also hope that he asks for all the hundreds of billions in soft loans and guarantees and so on to be repaid.
AFAIAC, playing extend and pretend is tantamount to a new bail out.