Boomed! Nationalise losses and privatise profits Boomed! Nationalise losses and privatise profits
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  1. #1

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    Default Boomed! Nationalise losses and privatise profits

    Government are pumping £50bn+ of tax payers money into the "banking system" (also known as city bonuses).

    Although as taxpayers we are totally ruined, as property speculators, we should be in for massive house price rises!



    Or as Money Week puts is

    It’s the moment we’ve all been waiting for.

    Alistair Darling has stepped forward to take charge of the credit crisis. No dithering for this Chancellor. Later today he’s going to announce full details of a £50bn (or more) scheme to help unblock the mortgage markets.

    Mr Darling, who clearly missed his true calling as a plumber, wants to “unbung” the British banking system. This £50bn or so is the equivalent of sticking a load of baking soda down your sink in the hope of shifting a particularly nasty lump of grease further down the pipe.

    I suppose you could call it money down the drain…
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    We probably need AtW to make a re-appearance from his sulk to explain al this to us mere mortals, and by no means am I having a go - cause I don't really get it. But from my very ill informed perspective isn't something like this what's needed to get banks lending to each other again?

    Or am I missing something?
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    Quote Originally Posted by snaw View Post
    We probably need AtW to make a re-appearance from his sulk to explain al this to us mere mortals, and by no means am I having a go - cause I don't really get it. But from my very ill informed perspective isn't something like this what's needed to get banks lending to each other again?

    Or am I missing something?
    It's just not the same without bits in bold and italic and AtW's comments in brackets.
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    Quote Originally Posted by snaw View Post
    isn't something like this what's needed to get banks lending to each other again?
    It's a start but £50bn is kinda small fry in the grand scheme of things (NR ALONE needed £25bn... there are a lot more lenders out there than the equivalent of 2 NRs) altho there's talk of doubling it to £100bn. Also there's no guarantee that the banks will actually pass on the smaller costs (because of smaller risk) to Mr Borrower in the form of lower interest rates and it won't make much of a difference to house prices and crippling repayments etc.

    So like DP says, this will probably just line the lenders pockets more than actually help the economy

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    Its not going to have any impact what so ever.

    Just becuase £50bln of the most riskiest assets have been writeen off apparently the risks still lie with the banks. So its not removed any of the risk so why would you lend to them.

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    Quote Originally Posted by DiscoStu View Post
    It's just not the same without bits in bold and italic and AtW's comments in brackets.
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    Quote Originally Posted by DiscoStu View Post
    It's just not the same without bits in bold and italic and AtW's comments in brackets.
    I know what you mean (DP's comment - indeed)
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