Archive for October 8, 2008

A part-nationalisation! How does that help?

The UK Government today announced that it would make £50bn available to take stakes in UK banks. It also committed a further £350 in support of liquidity and lending in the money markets to free up the “plumbing of the banking system”.

Total cost £400bn.

I am very supportive of a wholesale nationalisation of the banking system however only as a last resort and for all banks.

By “a last resort” this means only when Read the rest of this entry »

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The banking plumbing is bunged up! For banks yes! Let them fail!

I am sorry but I just do not buy in to the Governments reaction today and its justification.

Everyone fears a recession – of course. After years of debauched consumerism financed by mad levels of lending and debt, consumers have had enough and now moving to cost cutting and savings. They do NOT want to borrow and should definitely not be encouraged to do so.

The Director-General of the CBI, Richard Lambert, said on BBC News this evening Read the rest of this entry »

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