Brown to hold out begging bowl to bail out banks.

Oh this is just getting fucking surreal now, first up the mono eyed one ignores for twelve years both as Chancellor and as PM the ever expanding debt problem here in the UK. Then when the piss poor house of cards comes a tumbling down he throws our money at them without a by your fucking leave, not even a hint of reform. 

Now that has fallen on its arse he thinks that throwing more money at the inept cunts running the financial services sector will resolve matters.link

GORDON Brown has confirmed that Britain's stricken banks will require a second bailout, calling for "international action" to rescue them from collapse.

The Prime Minister, who revealed he was "angry" at the banking system, said a new global solution would be required to solve the ongoing crisis, on top of the £500bn taxpayer-funded plan announced last October.

Angry are we Mr Brown, well its not like you were not warned is it? Cast the dour Scottish mind back to the heady days of 1997 when you were warned about rising levels of debt in the UK economy. A warning repeated year in and year sodding out by economists, the Bank of England, the IMF and so on and so forth.

Brown was speaking last night as officials at the Treasury continued talks with banks in a bid to thrash out the details of a new rescue package.

The timetable for a new deal has shortened dramatically in the past 48 hours after shares in the banks, notably Barclays, plummeted on Friday.

Brown said the banks would only be properly cleansed if countries acted in a co-ordinated manner. In a change of tone, he has started to challenge what he considers to be the "irresponsible" lending of British banks to foreign nationals and overseas companies.

An the irresponsible lending here at home he says not a peep. Oh and what of their packaging up of debt, debt racked up by selling of cheap credit and hawked on the markets. All based on the pipe dream that there would be an ever expanding credit market an nowt to worry about as house prices would always be going up.

It is this exposure to the international losses caused by sub-prime markets in the US which had left them so weakened, he claims.

"As far as British banks are concerned, the greatest problem we have is international," Brown said. "It is the exposure of British banks to international losses that is the biggest problem we face. So what we need is an international solution."

Oh change the cunting record Brown, look our banks over extended themselves hawking credit to fuckers who could never pay it back in a million years. Forget blaming the yanks, grow a fucking set of bollocks and rip the banks a new one.

One option up for discussion is a national "bad bank", which would take on the toxic debts that are poisoning the banks' balance sheets. A bad bank could take on as much as £200bn of toxic assets. Also under consideration is a £100bn scheme to underwrite the value of banking loans.

Brown said it was essential for banks to come clean about the true scale of the so-called "toxic assets" still on their books.

So no reforms then?

"One of the necessary elements for the next stage is for people to have a clear understanding that bad assets have been written off. We have got to be clear that where we have got clearly bad assets, I expect them to be dealt with," he said.

Brown said discussions with international leaders would continue "in the next few days".

"They will lead up to decisions that I believe that the international community has got to modernise and change and reform and get to the roots of the problem that makes us angry about the way that the system is operating," he said.

Right and not a peep from Brown on how certain banks abroad which had tighter controls on debt trading/lending have come through in a better position than our own.

Government ministers yesterday signalled that the financial crisis would trigger a wholesale shift in the entire British economy. 

Inept, totally fucking inept. We are run by fucking morons held in thrall to the siren song of bankers who have the PM as rapt as a rabbit in the headlights.

Look Gordon why not forget the idea of throwing more money into the fiscal black hole of cunting Calcutta that is the financial services, instead put the lot on a fucking roulette wheel and let it spin....

All New Labour MP's are thieving lying scum, hiding their expense, expense paid for from our taxes. Part of a nomenklatura supporting a leader out of touch with reality.

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