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First bailout of banks fails, so says Gordon Brown: "Lets do it again."

Now this is way past the levels of stupidity but Gordon is throwing more good money away on a bad idea.

First off Gordon during his years as Chancellor was well aware of the ever rising levels of debt over the last 11 years, he was warned of that and did nothing.

He was also aware and warned about the trading of debt by the banks, something that banks in some other nations have been banned from doing, sadly not enough was done worldwide on that and again bugger all on the part of Chancellor/PM Gordon Brown.

Now all that aside, our PM's attitude has been little more than cowardice. Rather than come out and reform the financial sector to stop dubious derivative trading on debt as well as poor selling of loans he just threw money at them.

An example of how things can easily go wrong with this speculation on futures and debt packaging is the case of one Nick Leeson whos dubious/unauthorized investments in futures made Barings Bank fall so suddenly.

Anyway  Cyclops and Badger have got the solution.
Alistair Darling has been forced to consider a second bailout for banks as the lending drought worsens.

The Chancellor will decide within weeks whether to pump billions more into the economy as evidence mounts that the £37 billion part-nationalisation last year has failed to keep credit flowing. Options include cash injections, offering banks cheaper state guarantees to raise money privately or buying up “toxic assets”, 
The Times has learnt.
So having failed once they will do the same again.


New Labour a huge "gold standard cock-up", amoral, corrupt and evil to the core.

2 people have spoken:

Anonymous said...

"....he just threw money at them."

Make that YOUR money. Keep reminding people whose money these useless parasites are burning through with their bail-outs, injections and whatever else they think of.

It's not their money, it's your money. They've squandered it and they'll keep squandering it until you folks employ a boot-to-ass approach with them.

Fidothedog said...

Yeah will amend that later to point that out, still to socialists its all magic money money from the magic tree.