Discussion in 'Current Affairs, News and Analysis' started by Yokel, Nov 16, 2012.
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UK may never recover £66bn spent to rescue banks - MPs - Telegraph
May never recover? I can't say that I've been holding my breath.
I thought it was always going to be a one way thing... and carry on normal jogging.
Well that has to be the least surprising bit of news in a long while.
I was always under the impression that the sale of Virgin Mney to Beardie Branson was designed to break the monopoly onthe High Street of the four clearing banks - a distinctly conservative alternative to Mandy's 'People's Bank' if you like; a friend of mine who works for RBS in their Cash Operations Dept told me recently that RBS are, effectively, broke but that they really are too big to fail. If they did, a significant number of this country's ATMs would go out of use very, very quickly...
Well, that's 66bn worth of 'risk' their head-shed have already rewarded themselves for taking.
Yet I'm strangely devoid of any warm, fuzzy feeling...
If it's been sent from my HTC Sensation using Tapatalk then I'm probably pissed.
You mean banks are thieving bar stewards? Well I never....
This news doesn`t surprise me in the least.
Personally I wouldn`t care less if the whole infrastructure of the UK collapsed as a result. We live in a capitalist society, they were a private commercial company who failed and should`ve been left to go to the wall along with Northern Rock.
Too True Slick, and the Govt would be 66 Billion up...!
Presumably at some stage HMG will "denationalise" the banks in some form of "tell Sid" (remember that kids?) share issue - I was sort of hoping that we would at least get something back from that process.
No, we would but yet again they steal our money and we sit back and put up with it. Wouldn't you think such massive govt spending would need some sort of public involvement such as a vote? They're quite happy to nick our pensions but give money to private companies to the tune of this amount and just write it off?
Yep. Various Governments have watched entire industries vanish without trace. Steel, coal, shipbuilding, heavy engineering... with no suggestion of a bail-out to allow them to restructure. Same with the city slickers crying "If you regulate and tax us too much we shall go to the US or Germany". See you then. Byeeee.
Back from where though.
As capitalists we forget money has no intrinsic value, it's just a means to enable the exchange of goods & services. The problem was a load of scuzzy parasites wanted more than their fair share without producing anything in return. Post "financial crisis" the world economy is still capable of the same productivity as before. Just print some more money and feed it into the system through funding communal projects (like providing enough decent, energy-efficient, housing for us in the UK). The only ones to grumble will be those sitting on wodges of pre crash dosh that they still overvalue. If the work it represents is more than mindless paper pushing or gambling, the product of it will long since have gone round the U bend or to landfill, and if it hasn't it's true value, today, can be realised by flogging it.
How much do the banks own in PFI for vital infastructure for the coutnry such as Schools, courts and hospitals?
Seems like a win on many levels, we get out of the banks so they can do their own thing again (with the understanding they're on their own this time).
We get out of punnishingly expensive Contracts.
We get infastructure assets.
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