Announcement

Collapse
No announcement yet.

Labour( Part) nationalises the Banks

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Labour( Part) nationalises the Banks

    That's how serious it is

    #2
    Labour( Part) nationalises the Banks

    "2,000 PER PERSON IN THE UK", as Richard Bacon shouted five times in approximately a minute and a half on Radio Five earlier tonight.

    I heard quite an interesting story about Alistair Darling recently, but I'm not allowed to make it public.

    Comment


      #3
      Labour( Part) nationalises the Banks

      Does he dye his eyebrows?

      Comment


        #4
        Labour( Part) nationalises the Banks

        Nice to see publicly-funded wealth distribution and welfare provision coming back into fashion. Shame it's from us, to them.

        Any details on what the conditions of these bail-outs might be? Are there any?

        Comment


          #5
          Labour( Part) nationalises the Banks

          CTT: No, but it doesn't make me terribly happy about him being the Chancellor of the Exchequer.

          Comment


            #6
            Labour( Part) nationalises the Banks

            By that, I mean the eyebrows, or what I heard.

            Comment


              #7
              Labour( Part) nationalises the Banks

              Nothing to do with his youthful association with the 4th international Imnternational Marxist Group- as covered in last week's Private Eye magazine?

              He must have demanded Nationalization of the Banks so often in heady youth, and now his dreams have come true.

              Comment


                #8
                Labour( Part) nationalises the Banks

                Yeah, only another 252 monopolies to go (or whatever it was that the various Trot factions of the 80s were arguing for)

                Comment


                  #9
                  Labour( Part) nationalises the Banks

                  I'd be delighted if the chancellor of the exchequer was a borderline Marxist.

                  Comment


                    #10
                    Labour( Part) nationalises the Banks

                    If only Warren Buffett were our Chancellor of the Exchequer. The banks (including one owned by a Spanish parent bank, ffs) have got one bloody soft deal here.

                    Comment


                      #11
                      Labour( Part) nationalises the Banks

                      Why are these shares non-voting? Will anyone want to buy those shares at a later date?

                      Comment


                        #12
                        Labour( Part) nationalises the Banks

                        Cunts

                        As I have mentioned before, I am the governor of a school that has 8000 this year in our budget to squeeze everything we need out of because of previous bad management. Where's our fucking bail-out and we are a real public service.

                        Cunts

                        Comment


                          #13
                          Labour( Part) nationalises the Banks

                          Full details, such as they are, here. I have to say, I like this plan a lot better than the US one. It has multiple prongs addressed at specific problems rather than one, vaguely specified prong aimed at the entire financial system. It gives the government a stake in return for its cash (well, the recapitalisation part does), and it doesn't let shareholders off the hook. It addresses the frozen money markets and the medium term debt refinancing problem.

                          As for conditions, there's this:
                          In reaching agreement on capital investment the Government will need to take into account dividend policies and executive compensation practices and will require a full commitment to support lending to small businesses and home buyers.
                          The debt guarantee is supposed to be on commercial terms, but that's a bit of a joke given that there is no private sector market for that volume of guarantee at the moment.

                          Incidentally, Richard Bacon missed a trick. The government expects to guarantee 250bn of short and medium term debt, which is a lot more than 2k per person. They'll be accounting for it as a contingent liability, it's true, but the taxpayer will still be on the hook for it.

                          Comment


                            #14
                            Labour( Part) nationalises the Banks

                            They're still cunts.

                            The only reason they are doing this is because it is affecting the middle classes. The poor will still be poor if this plan is successful or not

                            Comment


                              #15
                              Labour( Part) nationalises the Banks

                              Well, yes. It's not a socialist masterplan. It's a rescue package for the banking sector.

                              Comment


                                #16
                                Labour( Part) nationalises the Banks

                                Apologies,I realise this. I am very much in revolutionary socialist masterplan mood this morning so I shall keep out of these more detailed threads.

                                I was seriously thinking this morning that I should do an Economics degree and come up with some revolutionary economics.

                                I think I shall stick with Plan A. of brainwashing future generations insread though

                                Comment


                                  #17
                                  Labour( Part) nationalises the Banks

                                  Talking of middle class bailouts, the Student Socialist Worker representatives at Birkbeck (who were pretty good) were in favour of paying all mortgages with state funds. Is this a longstanding policy? It didn't quite sound right.

                                  Comment


                                    #18
                                    Labour( Part) nationalises the Banks

                                    I wonder what Darling thinks of all the negative reaction he got when he called the economic crisis severe a few weeks back. Perhaps a little jig in front of the financial press singing "I told you so!" might be in order.

                                    Comment


                                      #19
                                      Labour( Part) nationalises the Banks

                                      Indeed. Why, anyone would think that modern capitalism was faith-based, irrational, illogical and hysterical.

                                      Comment


                                        #20
                                        Labour( Part) nationalises the Banks

                                        And your definition of "modern capitalism" would be...?

                                        Seems to me that the major lessons of this crisis provide are not about capitalism per se - they are about risk. We need to be able to measure it better and price it better, and have regulation to make sure that risks are transparent and that people don't make a lot of money by hiding risk and passing it off to someone else.

                                        What's happening right now is textbook economics - as risk is *finally* being priced in properly, people are scared shitless to lend to one another, the price of capital rises and firms have difficulty meeting payroll. Nothing irrational or illogical about that.

                                        And Eggchaser, there is a difference between an economic crisis and a financial crisis. This *is* the biggest financial crisis since the Great Depression and quite evidently was even when Darling made his remarks a few weeks ago. However, even now, it's a hell of a long way off the biggest economic crisis. So far, anyway (fingers crossed).

                                        Comment


                                          #21
                                          Labour( Part) nationalises the Banks

                                          Well, yes. It's not a socialist masterplan. It's a rescue package for the banking sector.
                                          This is true. But BoD's ostensibly simplistic grumpy rants do raise important points. If public money's pouring into the banking system it means other areas funded by the public purse are likely to be squeezed. Which might these be, do we think, and whom might be worse affected? And how much political clout will they have?

                                          Comment


                                            #22
                                            Labour( Part) nationalises the Banks

                                            Grants to local government presumably be cut because the sharp end is at one remove from the government.

                                            Comment


                                              #23
                                              Labour( Part) nationalises the Banks

                                              I'm with GY.

                                              Of course it isn't perfect, but I'm much happier with my UK tax dollars going to fund this plan than I am withy my US taxes going to Hank Paulson. Darling and Co. seem to have been paying attention to what Buffet has been doing.

                                              Comment


                                                #24
                                                Labour( Part) nationalises the Banks

                                                BoD's ostensibly simplistic grumpy rants do raise important points
                                                I am quite touched that you summed me up so accurately.

                                                I take the same stance with the same sort of stance with the obfuscating financial jargon used in the aforementioned governors' meetings. I also feel I am not far from "Give us the money NOW. Give me the money now"

                                                Comment


                                                  #25
                                                  Labour( Part) nationalises the Banks

                                                  Given that the FTSE seems to be 5 odd percent down, one wonders what these fucking traders want.

                                                  "Give us certainty!" they cried. They got the bailout.

                                                  "Give us interest rate cuts!" they cried. Down 0.5%.

                                                  Yet still, the markets slide all over the shop.

                                                  I think we should just give them Government sponsored coke, hookers and champagne. A happy trader is not distracted by doom! Watch the markets rise again!

                                                  And Eggchaser, there is a difference between an economic crisis and a financial crisis.
                                                  You must be the sort of person who picks apart (crap) jokes saying "But swallows can't talk. And they'd have migrated by now." Take it outside, Mr Logic!

                                                  Comment

                                                  Working...
                                                  X