That's how serious it is
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Labour( Part) nationalises the Banks
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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.
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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.
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- Mar 2008
- 29941
- An oasis in the middle of Somerset
- Bath City FC; Porthcawl RFC;Wales in most things.
- Fig roll - deal with it.
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
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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.
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.
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- Mar 2008
- 29941
- An oasis in the middle of Somerset
- Bath City FC; Porthcawl RFC;Wales in most things.
- Fig roll - deal with it.
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
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- Mar 2008
- 29941
- An oasis in the middle of Somerset
- Bath City FC; Porthcawl RFC;Wales in most things.
- Fig roll - deal with it.
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
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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.
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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).
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Labour( Part) nationalises the Banks
Well, yes. It's not a socialist masterplan. It's a rescue package for the banking sector.
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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.
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- Mar 2008
- 29941
- An oasis in the middle of Somerset
- Bath City FC; Porthcawl RFC;Wales in most things.
- Fig roll - deal with it.
Labour( Part) nationalises the Banks
BoD's ostensibly simplistic grumpy rants do raise important points
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"
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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.
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