Government is now propping up the credit bubble

[Clippy]

Tony Bliar must be laughing his ass off.

The public won't have to think too hard as to who was Chancellor during the Labour Economic Miracle TM - that's right our current (elected) PM.

[Bagpuss]

The government has completely underwritten NR. This precedent is dangerous. Bankers like to take big risks to make big gains, but that risk taking is always tempered with the thought of bringing the bank down.

If BOE underwrite NR customers, it means the NR bankers can speculate wildly on the markets, chasing the biggest profits regardless of risk, since if it all goes tits-up, the BOE will pay all the depositors of the bank.

The bubble will now go super nova. Time to buy some more property, the BOE has underwritten all the risks.

Madness New Labour style.

There is nothing new in this, the BoE has always had the borrower of last resort role.

[AlfredJPruffock]

Well done Gordo !

Can our parents have their pensions back now ?

[King Cnvt]

There is nothing new in this, the BoE has always had the borrower of last resort role.

Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.

So you are wrong (as usual).

[Bagpuss]

Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.

So you are wrong (as usual).

Don't get upset love, here have a tissue

[King Cnvt]

Don't get upset love, here have a tissue

I apologise. I get angry when confronted with imbicilic morons.

[Bagpuss]

I apologise. I get angry when confronted with imbicilic morons.

Cover up the mirrors in your house then. Mr 'House price rises will go on forever'

[Chugnut]

Cover up the mirrors in your house then.

[sappatz]

sterling

Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.

its not bakced by physical gold so basically the sterling is not even worth the paper its written on. you will soon discover this.
BTW the gold price is exploding currently