The Bank Stealth Tax

[Stan.goodvibes]

*sneaks in with a meaningless post just to be last poster*

I'll take that as an agreement then

[Cyberman]

Concur! dammit

[Stan.goodvibes]

No, I don't concur, because having a banking background and being an AIB graduate, I have always understood the function of the BofE as Lender of the Last Resort. It has always been accepted that banks are the lifeblood of the economy and that you cannot just let them fail, or the whole economy will fail.
Gordon Brown and Mervyn King obviously did not understand this a year ago. It has taken them that long to come round to see commonsense. There is a certain bank that I will not mention , because it bores people here, that should never have suffered nationalisation, because it had only a liquidity problem outside of its own control. It was the duty of the BofE to provide liquidity but it failed to do so. The court case is getting nearer by the day.

When I invested in said bank, it was with the knowledge of the BofE's obligations, so I really do not think they have done any more favours than was their duty. Unfortunately, they failed in that duty in the case of you know who.

Concur! dammit

[Cyberman]

technically yes. But given the danger that if GB hadn't 'nationalised' the banks they might have disappeared altogether leaving their share price at 0p, you would surely have to concur that any action is better than that.

Human nature being what it is once this whole thing is forgotten there will be a big round of privatisation of the banks and massive relaxation of lending criteria and off we will go again.

Seen it alllllll before. Banks have notoriously short memories.

No, I don't concur, because having a banking background and being an AIB graduate, I have always understood the function of the BofE as Lender of the Last Resort. It has always been accepted that banks are the lifeblood of the economy and that you cannot just let them fail, or the whole economy will fail.
Gordon Brown and Mervyn King obviously did not understand this a year ago. It has taken them that long to come round to see commonsense. There is a certain bank that I will not mention , because it bores people here, that should never have suffered nationalisation, because it had only a liquidity problem outside of its own control. It was the duty of the BofE to provide liquidity but it failed to do so. The court case is getting nearer by the day.

When I invested in said bank, it was with the knowledge of the BofE's obligations, so I really do not think they have done any more favours than was their duty. Unfortunately, they failed in that duty in the case of you know who.

[Stan.goodvibes]

That's a different scenario though. They simply had so much debt that there was no way they could continue as a private enterprise.

technically yes. But given the danger that if GB hadn't 'nationalised' the banks they might have disappeared altogether leaving their share price at 0p, you would surely have to concur that any action is better than that.

Human nature being what it is once this whole thing is forgotten there will be a big round of privatisation of the banks and massive relaxation of lending criteria and off we will go again.

Seen it alllllll before. Banks have notoriously short memories.

[Cyberman]

Haha Cyberman you made me LOL

so anyhoo, I bet all those Liemans and Fanny and Freddy shareholders are glad that the US govt didn't buy their bank and nationalise it. Oops, hang on...

That's a different scenario though. They simply had so much debt that there was no way they could continue as a private enterprise.

[Stan.goodvibes]

Haha Cyberman you made me LOL

so anyhoo, I bet all those Liemans and Fanny and Freddy shareholders are glad that the US govt didn't buy their bank and nationalise it. Oops, hang on...

[Cyberman]

http://news.bbc.co.uk/2/hi/business/7668020.stm

[Bumfluff]

http://news.bbc.co.uk/2/hi/business/7668020.stm

still doesnt work its the laugh adds / emotion thing on to the URL, god I'm good lol

http://news.bbc.co.uk/2/hi/business/7668020.stm

[Cyberman]

http://news.bbc.co.uk/2/hi/business/7668020.stm

[Diver]

It seems that even the BBC agree.


http://news.bbc.co.uk/2/hi/business/7668020.

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[Cyberman]

It seems that even the BBC agree.


http://news.bbc.co.uk/2/hi/business/7668020.