So as far as I can understand the "rescue package" (or "let's save our really wealthy mates so that we can all get lucrative directorships when we retire from politics plan" - can you tell where I stand on this?) seems to involve the poor and struggling tax payer lending money to the rich and powerful bankers so that the rich and powerful bankers can lend the money back to the poor and struggling taxpayer at debilitating rates of interest. Brilliant!
That'll really teach the City to be responsible in the future won't it:
"I say Tristan, I hear you lost a billion on the money market?"
"Yeth, but it'th ok becoth that lovely Gordon Bwown hasth pwomised to give me even more monet to looth!"
"Gosh, how super! Fancy a slap up dinner on the company account?"
I know that we 'have' to save the banks as we 'depend' on them as we have absolutely no other way of making the economy turn, as everyone seems to live on borrowed money, but why does the tax payer take the hit when thing's go wrong but never seem to share in the multi million dollar bonuses when things go right? It's an amazing thing to see the Tories and Labour party suddenly becoming great fans of nationalisation again. If only they'd buy back the water, electricity, gas and telephone companies and do us all a favour.
I have noticed though that people really aren't buying stuff in the shops at the moment, we went to Bristol yesterday to visit the new half billion pound Cabot Circus shopping centre and the shops were pretty much devoid of shoppers. Lots of people looking around but no one shopping. This does not bode well. It's also a bit frustrating to see the house prices droppingin value like Guy Ritchie's divorce settlement in the UK while they seem to be still going up in Western Australia. Where I have to buy one.
It would be cheaper for me to come back and live in the UK now, and I never thought I'd be able to say that.
Right on, Pete. I say let the bastards suffer, except that if those institutions go down then the whole house of cards goes with them. Accountibility? What's that?
ReplyDeleteActually, house prices are dropping here. Unfortunately (or fortunately if you on the other side of the market) most of these are in the Western Suburbs, where they have dropped about $200k or in the far off reaches where they were horribly over valued anyway. Falling interest rates have arrested the descent, but we shall see.