Good Morning, I seem to be owed more money.
Bradford & Bingley savers get the Abbey habit, but taxpayer is left holding the bill - Times Online
“I think people will wonder why on earth the British taxpayer is being asked by Gordon Brown to bear the full risk of the mistakes that were made, not just by the management of Bradford & Bingley but also by the regulatory system that Gordon Brown set up,” Mr Osborne said.
The effect on the public finances will depend on the precise structure, but it looks as if the Exchequer will have to take on £50 billion of liabilities. Analysts suggested that the Government may have to provide a guarantee of about £20 billion to cover Santander for the B&B deposits.
If the borrowers behind the assets, which include £25 billion of higher-risk buy-to-let mortgages and £9 billion of self-certified mortgages, default in large numbers, it seems likely that taxpayers would have to foot that bill. Self-certified mortgages are given to borrowers without proof of income and are seen as particularly risky.
Wonderful isn't it, the bloody Government not content just to piss my taxes up the wall are now using my credit, after all a government debt is just them making a promise that we will pay in the future, to place bets on dodgy deals that no one else will touch with a barge pole.
Banks have got too big to be allowed to fail, so failure no longer pays the price. And the price should be that "Upon the wicked he shall rain snares, fire and brimstone, and a horrible tempest, this shall be the portion of their cup." We need to clean the ground and out of the ashes let vigorous new businesses grow. But that is not the way with the sclerotic democratic socialism that rules:
So let us adopt democratic socialism, said Galbraith. Let us concede that the new industrial state is one of massive corporations facing massive unions, under the benevolent and skillful regulation of massive governments. “The small competitive firm cannot afford the outlays that [modern, big-time] innovation demands,” he wrote. If modernity needs big corporate bureaucracies to do such big stuff, surely we need big governments to coordinate everything; the so-called free price system won’t do. “If the market is uncontrolled,” Galbraith wrote, “it will not know” when the new car will roll off the line or when a new drug will pass FDA approval.
How fucking depressing that the old fraud has won.