Author Topic: the nationalisation of the banking system  (Read 1377 times)

charlie gracie

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the nationalisation of the banking system
« on: Oct 07, 2008, 10:21:03 PM »
With the country in such a mess that was not helped by Gordon Brown and his never again BOOM and BUST policy. selling off our gold at a rock bottom price. things will only get worse for us on pension
This slime ball government  has now in reality nationalised all the banks with our money.
Why don't they re nationalise all our utilities So that we have control over ELCTRICITY, GAS. WATER. AND OIL,   


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Re: the nationalisation of the banking system
« Reply #1 on: Oct 08, 2008, 02:58:48 PM »


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Re: the nationalisation of the banking system
« Reply #2 on: Oct 08, 2008, 03:55:23 PM »
Charlie Gracie,
You make some very good points.  You will of course be aware that the CEO's and other fat cats in the banking industry, ensured that they dipped in first to make sure that they had their millions of pounds in bonuses.
The CEO of Northern Rock, just before they went under, had  3million pounds transfered into his own bank account.  Nice work if you can get it.
Gordon Brown is now using taxpayers money to shore up the very banks whose bosses have been doing very nicely for themselves.
We had North Sea oil and Gas, did we store any of it for the future?  NO, we sold it off to France, now we are having to buy it back from them at extortionate prices.
We have been sold down the river by this government, and guess who picks up the tab?  Yes, the people,  it won't of course bother the rich too much for they can afford a few extra pounds in tax, they claim it back anyhow, it is your 'average Joe' who will bear the brunt of this totally incompetent government.


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Re: the nationalisation of the banking system
« Reply #3 on: Oct 10, 2008, 11:30:52 AM »
Well no, actually they do not use our money to shore up the banks (I hesitate to call it nationalisation since they are not investing in equity and will not , as far as I know have seats on the Board). The money is actually borrowed by the Government and invested in the banks into preference shares if the banks actually require it. The hope is that this will give confidence to people to deposit their money in UK banks again, liquidity will be restored, and the Government funds will not be needed.

I agree that Gordon Brown's policies as Chancellor have contributed to a large extent to this crisis, but he is probably doing broadly the right thing now.