Bailing Out Banks

[garinda]

Originally Posted by jaysay

No such thing as communist Utopia

I'm not necessarily disagreeing with you, but that does seem the inevitable consequence of capitalism according to the quote from Karl Marx, that was posted by Andrewb Engels.

[garinda]

Originally Posted by entwisi

Just be clear that not all the UK banks have gone cap in hand to UK.GOV. Barclays has maintained its independance and has taken nothing from yours or my pockets and will not do so due to its own private finance initiatives.

You're right, though it has indirectly benefited from public funding, at least according to the T.U.C. in this B.B.C. news story.

'The government owns a stake in Lloyds and RBS and the union said both HSBC and Barclays have benefitted from the extra liquidity the Bank of England has pumped into the banking sector.'

BBC NEWS | Business | TUC calls on banks to come clean

[entwisi]

so the Goverment stave off some of the irresponsible banks and Barclays is deemed to be some how at fault because the new liquidity in the market?

Come on G you are rather pushing the boundaries there mate. The article is asking why the banks that have taken tax payers money pay tax abroad( at a lower rate no doubt). Barclays haven't taken any money so why should they explain themselves? They owe nothing to UK.GOV and are obviously running a tight ship to still be about to announce ~ £6 BILLION profit in teh worst banking period in recent history. Why do British people seem so intent on slagging off the successful? Look how hated MUFC, Chelsea, Arsenal etc are for being successful in football, Barclays gets it in Banking, Shell, BP etc in Oil. As soon as someone is slightly successful we look to bring them down. take even something like Diana Vickers. as soon as she is about to win stuff the press and public start clamouring for blood.

Sometimes I'm ashamed to say I'm british in the way we act.

why can't we actually be PROUD of success, with Banks the world over in trouble why aren't you shouting that we actually have a bank that is successful, that hasn't needed to go cap in hand to the GOV, that employs thousands of people the world over, that has huge community and charitable impact.

[garinda]

I blame our weather for the reaction the British public have shown over this business.

A million people took to the streets of France today, to protest over President Sarkozy's handling of the banking crisis in France, which resulted later in the evening in riots on the streets of Paris.

We see the newly part-nationalised banks still paying massive bonuses to it's fat cat bosses, weeks after being shored up with public money, and we just tut and have a bit of a grumble.

Perhaps with global warming we'll also have hotter tempers, and will be more prepared to revolt, when we continue to have the proverbal took out of us by the finance and banking industries, all aided and abetted by the government.

[andrewb]

Originally Posted by garinda

I'm not necessarily disagreeing with you, but that does seem the inevitable consequence of capitalism according to the quote from Karl Marx, that was posted by Andrewb Engels.

I must confess, I may not have been telling the whole truth about my quote by 'Karletto Marx'.

[andrewb]

Just as the government are announcing more fiscal stimulus like the VAT decrease, and the cash injection to the banks, Japan has gone into recession. Japan spent more than a decade in recession in the 90's, the government then acted by having 10 fiscal stimulus, totalling some 100 trillion yen. They have only just come out of the recession after all that money was pumped in, with massive amounts of public debt, and here they are again.. is cash injection fiscal stimulus really the way?

[SPUGGIE J]

Originally Posted by garinda

I blame our weather for the reaction the British public have shown over this business.

A million people took to the streets of France today, to protest over President Sarkozy's handling of the banking crisis in France, which resulted later in the evening in riots on the streets of Paris.

We see the newly part-nationalised banks still paying massive bonuses to it's fat cat bosses, weeks after being shored up with public money, and we just tut and have a bit of a grumble.

Perhaps with global warming we'll also have hotter tempers, and will be more prepared to revolt, when we continue to have the proverbal took out of us by the finance and banking industries, all aided and abetted by the government.

Sadly not the way we do things being the polite nation we are with a stiff upper lip and patiance to match.