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Tuesday, 24 November 2009

Zombie Banks



Mervyn King has just revaled that we the Taxpayer lent HBOS and RBS over £60bn in October and November of 2008, this was repaid by January 2009.

In an additional statement, the Bank said it had carefully considered the public interest case for disclosure but decided that the assistance should only be revealed "once the Bank considers that the need for secrecy has ceased".

Mervyn King said the Bank was acting in its capacity as the lender of last resort.

RBS has since signed up for the government's Asset Protection Scheme while Lloyds Banking Group - which took over HBOS - has announced plans to raise capital from its shareholders.

In his parliamentary testimony Mr King was also asked whether the UK was at risk of a credit downgrade.

"I don't think there's any immediate risk, but the longer there isn't a credible plan that sets out what action will be taken [on reducing the deficit], the more that is a risk," he replied.



BBC Newsflash

So basically Merv is saying that Brown has no credible plan to deal the the deficit, he is dithering this country to death. For Gods Sake South Africa has come out of recession. Were we not supposed to be the 'best placed' to ride out the recession.

Not that I think that Cameron has got much of a clue, as his previous economic policy was to shadow Labour's spending. But the time has come for Brown to go, we cannot take another six months of this.

14 Comments:

DZ,  24 November 2009 12:50  

*For Gods Sake South Africa has come out of recession....*

Hmmmm .. gold, diamonds, platinum, iron ore, coal, maize, meat, fruit, fish, wine, just to mention a few of their exports. Plus, they have quite a good industrial and banking base thanks to their previous isolation.

Sure, they have an employment and population problem, but who doesn't?

Less navel-gazing please.
DZ

GCooper,  24 November 2009 13:32  

Well, yes... Brown must go.

But has anyone any genuine (as opposed to tribal) reasons for believing Cameron et al will be any better?

bofl,  24 November 2009 13:34  

i think you will find that the european central bank has lent an unbelievable amount of money to eu banks and that their 'recovery' is just smoke and mirrors!!!!!!!!

ie spain........a property market in tatters and 20% unemployment!!!!

how can you believe them when the eu accounts havent been signed off for over a decade?

importing crap from china and india whilst exporting aggregates,empty containers on ships and jobs is the quick way to the poor house......

guess which country follows this 'economic plan'?

Brown is doing it on purpose.he hates anyone with money.he hates the English too!..and cambo and george are hopeless........

get out while you can!

JMT,  24 November 2009 13:34  

As Tony Blair would have said:

"Things can only get better?"

sixtypoundsaweekcleaner,  24 November 2009 14:03  

Tony Blair? He also said, "Am I bovvered?" Not about screwing Britain, he wasn't anyway!

bofl,  24 November 2009 14:13  

reuters
U.S. GDP growth revised down to 2.8 percent.........

what's that? another lying govt.?????

the hoons at the top will not reveal how bad things are!

why? because if they did then they would be thrown out and secondly they havent really got a clue!

in the uk at least £250 billion of shite assets have been parked with the boe.....imho they will never get their money back.......and qe is the biggest joke of all......

after the fantasy of the 'service economy' things have turned full circle and countries with resources will prosper.....anyone seen the gold price?

margarita island looks nice (google it)

microdave,  24 November 2009 15:28  

"Things can only get better"

Only if you've already reached the bottom. Unfortunately I think we still have some way to go......

Anonymous,  24 November 2009 15:44  

Why does everyone assume we will come out of this downturn? I think it is a bumpy descent towards 3rd world status. Almost no way back,almost terminal. My hope is all the anti EU parties merge,and form a real opposition. Failing that if Bullingdon Boy scrapes in,some real tories throw him out pronto.
I think we are fucked.
Urban11

Markbaldy,  24 November 2009 16:18  

I agree with Urban11... What will (if anything !) bring the UK out of recession ?... we have bugger all manufacturing/exports - what manufacturing we have is foreign owned, we import our energy, food and most other stuff.
The boom was only "wealth" created from within by hyping up house prices and by borrowing the money.
Brown's only hope of "recovery" is by conning everyone to buy stuff they don't need and can't afford and re-inflate the housing bubble so we feel wealthy... again.
I have a feeling that the IMF will not allow the UK to do that and things are going to get a whole lot worse... with the UK sinking into third world status over the next 5 years.

caesars wife,  24 November 2009 17:59  

No its zombie government and there minions

Mitch 24 November 2009 18:38  

* IF YOU CROSS THE NORTH KOREAN BORDER ILLEGALLY YOU GET 12 YEARS HARD LABOUR.
* IF YOU CROSS THE IRANIAN BORDER ILLEGALLY YOU ARE DETAINED INDEFINITELY.
* IF YOU CROSS THE AFGHAN BORDER ILLEGALLY YOU GET SHOT.
* IF YOU CROSS THE SAUDI ARABIAN BORDER ILLEGALLY YOU WILL BE JAILED.
* IF YOU CROSS THE CHINESE BORDER ILLEGALLY YOU MAY NEVER BE HEARD FROM AGAIN.
* IF YOU CROSS THE VENEZUELAN BORDER ILLEGALLY YOU WILL BE BRANDED A SPY AND YOUR FATE WILL BE SEALED.
* IF YOU CROSS THE CUBAN BORDER ILLEGALLY YOU WILL BE THROWN INTO POLITICAL PRISON TO ROT.

IF YOU CROSS THE U.K. BORDER ILLEGALLY YOU GET

· FREE HEALTHCARE
· AN UNEARNED INCOME*
· A HOME
· FREE EDUCATION FOR YOUR KIDS
· FURNISHINGS FOR YOUR HOME
· FREE DENTISTRY
· FREE USE OF AN INFRA-STRUCTURE PAID FOR BY THE TOIL AND TAXES OF PREVIOUS GENERATIONS
· THE FREE USE OF ALL SOCIAL FACILITIES
· FREE TRANSLATION SERVICES
· AGENCIES THAT WILL HELP YOU SETTLE IN
· FREE ROUND THE CLOCK POLICE PROTECTION

Piano Wire Manufactures,  24 November 2009 19:15  

Nat West have taken eight weeks, yes EIGHT WEEKS NOT to have come to a lending decision on my business yet. And then I find the cunts have had a loan like this at the drop of a fucking hat.

thelunaticarms 24 November 2009 22:29  

Privatising Profits, Nationalise the Losses.

Fucking marvellous.

One way to ensure equality, make us all debt slaves to pay of the Nation's massive debt as well as the Bank's 'sneaky' charges.

Bloody fantastic.

This is what happens when we have care in the community, all these MPs remind me of Baldrick from Blackadder. They make mud look intelligent.

Clive,  1 December 2009 04:28  

"I think it is a bumpy descent towards 3rd world status. Almost no way back, almost terminal."

The same thing was being said in the late 1970s, the last time Britain had a Labour government. Poor industrial relations (union bloody-mindedness) and an economy in peril culminated in the Winter of Discontent.

Margaret Thatcher did much to stem this supposedly inevitable decline by smacking some sense into the socialists. They'll never forgive her for it. But David Cameron is no Thatcher.

The impression I get is that he's trying to copy "Teflon" Tony's inscrutably to the mainstream media. If he also has Blair's barely-concealed psychopathic tendencies, at least there's a chance he'll point those traits in a direction that might reverse some of Labour's most recent damage.

What an indictment on British governance that I feel I have to pray for another psychopath in Number 10.

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