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And, yes, I DO take it personally: Un-frigging-believable! Bank of England bails out banks to the tune of $100 BILLION
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Saturday, April 19, 2008

Un-frigging-believable! Bank of England bails out banks to the tune of $100 BILLION

words fail me...
The Bank of England is planning to provide around $100 billion of support to British banks and lending institutions.

The cash package is designed to help banks cope with the after effects of the subprime mortgage crisis in the United States.

Britain's banks have for years raised vital finance by selling tens of billions of pounds of mortgages to international investors.

But last August the market closed down which is why mortgages and other loans have become harder and more expensive to obtain.

The Bank of England plans to fill the breach, and next week it will announce a proposal to pump new money into the banking system for up to three years.

It will offcer to swap government bonds with a maturity of up to a year for the bank's unsellable mortgage assets.

can't we, pretty please, just go about letting the whole goddam house of cards collapse so we can get on with setting up something better...? use the hundred billion to provide a cushion for ordinary folks who would get hurt the most in a crash of the financial markets but who will absolutely get hurt if the money goes to the banks... cuz, let's face it, the banks don't give a teeny fraction of a tiny shit for ordinary folks...

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