Tuesday 29 July 2008

Insanity Alert: Government recommended to help Banks by Banker


The title is the summary of the treasury report into the housing market today.

James Crosby, ex-CEO of HBOS (presumably owner of lots of shares in the company) has done what was entirely predictable.

He has said that the failed Fannie Mae, Freddie Mac scheme (the failed US mortgage scheme that has likely just cost US taxpayers a sum not unadjacent to our entire national debt) would not suit the UK - Well done Dr. S. Holmes!

Then the report has gone on to say it is important that the UK government assist the banking industry in avoiding a property meltdown that will further affect their shareholders (i.e. Jim and his money) - only they said it was to protect first-time buyers, poor put upon dears of course.

What tosh - potential first-time buyers are in the purple at the moment, house prices falling, more choice of property, more rentals coming onto the market. Who wants to buy a house in this market mess?

Only the banks are really against a steep correction in house prices as to protect their wasting portfolios; And which bank is the most exposed to the UK mortgage market? Yup you guessed it, HBOS- yet 'the plan' is for our Government to step in and securitise the loans for them that the market will not do.

Utter stupidity - the market saying is 'trying to catch falling knives.' The idea is so bad that it is likely the Treasury team whom I fisked yesterday will run with it.

11 comments:

RobW said...

Agree -- It really is a very, very stupid idea.

Bill Quango MP said...

There are many first time car buyers, who are unable to borrow enough money for a new car.
If only the government could be a guarantor of the debt the banks say they will happily lend the money..
I have written to the Treasury to seek their help..

Yours
Chaucer Quango
Quango Car sales and servicing ltd.

Old BE said...

What about people who bought 12 months ago, how are we to be helped by the taxpayer?

I would like a new kitchen and bathroom. In return I promise to vote Labour at the next election.

Nick Drew said...

and you would, BE

Anonymous said...

I went into a Halifax estate agency today to be met by 4 eager beavers... I said "Oh I thought this was a Halifax bank !" and left...

CityUnslicker said...

Mutley - I bet they were the first person they had seen in weeks!!

Old BE said...

I was too early for my dinner date this evening and took a walk around the back streets to kill half an hour and I have never seen so many to let and for sale boards. This was in the much-feted Hackney which not so long ago boasted the fastest-rising prices anywhere.

Old BE said...

ND - secret ballot ;-)

Letters From A Tory said...

This is a shocking story. How can anyone, after Northern Rock, suggest that the government should intervene on this scale to save the banks from their own mistakes?

Mark Wadsworth said...

I thought he left it pretty open ended - other people say that JC suggested doing nothing was the best option.

I suppose from his point of view, he doesn't want the banks to be nationalised any more than I want their debts to be nationalised.

Anonymous said...

aaaa片, 免費聊天, 咆哮小老鼠影片分享區, 金瓶梅影片, av女優王國, 78論壇, 女同聊天室, 熟女貼圖, 1069壞朋友論壇gay, 淫蕩少女總部, 日本情色派, 平水相逢, 黑澀會美眉無名, 網路小說免費看, 999東洋成人, 免費視訊聊天, 情色電影分享區, 9k躺伯虎聊天室, 傑克論壇, 日本女星杉本彩寫真, 自拍電影免費下載, a片論壇, 情色短片試看, 素人自拍寫真, 免費成人影音, 彩虹自拍, 小魔女貼影片, 自拍裸體寫真, 禿頭俱樂部, 環球av影音城, 學生色情聊天室, 視訊美女, 辣妹情色圖, 性感卡通美女圖片, 影音, 情色照片 做愛, hilive tv , 忘年之交聊天室, 制服美女, 性感辣妹, ut 女同聊天室, 淫蕩自拍, 處女貼圖貼片區, 聊天ukiss tw, 亞亞成人館, 777成人, 秋瓷炫裸體寫真, 淫蕩天使貼圖, 十八禁成人影音, 禁地論壇, 洪爺淫蕩自拍, 秘書自拍圖片,

做愛的漫畫圖片, 情色電影分享區, 做愛ㄉ影片, 丁字褲美女寫真, 色美眉, 自拍俱樂部首頁, 日本偷自拍圖片, 色情做愛影片, 情色貼圖區, 八國聯軍情色網, 免費線上a片, 淫蕩女孩自拍, 美國a片, 都都成人站, 色情自拍, 本土自拍照片, 熊貓貼圖區, 色情影片, 5278影片網, 脫星寫真圖片, 粉喵聊天室, 金瓶梅18, sex888影片分享區, 1007視訊, 雙贏論壇, 爆爆爽a片免費看, 天堂私服論壇, 情色電影下載, 成人短片, 麗的線上情色小遊戲, 情色動畫免費下載, 日本女優, 小說論壇, 777成人區, showlive影音聊天網, 聊天室尋夢園, 義大利女星寫真集, 韓國a片, 熟女人妻援交, 0204成人, 性感內衣模特兒, 影片, 情色卡通, 85cc免費影城85cc, 本土自拍照片, 成人漫畫區, 18禁, 情人節阿性,