Monday, 13 October 2008

Brown gives banks a Red Card

Yes, in the end, he just had to play politics. The trumpeted bail out will be a disaster in the long-term for Labour. The manadarins at the weekend clearly got carried away with the tough talk.

RBS and HBOS are hobbled and effectively nationalised, what that means for shareholders we don't know yet in truth (shares crashing this morning...). Barclays and LLoyds have been strong armed despite protesting their innocence, at least Barclay's seems to have escaped the injection of direct Government funds.

Now RBS and HBOS are set to play to the Labour tune, more money for household lending etc. As we all know, once the Government starts interfering it cannot help itself. Beauracracy just feeds on itself.

Now Gordon is in his element, the banks have been humbled at the taxpayer expense. What is odd is that the Government seems keen to have, er, 'gold-plated' (appropriate for Brown) the demands to make sure both RBS and HBOS ended with over 50% Government shareholding.

I am all for the re-capitalisation of the banks, it was our only option. But the Government dithering caused huge share price falls and now the new issues are at such a level that the Government becomes the biggest shareholder and dictates policy. In fact, the step to full nationalisation is a tiny one from here...

This is 70's command economy time; Mr. Brown can seem strong and powerful. However, we all know where the 1970's command economy led to.

A better solution over the weekend would have been to work with industry to enable the comanies to survive in rude health rather than to get tough with taxpayers money. The Left don't think like that though, bullying comes to naturally to them.


Anonymous said...

And of course, we still need to find the money don't we? Nobody seems to be calculating the effects of this amount of borrowing added to the massive borrowing we are already committed to.

CityUnslicker said...

The pre-budget statement due next month will be a sobering experience for all of us who contribute to the UK treasury.

Anonymous said...

Your post is spot on. It is the thin edge of a wedge: Gordon never saw anything that he didn't want to micro-manage, and government interference in the running of the capital markets and finance systems will now never end.

Expect to see targets for lending to small businesses, elderly people, minority groups, charities, anybody in Labour marginal seats ....

Hairy Arsed Bloke said...

"Expect to see targets for lending to small businesses, elderly people, minority groups, charities, anybody in Labour marginal seats ...."
Which is the root cause of how we got into this mess in the first place.

I do not believe that Brown has been incompetent since 1997. He has been well aware of what he was doing. He deliberately made use of the perceived wealth effect of asset price inflation balanced by deflation in wages at the bottom end caused by massive immigration to maintain them in power.

The nuLieBore regime is the worst bunch of gangsters that this country has ever suffered from. Their crimes are so great that the punishment should be capital in nature.

Anonymous said...

i thought you might know what you're talking about, but obviously you're as dim as the rest of the banking profession - when the nobel prize winner is singing Brown's praises, i think it's time to go elsewhere for clear thinking. no wonder you tory swines have squandered so much public cash!

CityUnslicker said...

anon - eh?

I am not against recapitalisation; I put forward this as the solution ages ago.

What I am critising is the implementation that has hobbled the banking system rather than re-juvenated it.

As for tories spending cash, I am not a party member and in any event they have not been in power for 10 years. What exactly are you trying to say here??

Anonymous said...

no wonder you tory swines have squandered so much public cash!

Labour surely? After all the biggest debt in the G8, Imf warnings, first into the crisis.. just because the BBC said "Maggie did it" don't make it so..

Anonymous said...

5:18 PM

Oh dear,we are in trouble for not singing Brown's praises ,get real drip dry or is reality not one of your things

PS sorry CU ,I really only come to lurk here,but that's a load of cow manure

Steven_L said...

We all know how the sub-prime, off-balance sheet, securitised dodgy debts scam works now. Even I do, so I'd hazard a guess Gordon does too.

I reckon he's going to try and get it started again, except this time he'll be in complete control. He'll tell the bankers to package up the loans they make in accordance with his lending targets, and print more money to recycle them through some sort of off-balance sheet vehicle, claiming the taxpayer will profit when the debts are paid.

House prices will zoom up again, he'll get elected, then bang. He'll pull the rug, bankrupt us all and nationalise everything, including our current accounts and now worthless homes.

CityUnslicker said...

potentially prophetic Steven

Anonymous said...

"Expect to see targets for lending to small businesses, elderly people, minority groups, charities, anybody in Labour marginal seats ...."

Don't forget how well government having unfettered access to everyone's bank details will dovetail well with Brown's Id card scheme.

If I thought there might be somewhere to go, I would leave today.

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