It’s astounding, time is fleeting and still they are bleating about the mis-management of the banks. Yesterday the Prime Minister Gordon Brown and his Chancellor Alistair Darling agreed to the £37billion requested by the Royal Bank of Scotland (RBS), Lloyds TSB and the Halifax. We are told repeatedly that they have not nationalised these banks, but have invested in them. Isn’t a government that invests in a bank still privatising it? Yeah! I’m glad we have cleared that one up for Gordon and Alistair. In the words of Barack Obama, a pig is still a pig even if it has lipstick on (was he referring to Mrs Palin the hockey mum that wants to be vice-president of America ? -Ed.)
Today we hear that the City bosses awarded themselves bonuses last year of a whapping £17billion – this is probably the total earned income of an entire country in the third world. I am not against bonuses, they are a healthy way of rewarding performance, but what a performance it rewarded last year! If this reward was based on performance then why is the result the near downfall of the banking industry in the UK and the world today?
During all of last month’s mayhem (including Gordon Brown’s meteoric rise to Guru status in the free world and America) we also had an announcement by Mr. Krugman, the US economist who won the 2008 Economic Noble prize and who is also an outspoken critic of the George Bush administration. Mr Krugman yesterday endorsed Prime Minister Gordon Brown’s new global solution to the banking crisis and added that the world is likely headed for a deep recession despite the European-led plan to bail out the banks hit by the credit meltdown. George Bush today dashed out to his White House rose garden to reiterate Gordon’s mantra to the American people and the banking industry and to let them know that he is going to nationalise/invest in the American Banking system as well.
It seems that Guru Gordon Brown has now found the golden solution to the world’s banking problem – at least for now? However, spare a thought for the homeowners that have, over the last year, resorted to withdrawing cash on their credit cards to pay mortgages and other bills. Add to that all the people in Debt Management Plans and Individual Voluntary Arrangements (IVA) that are struggling financially. What remedy does the Prime Minister have for these people who are now facing crippling interest rates to repay their debts? These vulnerable taxpayers are struggling under the burden of their debts and can ill afford to pay the exorbitant interest rates and the missed payment penalty charges inflicted on them by the bankers that Guru Gordon has saved – the ones who received the unbelievable bonuses last year!
Unfortunately, when you attain a high office, as Prime Minister Gordon Brown has done, you are also subject to great criticism. He is damned if he does and he is damned if he doesn’t!
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