BAILOUT OF THE BANKS PART TWO

If you're outraged, as I am, by the latest news about the banks, bail-out and potential sales to the private sector, read on......how much more of our money is going to be wasted? A lot, it seems
http://leap-lrc.blogspot.com/

TIME TO GET TOUGH WITH THE BANKS

For the past few years I have had what's called a "tracker" mortgage. I took it out a couple of years ago in anticipation of falling interest rates. And guess what, Lloyds TSB has now withdrawn it . Still, I'm one of the lucky ones. Unlike many of the High Street leanders, Lloyds is one of the passing on the full interest rate cut to its borrowers. Many of the rest, including those part nationalised by the Govt, are refusing to do so. People are not impressed with this disgraceful attitude -so much so that John McFall MP was on the news last night calling for full nationalisation unless they did the decent thing and responded to the Bank Of England's one per cent reduction. He seemed to see this as a regrettable threat. I think it should be a promise to all the taxpayers who have helped bail out the banks and mortgage companies from imminent collapse.
Gordon Brown told GMTV yesterday: 'I think banks should really pass on the interest rate cut. We are talking to the banks. Remember last time there was a cut, we had to speak to them before it was passed on and we will be speaking to them again.'
Actions speak louder than words, Gordon. Let's stop the banks and lenders taking the mickey and go for full nationalisation and public ownership.It's our money which is propping up these arrogant profiteers after all .

WHY THE BAIL-OUT WASN'T ENOUGH .....

When the mines were nationalised by the Attlee Government after the war, someone (I can't remember who) famously said, "We are the masters now." Today's Guardioan front page makes it clear that despite Government intervention and part-nationalisation nothing much has changed in terms of command and control. The same people are still in charge and the taxpayers, who are bearing this burden, are not part of the process.

The chief executive of Lloyds TSB, one of the banks participating in the £37bn bank bail-out, has promised staff they will receive bonuses this year despite Gordon Brown's promise of a crackdown on bankers' pay following the investment by taxpayers.
Eric Daniels has told employees that the historic government intervention will not change the behaviour of Lloyds, which is in the throes of the rescue takeover of HBOS brokered by the prime minister.
In a recorded message to employees, Daniels stressed that the bank faced "very, very few restrictions" in its behaviour despite the injection of up to £5.5bn of taxpayers' funds. "If you think about it, the first restriction was not to pay bonuses. Well Lloyds TSB is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't," said Daniels.

WHY A BAIL-OUT COULD COST US DEAR

http://www.guardian.co.uk/commentisfree/2008/oct/08/creditcrunch.banking
Posted on Comment Is Free earlier today.........