Gordo planning to bail out the entire financial sector

! This post hasn't been updated in over a year. A lot can change in a year including my opinion and the amount of naughty words I use. There's a good chance that there's something in what's written below that someone will find objectionable. That's fine, if I tried to please everybody all of the time then I'd be a Lib Dem (remember them?) and I'm certainly not one of those. The point is, I'm not the kind of person to try and alter history in case I said something in the past that someone can use against me in the future but just remember that the person I was then isn't the person I am now nor the person I'll be in a year's time.

No Mandate Brown has a master plan for reviving the housing market and turning round the market.  You’ll like it, it’s a stroke of genius.

What he’s planning on doing is allowing high street banks and other mortgage lenders to sell their mortgages to the Bank of England who will pay them in guaranteed government bonds.  The banks, having irresponsibly and unsustainably loaned money at up to 10 times the borrowers salary, will then have a guaranteed income from the taxpayer instead of billions of pounds of high risk debts.  The liability will, instead, pass to the Bank of England where it is underwritten by the taxpayer.

This will make the liabilities the nationalisation of Northern Rock has left the taxpayer with look like small change.

The man’s a fucking lunatic.

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One comment

  1. Rob (27 comments) says:

    We know that. But does everyone else.

    It could take a long time to get out of the mess Labour have left us in.

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