National News How many unemployed in the UK?

So basically they would have lost their money - including all the 'prudent' people who had been putting money away for a rainy day or their retirement. But people who hadn't lost anything would have got £20,000? That's not so much 'socialist' as 'completely potty'!

Unfortunately a major part of the banking crisis was all the deregulation of that sector, and equally unfortunately the banks are *still* not regulated properly. That's not a party political point, both/all UK parties (and most others worldwide) have handed power to the banks and the multinationals and are s**t scared of them.
 
Wasn’t it the Lehman brothers that started the banking crisis?

Over exposure to sub-prime mortgages with money that never existed (see other thread) someone done the maths and decided they had more debt than assetts secured. They had used "creative accounting" each financial year to remove securities from their books as "sales"...that never really happened.
Barclays bought its North American business.
Nomura holdings bought it`s Asia-Pacific business and it`s European/Middle East investment & equities divisions.
In a phrase it still exists just on other peoples spreadsheets.

So the Government(s) just pushed in lots of noughts into the global spreadsheets and the banks just sucked it up, moved it around and we all paid for it.
 
So basically they would have lost their money - including all the 'prudent' people who had been putting money away for a rainy day or their retirement. But people who hadn't lost anything would have got £20,000? That's not so much 'socialist' as 'completely potty'!

Unfortunately a major part of the banking crisis was all the deregulation of that sector, and equally unfortunately the banks are *still* not regulated properly. That's not a party political point, both/all UK parties (and most others worldwide) have handed power to the banks and the multinationals and are s**t scared of them.

Not everyone would have lost their money.
The bigger banks would have swallowed up the smaller ones.
The additional liquidity from the taxpayer would have saved others, the boost to the economy would have created breathing space.
Its commonly accepted that £500 BILLION was fed to the banks...........where is it now?

We`ll never know...................
 
My solution to the banking crisis was far different and a bit radical, even Socialist!!
The government should have let the markets sort the banks out, some fail some don`t.
Then give every taxpayer a lump sum of £20k.
Some would save it, re-liquify the banks.
Some would buy a car, go on holiday etc, help the economy.
Some would wazz it up the wall, help the economy.
And others would do a bit of both.

Get this pseudo-socialist.
Whilst I understand that strategy in hindsight back in the recession many were concerned about a collapse of the whole banking system and a crash similar to the 1930's. The government banking support certainly stopped that catastrophic event and most economies came out relatively unscathed and in a position to grow through the next decade.
Not saying that approach wouldn't work but any government is basically risk averse and would never have the balls to do it. Well Cornyn might have but the majority of the electorate are risk averse as well thus why he was never an electable proposition
 
Not everyone would have lost their money.
The bigger banks would have swallowed up the smaller ones.
The additional liquidity from the taxpayer would have saved others, the boost to the economy would have created breathing space.
Its commonly accepted that £500 BILLION was fed to the banks...........where is it now?

We`ll never know...................
As the COVID pandemic has shown when push comes to shove £500 Billion is regarded as chicken feed to prevent potential global meltdowns.
I'm sure the banks will say we had bonuses to pay!!
 
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