The Credit Crunch. The Slump. The Recession. Call it what you will, we’ve all got less money than ever. Go to your bank and the cash-point will show a balance of 5 million overdrawn purely because the bank has secretly loaned all the money out. Brilliant plans have been launched in the USA and UK to bail out these banks, pumping in money which will get the inter-bank loans happening again. This should allow banks to operate again, loaning money, giving out mortgages and so forth. Many have questioned these plans, especially as history shows that the banks merely hold onto the cash to ensure their own survival, however the Governments feel that it is the right action to take.
Our Chancellor, the one with the mildly funny name (anyone remember Blackadder Goes Forth?), has pushed forward with his plan to bail out our banks to the tune of 50 billion. The problem? We, the tax payers, are paying for it. This article probably shows how most people feel about this move.
Link –
thedailymash.co.uk