We are NOT all in this together

by Charlie_East_West on January 11, 2014

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{ 3 comments… read them below or add one }

Fionauk512 January 11, 2014 at 6:21 pm

Makes me rage when I see how the price for this has been heaped on to the least responsible, and the relish with which it is being done in some quarters. Absolutely sickening.

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Geoff Elliott January 13, 2014 at 9:54 am

1,300 billion? Are you sure Charlie? QE in the UK up to March 2013 was about 375 billion. Where’s the rest from?

I’m not questioning the sentiment mind you!

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George_East January 13, 2014 at 7:46 pm

Geoff, I’m not sure where these figures come from, my best guess is it includes guarantees of the bank’s debts.

The thing with the bank bail out, of course, is that we would have been in a lot worse position if it hadn’t happened. The fact of it was not the issue, but rather that the governments (and I’m including the end of the Brown government here) did not demand sufficient in return – ideally taking an active (rather than a passive equity stake) and requiring base rate cuts to be passed on to businesses and consumers to maintain demand. Instead Basel III is still being negotiated and the city is pretty much back to its old ways.

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