So, err…

How does this work then Seumas?

As both Vince Cable, the Liberal Democrat Treasury spokesman, and John McFall, Labour\’s Treasury select committee chairman, argue, only government direction to maintain lending – either via majority state-owned banks such as RBS or through new publicly owned banks – is going to overcome the comprehensive failure of the private banking system in the time available. But ideological panic is blocking what is obviously and urgently necessary.

We\’re in for 6 months, a year, 18 months or so of very uncomfortable economic times. No, it ain\’t gonna be a decade, the recession will indeed end and within a couple of years at the worst.

So, does anyone at all have any confidence in the ability of the Government to get a new publicly owned bank up, running, staffed and lending in under two years?



2 comments on “So, err…

  1. “So, does anyone at all have any confidence in the ability of the Government…”

    No. You didn’t really need the last 16 words, did you?

  2. Something must be seen to be done, even if it’s the wrong thing. The whole thing is clearly going to be a train wreck*, but that’s not the point. They’ll point to this and say it helped, and the hard of thinking will believe it.

    * You can almost write the stories in the Daily Mail in a couple of years time of money being lent to associates/friends/family members, and then never being repaid.

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