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 thoughts on “So, err…”

  1. 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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