The UK will be the Worlds Worst Off
06 October 08 - 17:46
Britain will be hit harder by the global financial meltdown than any other country in the world, experts warned last night. Prime Minster Gordon Browne blames global economic factors for the economic collapse. But economists warn Brits will be crippled by the credit crunch because they have been failed by the authorities in the past. They say families are drowning in debt and have little (if any) savings; Government borrowing has hit record levels and the coffers are empty; Banks lent money recklessly; Regulators failed to curb their risky behavior. This collective lack of management behavior has made Britain the most vulnerable country in Europe to the global financial crisis.
The relative importance of the financial sector to the UK economy, the high consumer debt most of which was incurred prior to the credit crunch by ‘To hell with the future’ minded consumers using their inflated value homes as ATM’s. ... (more)
This £400 Billion Scam Won’t Stop the Rot
06 October 08 - 17:24
The £400 Billion rescue package is a total rip-off that will mostly benefit shareholders at a huge expense for the US taxpayer. The pockets of reckless bankers and investors will be made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. This level of lie is akin to the Weapons of Mass Destruction bullshit we were all given to justify invading Iraq. The Treasury Plan is a disgrace and does nothing to resolve the major stress in money markets that are now close to meltdown.
It is pathetic that Congress did not consult any of the economists who have presented alternative plans that were more fair and efficient and less costly ways to resolve the crisis. This is a bailout for the rich, the well connected and Wall Street: A Treasury scam that does little to resolve the debt burden of millions of home owners. It is now clear that the US Financial system, and that of the world financial system, is in cardiac arrest and we are at risk ... (more)
