The banks were bailed out because they were “too big to fail”. You’re being screwed over because you’re not 🖊️ FisherAndrew79 via ipaperviews
casting our minds back 15 yearsIn an unprecedented intervention, the government stepped in and prevented the entire UK banking system from failure – nationalising some, part-nationalising some more, offering low-cost loans to others, and under-writing the entire system by insuring banks’ loans.
In all, the public was on the hook for just under £1.2trn – an eye-watering sum. To put that in some perspective, a care worker on the minimum wage would have to work nearly 60 million years to earn that much., Philip Stephens, once a director of the editorial board and now a contributing editor, wrote a piece in January 2009 entitled
. Even the then yet-to-be shadow chancellor John McDonnell MP was only asking for the latter. With their share prices on the floor, the bulk of the banking sector could have been nationalised and run in the public interest.was swiftly followed by the great political swindle. Somehow a crisis caused by the reckless behaviour of bankers was turned into a crisis of government expenditure . It is a tribute to the dishonesty and mendacity that defines British politics and media commentary that such a feat was achieved.
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