Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Showing posts with label nationalisation. Show all posts
Showing posts with label nationalisation. Show all posts
May 16, 2017
September 28, 2008
THE SUNDAY TELEGRAPH: Taxpayers face a multi-billion-pound bill as part of a plan to rescue the stricken mortgage lender Bradford & Bingley, it has emerged.
The biggest buy-to-let operator is on the verge of being nationalised by the Government as time runs out on attempts to find a private buyer.
B&B’s shares will be suspended when the stock market opens on Monday. By that point, the Government will either nationalise the bank or announce a deal to sell it.
Senior Treasury officials are working on a plan to take B&B into public ownership. That could be followed by a swift sale to a bank, with Santander of Spain – which also owns Abbey – seen as the favourite.
But unlike the sale of HBOS to Lloyds TSB two weeks ago, the deal will require public support, with many of the one million B&B mortgages left with the Treasury. As a result, taxpayers are likely to be left holding the mortgages most likely to default from the £40 billion portfolio.
This will increase the size of the national debt, though the ultimate bill for taxpayers is likely to be less, depending on how many B&B mortgage holders default.
Downing Street had called an emergency summit with banking chiefs to try to thrash out a solution. It is the second time in a fortnight that a major British bank has had to be rescued, fuelling fears for the fate of the banking system.
In a sign that the credit crisis is spreading through the wider economic system, the home furnishings retailer MFI also came close to collapse.
In the United States, politicians tried to reach agreement on a $700 billion (£380 billion) bail-out for American banks as insiders said that Wall Street shares could lose up to a third of their value if the talks failed. Financial Crisis: Bradford & Bingley Likely to Be Nationalised by Treasury >>> By Edmund Conway and Katherine Griffiths | September 28, 2008
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>
September 08, 2008
THE TELEGRAPH: The FTSE 100 jumped more than 100 points at the open this morning, following an earlier rally across Asia, on hopes that the nationalisation of America's two biggest mortgage lenders may help revive the troubled US housing market.
In an unprecedented move, the US Treasury yesterday took control of Freddie Mac and Fannie Mae in the largest financial bail out on record in a move designed to restore confidence in the $12 trillion (£5.8 trillion) US mortgage market.
The action, which comes at an unknown cost to the American taxpayer, prompted a bout of risk taking from investors across the globe.
Alongside the rally in the FTSE 100 and in stock markets in Germany, France, and Italy, prices for government bonds were hit and the dollar tumbled. FTSE 100 Jumps after America Bails Out Fannie Mae and Freddie Mac >>> By James Quinn, Wall Street Correspondent | September 8, 2008
THE TELEGRAPH:
Freddie Mac and Fannie Mae Rescue Sends Dollar Tumbling >>> By Jamie Dunkley | September 8, 2008
THE INDEPENDENT:
US Bail-Out Sends UK Shares Leaping >>> By Russell Lynch, PA | September 8, 2008
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>
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