4 ms·

Um, nice try. Takes a lot of 50 billions to add up to 1.5 trillion. Especially when you include interest. http://www.telegraph.co.uk/finance/newsbysector/bank

by wazzles 15y ago

Um, nice try. Takes a lot of 50 billions to add up to 1.5 trillion. Especially when you include interest. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8262037/Bank-bail-out-adds-1.5-trillion-to-debt.html http://www.telegraph.co.uk/finance/newsbysector/banksandfina...

whyleyc 15y ago
You're assuming two things here: (1) The country would have been better off financially not to bail the banks out and let them burn (2) The nationalised banks won't end up turning a profit for taxpayers in the long run anyway Both of which could be considered shaky assumptions. See Robert Peston's analysis on this very topic for more: http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/03/can_taxpayers_profit_from_nort.html http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/03...
- ThomPete 15y ago
  The day that the banks choose to bail out it's customers I might consider changing my opinioin about the value the provide to society. (not saying that they don't provide any)
  - whyleyc 15y ago
    "The day that the banks choose to bail out it's people" Sounds like a nice catchy statement, but what do you actually mean by this ?
    - ThomPete 15y ago
      That it was the taxpayers who bailed out the banks and that I hope the banks will remember that.
- wazzles 15y ago
  Robert Peston is generally a waste of space. UK GDP is around 1.5 trillion. Therefore we spent the equivalent of ONE WHOLE YEAR OF OUTPUT FOR THE WHOLE COUNTRY on bailing out the banks. You do not solve a debt crisis with more debt. You do not solve a financial crisis by supporting the financial institutions that caused it in the first place. Northern Rock has no assets other than a bunch of shit 125% mortgages and repo'd Barrats buy to let flats worth cents on the dollar. The idea this could turn a profit is absurd.
  - whyleyc 15y ago
    Not a great example to support your argument I'm afraid since Northern Rock was already back in profit over 8 months ago - http://www.bbc.co.uk/news/business-10848374 http://www.bbc.co.uk/news/business-10848374
  - anamax 15y ago
    > You do not solve a debt crisis with more debt. You must be new here. We solve everything with more debt.

by wazzles 15y ago

whyleyc 15y ago

You're assuming two things here: (1) The country would have been better off financially not to bail the banks out and let them burn (2) The nationalised banks won't end up turning a profit for taxpayers in the long run anyway Both of which could be considered shaky assumptions. See Robert Peston's analysis on this very topic for more: http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/03/can_taxpayers_profit_from_nort.html http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/03...

ThomPete 15y ago
The day that the banks choose to bail out it's customers I might consider changing my opinioin about the value the provide to society. (not saying that they don't provide any)
- whyleyc 15y ago
  "The day that the banks choose to bail out it's people" Sounds like a nice catchy statement, but what do you actually mean by this ?
  - ThomPete 15y ago
    That it was the taxpayers who bailed out the banks and that I hope the banks will remember that.
wazzles 15y ago
Robert Peston is generally a waste of space. UK GDP is around 1.5 trillion. Therefore we spent the equivalent of ONE WHOLE YEAR OF OUTPUT FOR THE WHOLE COUNTRY on bailing out the banks. You do not solve a debt crisis with more debt. You do not solve a financial crisis by supporting the financial institutions that caused it in the first place. Northern Rock has no assets other than a bunch of shit 125% mortgages and repo'd Barrats buy to let flats worth cents on the dollar. The idea this could turn a profit is absurd.
- whyleyc 15y ago
  Not a great example to support your argument I'm afraid since Northern Rock was already back in profit over 8 months ago - http://www.bbc.co.uk/news/business-10848374 http://www.bbc.co.uk/news/business-10848374
- anamax 15y ago
  > You do not solve a debt crisis with more debt. You must be new here. We solve everything with more debt.