Bank of England Bails Out the Greedy
To quote Alistair Darling “the Bank of England is issuing government bonds in return for high quality mortgage securities”. If these securities are such high quality, why the hell do the banks need the Bank of England to bail them out for? If they are such high qualirty then why don’t other banks buy them. The answer is simple, the private banks haven’t got a clue what their mortgage securities are worth which has caused the whole credit problem, and second even if they did know what they were worth, there is absolutely no way they are going to sell the Bank of England the best securities. Absolutely no way. And that is the kind way of saying it, they will probably sell the Bank of England some fo the dodgiest securities.
Normally something like this wouldn’t bother me, but when incompetent people have got control over my money and start giving it too over stretched, over ambitious, multi billion pound banks because they haven’t got the back bone to say “no, its your mess sort it out” it really f****s me off.
