Quote:
Originally Posted by spanna
Of course it was New Labour who bailed the banks out - but heck why not blame the Tories for it
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The Tories are the ones carrying on the trend, and telling us that the various pro-bank policies and BoE's low interest rates and further QE that are ramming inflation up our backsides are a good thing.
I blame the Tories because they, not Labour, are in government now. They've had over a year now which is more than enough to amend things, as it is they've stalled structural separation of banks and continued to act as the City of London's bitches.
New Labour started the trend, doesn't mean it had to be carried on by Blue Labour. Rather than making the City suffer for what it did, prosecuting fraudster bankers, etc, they've allowed the FSA to keep the conduct at RBS secret, done nothing to push a bank we own the majority of to get its act together, and are about as potent as a man with irradiated testes.
http://blogs.telegraph.co.uk/finance...a-and-ireland/
http://blogs.telegraph.co.uk/finance...about-the-fsa/
http://blogs.telegraph.co.uk/finance...unt-over-atms/
RBS - £45bln in direct cash support, £100bln in loans and insurance, over 10% of the entire national debt, and they are giving RBS yet more created money to try and 'encourage' it to lend to businesses. Stuff that, we own them, they do as they are told.