Quote:
Originally Posted by nomadking
It wasn't the banks as such that were bailed out, it was the banking system that was bailed out. That allows people to get personal loans, business loans, and mortgages. EG Northern Rock could no longer obtain the money to issue the mortgages. The banks losses originated from people borrowing money and not paying it back.
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The banks/the banking system. It’s once and the same. Financial speculators creaming off profits from gambles year in year out then walking away when it all goes wrong.
The taxpayer (ironically) foots the bill having suffered the inflationary effects of the loans being issued in ten first place!