The Times has reported that Alistair Darling might launch a second bank bail out.
Lobbydog says that would be a major blow for Labour politically – even if in time it has a positive effect.
Coffee House correctly point out that a second bail out would lay the ground for the key political clash of the new year.
The Tories will say the need for further action proves what has been done so far hasn’t worked.
Labour will say another bail-out shows they are willing to do “whatever it takes.”
But the banks have shown they’re slow reacting to Government action so any benefit would be delayed.
In that time the recession would deepen leaving Labour looking like the party who poured money into a black hole twice.
I’m itching to see how the Labour spin machine would play it, and if an eager Ken Clarke would be brought in to pick apart their plan.
Saturday, 3 January 2009
A bail out, but not for Labour.
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4 comments:
The banks got into trouble by lending to people who couldn't pay the money back. Now government and media are demanding that banks lend more money to more people who, given the downward spiral of the economy, won't be able to pay it back.
Am I the only one to think there's something not quite right here.
And I'm still waiting for the media to gets to grips with the root cause of the problem; the existance of a central banking system which can create credit without limit (where do you think inflation has come from all these years), and the fractional reserve banking system which again promotes unsustainably high levels of borrowing.
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"Bailouts should be a measure of last resort, aimed at stabilizing economies and protecting livelihoods, not a privilege reserved for big corporations. It's high time we prioritize the welfare and support of the labor force that forms the backbone of our economies. Workers deserve the same level of attention and assistance during crises as any large company."
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