Its refreshing to see that the unloved Republicans have stuck to their guns and said no to intervention – even it it means a crash and the collapse of their economy and all its global fallout.
Why? Because in the UK the opposite situation exists where an underlying fundamental ideology of nationalisation to the rescue still exists!
Or does it?
I’ve just heard A Darling say ‘we’ll do whatever it takes to keep the economy stable’
Maybe, the Yanks are right – You cannot underwrite a House of Cards Institutional collapse – especially if your not getting the profit in the good times.
Obviously the UK Government thinks you can!
When the Japanese banking system collapsed in 1990 the only solution was the introduction of ZIRP – Zero Interest Rate lending from the State to the Banks in order to kick start the circular liquidity flows. It took ten years to recover.
Maybe there’ll be a honeymoon periods in a month or so after Obama wins the US election handsdown.
It might even help Mr Browns UK image, after all the Conservatives here (the republican equivalents) are marching around their annual conference here like headless chickens, triumphing the rise of New Conservatism and already talking about power.
Why the glum faces then?
These same people are being shot by both sides. The collapse of their beautified banking system and the value of their shares free falling, their system falling into the hands of the enemy (the current Government) has rather taken the shine of the promised election victory to come!
Well whoever wins it has just won a bucket of ****
Rumours are abounding that Lloyds board are trying to renegotiate the takeover of Halifax Bank of Scotland – its sending waves around the industry.
Well Mr A Darling it looks like you may have your first bank to nationalise….
It will probably be closely followed by Royal Bank of Scotland!
Hang on! – Whose in Charge? – a certain Scot Mr G Brown
Maybe he’s planning to hand the Scottish banks over to the Scottish Parliament to run
Now there’s a thought – Alex Salmon in charge of 2 of the UK’s largest financial and insurance comglomerates!