Wednesday, October 08, 2008

Brown's initial steps may help

But Labour MP John McDonnell said: "Yet again, the taxpayer is being asked to pay for the mistakes of the bankers with next to nothing in return. I believe the Government should nationalise to stabilise the banks and must place conditions, including representation on the boards, no repossession of homes and a pay cap for bank directors with an end of bonus binges. Without these conditions the bail-out is nothing but a subsidy by the taxpayer to the very people who have brought our economy to the brink of collapse."

IMO: I wish it were that simple. Some such measures could most certainly be used, and probably should be. Obviously something has to be done, otherwise there could be anarchy, and few reasonable people seek that. In Australia, the NSW premier Jack Lang, sought to nationalise the banks in NSW many years ago but was unsucessful. He also seemed to want to seek independence for NSW.I can still remember the banners and slogans "Lang is right". Oddly he would now seem too right-wing for many of the whinging poms in the UK who do not seem to realise that such action in the UK nowadays will simply mean no pensions, no social security and no banks. There won't be the £76 or so these idle grifters rely on. Also, if Australian experience much earlier is anything to go by, there will be a military junta with orders to shoot complainants like the above whingeing poms, and others like overpaid local govt officials and other scum etc. on sight. I'd happily take up arms again, but only to help keep public order. Do I have to say it again ? I blame John McCain.

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