U.K. to inject $63 billion into British banks

U.K. to inject $63 billion into British banks

www.msnbc.msn.com

The British government is making a major cash infusion into three of the nation’s largest banks — a move that will leave the taxpayers as their largest shareholders

(visit the link for the full news article)

It just occurrd to me to ask the question, "Who will vote the shares owned by the taxpayers?" As this also is occurring in the US, the same question applies. I have been wondering if the banking elite have been orchastrating this collapse and how would they benefit. What if they have not planned this and control of the banks may actually be in control (potentially) of the people (taxpayers, thru newly elected congressmen)?

www.msnbc.msn.com
(visit the link for the full news article)

I think it's quite hard to see how anyone at all would benefit from this disaster. Certainly not the bankers - see this article for evidence of that. This is a massive humiliation for British banks, who are effectively being nationalised, having their salary expectations destroyed, and their very reason for being usurped by the government (at our expense).

But it's hardly a boon for the governments, either, who have in effect taken over what will surely become a hugely expensive political nightmare. At some point (presumably just after the next election in the UK) income tax will have to go up by at least 5 pence in the pound to start paying for it. At that point, the government of the time will almost certainly become hugely unpopular.

LW

do you know what the current 'official' population of the uk is?

according to july 2008 figures, it was 60,943,912

what if you were to divide 63,000,000,000 by that amount?

get your calculator out and figure out how much money per person that would be.

wouldn't that have actually been a better way to get the economy going again?





[edit on 13-10-2008 by justyc]

government cries poverty, increases taxes every year demands more money as the NHS is falling apart there are not enough doctors per bed, and then from out of thin air arrives 63 billion dollars to bail out the absolute scum who were giving themselves millions in bonuses for failing ( who i think should be forced to use their private wealth to help ) . so Now we the people are major shareholders in banks who we have pay increased interests too while also paying an increased income tax, I seriously want to see a lot of greedy people go to jail