Taking control of the banks
Posted by David Kidney, MP for Stafford, at 08:45, Thu 22 January 2009:
We have every reason to hate banks just now. The picture is beginning to fall into place of bankers so sure of their status and success that they paid themselves huge bonuses while they took bigger and bigger risks with our money. Could we have let some banks fail completely? I don't think so. It's not just the job losses in banking, the losses to shareholders (many of whom are our pension funds)and the drop in foreign earnings and investment in the UK that would result. It's the dependence our entire economy has on there being a working and effective banking system. Most of us have bank accounts and we rely on our income going into them, we pay bills from them and from time to time we borrow money to supplement them. Businesses likewise rely on their banks. But the lesson we learn from this dependence is that if we are not free to let them go bust then they cannot be free to do dodgy deals, rip us off and wreck our economy. Bankers cannot complain if we severely restrict their freedom to act in the future - call it our "arrangement fee" for getting them out of the mess they are in.
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Posted by damonhoppe, 10:10, Thu 22 January 2009: (Is this post abusive?) #
Indeed this is exactly what the Labour Party said before they took office in '97, which is why I voted for them.
As for accussing the banks of wrecking the economy, this statement is inaccurate. The banks merely followed Labour Govt policy on the matter. As the Govt has not changed that policy I suspect you are merely trying to blame the banks to detract from the real culprits who are The Labour Party and their mates in the Conservative Party who have been doing dodgy deals, ripping us off and wrecking our economy.
I am sorry David but this is a Govt built on lies, greed and self-conceit!
As for where to put ones money, in a 'friendly society' of course!
Posted by Phil Lane, 11:35, Thu 22 January 2009: (Is this post abusive?) #
Here's some common sense for you and the Labour Party Mr. Kidney
Lloyds and Barclays shares now are around 10% of what they were once. Let's not mess about with £Billion schemes - it's a plaster to fix a huge wound. The answer is very simple - the government should use the money they are being held hostage with to buy the bank shares - effectively nationalising all the major banks in this country.
Then there is no restriction on lending, the financial market is freed up and the recession will start to ease. There is an alternative with the new super mutuals - Nationwide and Britannia so competiition isn't an issue.
Come on Labour have some Ed Balls....
Posted by Bevan Craddock, 11:48, Thu 22 January 2009: (Is this post abusive?) #
I fully agree with damonhoppe David. I, for one, am seriously looking at alternatives to banks. Labour Party policies were wrong and simply enabled a few people to become very rich and make the rest very poor. I was talking to an elderly man in the Co-op yesterday who sadly related how his few savings had disappeared because of the recent bank crashes. Like me, he will survive, as he did during the last war when we had nothing. Unfortunately, those born more recently will not have a clue how to cut back to survive. I really thought those days had gone when Labour returned to power.
Posted by Mr Michael D Whitehouse, 17:15, Thu 22 January 2009: (Is this post abusive?) #
Gordon Brown is the man who has balls it up he aloud the F.S.A to take thier eye off the sharp bankers only in it for their them selfs, But there again he is not the honarable man he made out he was is he? We have just entered the long tunnel of resesion and we have a dick head minister stateing he can see light at the end of the tunnelo(Tony McNulty), He deffenatly needs medical threatment sooner rather than later and Gordon Brown tries to conceal the expenses hes turned out to be a double bogey and the sooner we get the monster looney party voted in the better (they could not do worse than this clown could they) regards, Mick Whitehouse, (Staffordshire)
Posted by diana smith, 09:21, Sat 24 January 2009: (Is this post abusive?) #
Perhaps one of the good things to come from all of this chaos, is that we have all stopped taking for granted that we know what money is, and that the banks know best.
There are a lot of interesting developments taking place, which are about bringing money closer to people. The expansion of the Co-op bank looks to me to be a positive thing.
I am also happy about the emergence of the Credit Union. The framework is set now to make this grow here in Stafford and it just needs people of good will to sign up and take the step of investing in it.
There are a lot of people thinking about Money. George Monbiot's comment in the Guardian 20th Jan quotes " the future of money" Lietaer, in saying there is no reason why money should take the form of sterling or be issued by banks. Money consists only of "an agreement within a community to use something as a means of exchange".
As somone who has administered a LETS scheme, and found it frankly pretty hard going I know a lot of the pitfalls of trying to make local currency systems work. It is certainly not easy.
We do need the banks to be helped through this to provide some stability and a framework for pension schemes and savings, But we should not be afraid to be creative. At a local level there are things to be done, and there are people who need to be doing things. If the money is not flowing to make this possible then perhaps it is time to be looking at other means.