Starting to suspect @brb is a Tory infiltrator (Internet sports branch) please log in to view this image
There aren’t the cash reserves in the banks to service every single pound in the UK. As I said, most banking operates on credit &. debt. So companies are in debt to the bank via the money they are lent. If the banks want to call in the debt, they can do so. So a run on cash reserves from the public wouldn’t crash the banks, but it would put thousands of small to medium businesses to the wall and likely cost hundreds of thousands of jobs. Again though, it’s not about a corrupt banking system (although lots of their practices and investments are shady as ****) it’s about senior bankers, politicians, CEOs etc all trying to quash the appeal to raise wages to meet the cost of living, whilst they are ****in rolling in it living the life of luxury.
It is. But as we've seen before the Govt won't let the banks fail, no matter how much they screw us over. We had the banking crash in 2008 on the back of basic greed of the banks to try and create as much debt as possible to rinse the repayments to generate as much profit as they could. And instead of jailing corrupt bankers, overhauling the entire system, and making the banks pay back the money, they bailed them out with taxpayers money and then foisted 10 years of austerity on us, knackering our public services and causing a massive underfunding in the NHS and other critical infrastructure.
But I thought the banks collapsed on Labour's watch? 2008 wasn't that the Blair government, I thought Labour had been in power for a whole decade when the banks crashed. Maybe I'm getting my years mixed up?
Yeah, people that provide essential services should do it for nothing, and be thankful for the scraps from the rich man’s table. ****ing nurses and teachers, wanting a living wage for saving lives and educating the rich, the ungrateful sods.
Labour were in power. Gordon Brown was PM at the time. But the banking practices had been going on for donkeys. They just got greedy and wanted more and more and ended up crashing the system. The whole system of sub prime lending and encouraging people without the means to meet their repayments to take out huge loans should never have been allowed in the first place. In effect, there was little that Gordon Brown could have done other than recapitalise the banks in that moment. Otherwise nearly all of the major banks would have gone to the wall and with it thousands of businesses and possibly millions of jobs. It's what came after that sticks in the throat. The Tories, instead of clawing that money back from the banks, the CEOs, the massive profits they make, decided instead to make the public pay for it, with a decade of austerity.
Yeah, Labour caused the American banking system to take on toxic loans and contaminate the world’s economy.
So what did they do to stop it, because Labour had been in power a whole decade when it collapsed, that's not saying Labour caused it, but if they can't do anything to stop it after 10 years, who can, what needs to change. I know Brown and Another (can't remember his name) did a good job moping up the mess, but you can't really throw the banks on the Tories doorstep, if the Cons weren't even getting a sniff of power around Blair's reign.
Labour had two whole years after the crash, so what did they do in those two years to claw it back, what legilsation did they force through or attempt to force through after it? I know the banks had to pay the loans back.
And here we are again with the possible lifting of executive pay and prob bonus and getting rid of the Mortgage checks
They nationalised or part nationalised most of the major banks. They were then sold back to the private sector during the Tory years. I’ve no idea whether the taxpayer got their money back in full. I’m sure the figures are out there though.
