I'm so pissed off that tax payer’s money is yet again supporting very poor & short term business strategies

Question

All very short termist, yet our leaders the ‘champagne socialists’ – the new labour party are now making normal tax payers pay for exceptionally poor financial choices made by money lenders!

I know I did not make any money from new labours Utopia but the few have done, to the detriment of the average Brit (UK resident prior to 97)

I can not explain in any sense how new labour thought they were benefiting the UK electorate.

Can you shed any light on it?

http://www.guardian.co.uk/business/2008/aug/05/northernrock.banking2

Answer 1

It's not much of a surprise though is it ?

Answer 2

are you refering to Northern Rock?  

Answer 3

same here in the states

Answer 4

Only if you work for the government they even spoke of offering Police, Nurses, Firemen, Army cheaper mortgages to help recruitment/enforcement levels.

Or has this been pushed through the back door already?

Handouts to Bankrupt Banks is scandalous and unacceptable

Answer 5

I think New Labour are an abomination and have made mistakes round every twist and turn of their time in office.

I also understand how you feel but this time round it's being done to help those borrowers in financial difficulties.

I have a sneaking feeling though it's too much too late and that Northern Rock will crumble leaving a lot of people in dire straits and many folk without a roof over their heads.

And yes there are more fat cats now than ever there was under the Tories. Socialism....umm I must have misunderstood what it stands for.

Answer 6

Northern Rock is hardly 'short term'

Would you rather let the ordinary investors suffer because of the failure of the previous capitalist bank?

Answer 7

Croxx, I think your questions sums up the national mood.

The Government urinates billions of pounds of tax payers money down the drain whilst allowing corporate utility fraudsters to extort billions of pounds from Britons? It's no wonder that Gordon Brown is 'so not boverd' about the outcome of the next election. So I wonder how much Champagne three billion pounds will buy for the socialists and their corporate non-dom cronies?

Answer 8

Difficult one this.

On the one hand, the government is forced to take a bank under public control and prop it up with public money. Obviously not good.

Alternatively, let Northern Rock collapse, losing investors their money, and making many other small banks in UK look vulnerable. Create a lack of confidence in the British banking industry, and deal with the international fall-out.

Sadly, I think that propping up Northern Rock is the least worst of two poor options. The consequence of loss of confidence in the British banking sector might bring a few more down, with a lot more collateral damage.  

Answer 9

Yes and its not just Northern Rock.  Tax Credits support businesses who claim they cannot "afford" to pay their employees a decent wage.  So they pay then £6 an hour and the Government/taxpayer has to cough up the rest.  Its wrong.

Answer 10

I presume you refer to the extra 3 Billion of taxpayers money put into Northern c**k ? Funny how we weren't all asked if we wanted to take risks in the financial markets (and private citizens were lambasted when they did, and blamed wholesale for the Credit Crunch).