Government plans 40bn sub-prime bailout - Mortgages to be nationalised?

GDB2222

Any attempt to shore up house prices is grossly unfair to FTB-wannabees who have saved their cash and avoided being sucked into the bubble. Most likely, the attempt will fail anyway, and simply delay the time until the FTB-wannabees have a chance to buy their homes. Poor use of public funds.

On the other hand, a bit of a hand to stop so many people getting repossessed makes good sense.

tomstickland

!!!!!!? wrote: »

Can it be true - is this cretinous bunch considering

I think the recent interview with Darling is part of a campaign of distancing himself from the poll-chasing antics of Brown. The overall tone was one of an intelligent man feeling very frustrated by the public perception of him.

He believes the scheme could transform the housing crisis, prevent families being thrown out of their homes, get the property market moving again and ease pressure on banks and building societies.

"get the property market moving again". He's deluded. You can't just pump loads of our money into a flawed system and hope it magically starts working again.

A Treasury insider said: ‘This plan is financial insanity and would seriously threaten the country’s long-term future.
‘It is so complicated, basically all smoke and mirrors, that almost no one really understands it. But Mr Brown is adamant this is what he wants. He thinks it’s the big bang the Government needs to relaunch.

‘Mr Darling and the Treasury loathe it. Plans are changing almost by the hour.

It's car crash TV alright.


My opinion of Darling has been rising a lot recently.

An enraged Mr Brown phoned Mr Darling yesterday morning and told him he had wrecked his plans to launch an economic fightback in the next few weeks and ordered him to give a TV interview within hours retracting his claims.

A TV crew was hastily summoned to Mr Darling’s Edinburgh home where he nervously repeated a statement drafted for him by No10 that stated the economic crisis was global and not centred on Britain.
Mr Brown’s anger was echoed by leading Brownite MPs.

I am laughing. It's a pity that he agreed to "eat his words". He should have told Brown that it was a no, or sack him.

Durham MP Kevan Jones said: ‘The Chancellor and the rest of the Cabinet should start talking the Government up, not down. The economic picture is a mixed picture, it is not all black.’

Yeah, let's all talk the economy up, pump a load of borrowed money it and continue the party. Don't worry about paying it all back.

lynzpower

He should have told Brown that it was a no, or sack him.

but if hed done that Tom, he would have been replaced by one of Browns yes men who would run with whatever mental idea came out of GBs mouth that day.

Curious_Moose

MissMoneypenny wrote: »

Gordon does seem hell bent on getting the country into as much debt as he can before he is thrown out. Then when it all implodes on the next pm, he will be able point his finger at them and say "look what they have done".

Scorched earth policy. They know they will lose the next election so leave as big a mess as they can.

dean_ham

MissMoneypenny wrote: »

Gordon does seem hell bent on getting the country into as much debt as he can before he is thrown out. Then when it all implodes on the next pm, he will be able point his finger at them and say "look what they have done".

I wonder if Gordon is feeling that he has been stitched up by Tony?

I remember a scene from one of those dramas about Tony that were on tv before Tony left (the father from My Family played Tony). Tony was telling Cherie (or Cherry as she use to be called) how far down the pan the country was going. Cherie told Tony to resign then. Tony laughed and said he couldn't yet, as he wanted to make sure he resigned just in time for Gordon to get all the blame.

You may have forgotten, but Brown was the Chancellor for all them years and he is to blame for most out our countrys current economic problems

elona

Even as far back as the reign of Elizabeth the First they knew that you could not keep throwing good money after bad!!:eek:

wymondham

dean_ham wrote: »

You may have forgotten, but Brown was the Chancellor for all them years and he is to blame for most out our countrys current economic problems

True, and he kept telling us how prudent he was (so much so it got quite annoying) !!

Max_Headroom_3

Yes, Prudence Brown was his self coined monkier, and "no more house price boom" his solemn promise.

No sympathy for the guy whatsoever. :mad:

Max_Headroom_3

Incidently, someone famous (I should know who but don't!) once described government trying to tax their country back to prosperity as "like a man standing in a bucket attempting to lift it off the ground by its handle".

Very much what this scheme feels like an attempt to do.

You can't throw money into a society in an attempt to make it more prosperous again without taking more out of it at the same time (admin costs, wastage etc).

We (as a society both privately and through government) have borrowed from the future to live now. Unfortunately "now" is gone, and this is the future that we borrowed from to enjoy.

tomstickland

Jack Straw is now acting as Mr Smooth-it-all-over.
http://news.bbc.co.uk/1/hi/uk_politics/7590502.stm