Petition against the BOE rescue plan

http://petitions.pm.gov.uk/BoERescuePlan/

I didn't start the petition but if you think its a bad idea - let the government know...

Replies

  • RabbitMadRabbitMad Forumite
    2.1K Posts
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    No I don't think its a bad idea. Were heading for a very painful crash and everything needs to be done to make that as soft a landing as possible.

    Occasionally the people who have "done wrong" need to be let off (for want of a better word) for the greater good.

    I feel an appropriate analogy would be your mate is drving you along the motorway in his expensive new car and falls a sleep. Do you let the car crash, with the driver and passanger (You) injured and the car written off to teach this guy a lesson or do you attempt to steer the car safetly onto the hard shoulder?

    I don't like the idea of bailing these banks out but I feel it is the lesser of too evils.
  • PasturesNewPasturesNew Forumite
    70.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    I don't like these petitions. I am sure nobody takes any notice of them, in fact it's probably created 2-3 jobs at high wages just for an office and people to sit and watch them in case any need flagging up.

    However, if you're going to link to any petition, you could at least have said why you think the rescue is a bad idea. Maybe you're misinformed about what it is, why it's necessary, what the alternative would have been.

    The bail out will really manage to keep the banks from going under. If any UK bank goes under it would cause ripples for decades to come. The banks will be learning their lessons from what's gone on. Heads will roll. They won't do it again until next time (20 or so years) and everything can get back to normal (normal lending, deposit required).

    At the moment if you walk into a branch and want a mortgage they have to say "Sorry, no can do. To lend to you we need to borrow the money first ... and nobody trusts us". All the rescue is doing is enabling the money to move about so a lender can borrow the money to lend to you. Now, they're not going to let you get your grubby mitts on this precious resource if you're wanting 6x joint incomes, 125% mortgages any more; you'd be told "No, we now have the money available to borrow thanks to the bailout, however, you're not a good risk. Bye bye." The limited funds they can borrow will be lent to good bets only.
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