The Credit Crunch Collateral Cock-Up !!

by Craig Chapman - 10:05 on 09 November 2008

As I understand this financial crisis, it wasn’t just the overselling of mortgages in the southern USA States for 5-6 times the salary levels of those “buying” it was also the way in which the banks and other lenders concerned financed those fees with bonds that were sold on to other banks around the world. These were literally, a guaranteed form of buying a debt and yet countless banking and fund managers, trusted to be at the very least -  intelligent, fell for it. This is barely more plausible that receiving an unsolicited email from King Adibubiwalla who wishes to export the entire Nigerian oil reserves into your bank account. Talk about gullible.

In the UK, our wonder saviour, King Sir Archduke Gordon Brown has always preached his prudent and experienced knowledge would save us from the boom and bust of the Tory years. He had several warnings to regulate the above described scam but as his government was raking in so much tax off the back of overpriced house sales, he couldn’t let go. This guy must now have the yolks of 3 million unborn chickens, splattered across his ever-so-smarmy face. No wonder he gulps !! 

(Crikey, the SNP (Still No Policies ??) must be a shower of losers if this bunch of wallies can kick their butts)

His answer to solving this mess that he has permitted to be unleashed upon our shores, is to pay off one credit card debt with another credit card and then he has handed the proceeds to the very bank managers who led their institutions head-long into this mess – with very few strings attached. How imprudent can a person be? 

The collateral upon which he borrows this non-existent money (at exorbitant interest levels) is the future tax payments of the people of the United Kingdom and of all who sink within her. 

Does this mean that if he cannot pay back all this money at some date in the future, then a bunch of big burly chaps called “Ron” will pay him a visit ? 

Does this then mean that we – The United Kingdom - as collateral could become repossessed by another country or bank ? 

Does he have the right to do this ? I don't recall anyone actually voting him into power, therefore the debt should sit squarely upon his egg-splattered shoulders.

It was also interesting to note that as soon as someone in the potential super power that calls itself the European Union suggested a joint bail-out package, Frau Merkel of Germany told them to “Sod Off” as Germany was more interested in saving itself. 

Yeah, solidarity and all that Angela !! This sums up your illegal club in one paragraph, now get your hands off our shores.  

Popular Alliance are, for the moment, holding back on updating our Economy Policy, as someone appears to have nicked the goalposts. www.popularalliance.org

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