Tuesday, 7 October 2008
Party like its 1929
All UK highstreet lenders are to be part-nationalised (government to buy preference shares) overnight. No details yet, but likely to around £50bn outlay.
So the taxpayer is going to give the banks billions of pounds so that they can lend it back to us at a high rate of interest because we don't earn enough to live on and to carry on buying houses we can't afford.