Friday, 23 January 2009

The Kamikaze pm says please help and Lord Turner says it not his fault

Britain today officially entered a recession as figures revealed the economy suffered its worst slump in almost three decades in the last quarter of 2008.
The economy shrank by 1.5 per cent in the last three months of the year - the worst quarterly performance for more than 28 years and far worse than expert had forecasts.
Added to a 0.6 per cent slump in the previous quarter, it puts Britain in an official recession for the first time since the 90s.

I find the arrogance and complacency of Lord Turner quite staggering. 'The banks will not collapse in the sense that the authorities will make sure that they will not collapse.'
That's alright then! Let's carry on as usual and the taxpayer can pick the tab up!
I'd rather see them go bust than saddle my grandchildren with their debt. His last paragraph, which you can read for yourselves, is almost incomprehensible coming from the alleged head of the FSA. Effectively saying, 'We didn't know our own business.' Whereas Brown, whom I despise with a vengeance, is guilty of squandering public money and taxes, it was the bankers who squandered and gambled money they never had in the first place and now want the taxpayer to absorb the debt to keep them all in the lifestyle to which they are well accustomed. Let them beg!!

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