Immediate Reaction to Government Bans Bail Out Proposals.
This is the press release I have put out this morning in response to the Chancellor's announcement of the Government's bank bail out proposals.
"Government Plan Nationalises Losses"
"Taxpayers to pay for Bankers' Greed"
"Fear Too Little Too Late"
Commenting on the Government's Banks bail out, John McDonnell MP, Chair of the Left Economic Advisory Panel, said "Without full nationalisation the Government is effectively nationalising the Banks losses and privatising the profits so that taxpayers will now pay for this crisis caused by the greed of the bankers. I fear that it will be too little too late. Without full nationalisation at least we need very detailed and specific conditions on any taxpayers support."
See also the Guardian's letters page where we have published a letter setting out a summary of a people's programme for the crisis rather than a bankers' bail out.
Now that it is accepted that the British economy is in recession today there must be pressure on the Bank of England for at least a 1% cut in interest rates. Without this the recession will be longer and deeper, with the risk of serious deflation and some even talk about a depression.
Already job losses are mounting and repossessions escalating. Our people are beginning to suffer. On Monday (13th October) we have convened a meeting at the House of Commons at 7.30pm in Committee Room 10 to plan the Labour movements strategy to confront the recession. We need to mobilise to protect jobs, homes, and living standards. Come along.
"Government Plan Nationalises Losses"
"Taxpayers to pay for Bankers' Greed"
"Fear Too Little Too Late"
Commenting on the Government's Banks bail out, John McDonnell MP, Chair of the Left Economic Advisory Panel, said "Without full nationalisation the Government is effectively nationalising the Banks losses and privatising the profits so that taxpayers will now pay for this crisis caused by the greed of the bankers. I fear that it will be too little too late. Without full nationalisation at least we need very detailed and specific conditions on any taxpayers support."
See also the Guardian's letters page where we have published a letter setting out a summary of a people's programme for the crisis rather than a bankers' bail out.
Now that it is accepted that the British economy is in recession today there must be pressure on the Bank of England for at least a 1% cut in interest rates. Without this the recession will be longer and deeper, with the risk of serious deflation and some even talk about a depression.
Already job losses are mounting and repossessions escalating. Our people are beginning to suffer. On Monday (13th October) we have convened a meeting at the House of Commons at 7.30pm in Committee Room 10 to plan the Labour movements strategy to confront the recession. We need to mobilise to protect jobs, homes, and living standards. Come along.
posted by John at 8:48 AM
3 Comments:
The government should force the banks to reveal details of the toxic debts they may have taken on board from the USA, then analyse if the banks are worth saving or if they should be nationalised.
We are depending on intelligent realistic people like you to voice the millions of unheard voices. This government is being le by the nose whilst the select few are continuing to make unbelievable profits out of the current stock market turbulence. 48,500,000 shares in HBOS have changed hands in the last three hours! Too many politicians and so called business leaders are trying to talk this situation up whilst doing nothing of any real substance that would benefit the ordinary honest hard working members of our communities.
We are told the benefit of the current arrangement is to feed the rest of our economy to aid the man in the street! If that is the case and the government is genuinely interested in helping the nurse, policeman or war veteran to get a mortgage, then it already has the vehicle. It is called Northern Rock! If it is worried about energy prices, then governments should not have privatised essential resources for short term gain!
Let the commercial world take care of itself. I vote in the hope of getting a responsible politician to provide affordable utilities, safety, security, education and health. Whilst I understand the need to play on the global economic scene, I believe we have lost our way and our government is letting us down badly.
Let’s get serious and give our children, our elderly and our less fortunate people a stable and comfortable life as well as a real future.
we can also point out that many of the people on high salaries above the tax credit thresholds of around £58,000 (for child tax credits) who have all these savings in banks are often youngish single people with no dependant £58,000 for example i s alot of money for one person but not as much for a family of four in an area where mortgages are high....and of course it tends to be men who reach these higher salaries not having to take much tiem off to look after children very often...hence glass ceilings remian in place financially if not by merit..what I always say is to look at percentages..what percentage of a "fat cat's" income was the bonus, their basic food/housing costs etc and how much disposabel income do they have as a percentage and tehn compare these figures to families costs broken down as precentages and then we will see where teh unfairness lies...Also a lot of graduates went into businessy jobs in teh ninieties recession as tehy were told that these or soid government jobs were teh only realistic possibilities if we coudl get a job at all bu ti think that was ultimately bad as a lotof creativity etc was stifled and led to alot of later careeer changes and associated recruitment nad retention costs etc etc. Today I heard of a family where both parents work full-tiem who may have negative equity...and possible redundancy...people are also swoppin gclothes around and growing vegetables etc to survive so they aren't spending in the shops..
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