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Thread: Labour leadership race

  1. #131
    Senior Member Zero123's Avatar
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    Quote Originally Posted by Willber G View Post
    That the banks in many countries needed to be propped up in order to prevent the collapse of major western economies is well documented. Running economies with so much debt is a sorry state of affairs and not one that I have ever advocated, but that doesn't change the reality of the situation. And if the government shares were maintained for long enough then there could have been a net gain for the taxpayer.

    WRT B&B shareholders, I have no idea.

    Gordon Brown seemed to think he "saved the world" but his economic mismanagement only compounded the problem.

    "I know I'm a pessimist because my glass is always half empty...even when it's full".

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  2. #132
    Senior Member Willber G's Avatar
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    Quote Originally Posted by Zero123 View Post
    Gordon Brown seemed to think he "saved the world" but his economic mismanagement only compounded the problem.
    I try not to judge history on the misjudged utterings of any politicians, but the role he and others played during the 2008 crisis is well documented (both good and ill), as has the performance of successive governments in managing the aftermath. People can make up their own minds.
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  4. #133
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    Quote Originally Posted by Willber G View Post
    What would you have done? The whole economy is reliant on the banks so it was imperative to prop them up to stop many businesses going bust, which would have had a disastrous knock on effect for everyone. The shares that were bought and retained by the government have continued to provide a payback for the initial rescue costs, although they have recently been selling off shares at a loss for some reason.
    But that's how business works surely ?...You "invest " at risk ?.....Be it in a bank .Or a commodity ?
    If the investment goes titsup !...That's it ?

  5. #134
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    Quote Originally Posted by Willber G View Post
    That the banks in many countries needed to be propped up in order to prevent the collapse of major western economies is well documented. Running economies with so much debt is a sorry state of affairs and not one that I have ever advocated, but that doesn't change the reality of the situation. And if the government shares were maintained for long enough then there could have been a net gain for the taxpayer.

    WRT B&B shareholders, I have no idea.
    In an ideal world .....I would agree ....

    Sadly this is not an ideal world ?

  6. #135
    Senior Member Willber G's Avatar
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    Quote Originally Posted by Peterthejagman View Post
    But that's how business works surely ?...You "invest " at risk ?.....Be it in a bank .Or a commodity ?
    If the investment goes titsup !...That's it ?
    It wasn't just the investors at risk but the whole economy. That means everyone. There is plenty of literature about it online and elsewhere.
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  7. #136
    Senior Member Willber G's Avatar
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    Quote Originally Posted by Peterthejagman View Post
    In an ideal world .....I would agree ....

    Sadly this is not an ideal world ?
    I know it's not an ideal world, that's why non ideal steps had to be taken to keep things running.
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  8. #137
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    Quote Originally Posted by Peterthejagman View Post
    I personally think it's wrong for a government to use public or tax payers money to bail out any private company be them a bank.building society ...Or air line !....Travel company...If they do it for one the its only right to do it for every private business ?

    Not really Peter.......To me if the business is viable in the long term, then it's a simple "Balance of benefits" equation..........Will the cost of a temporary bail out be greater or less than the cost in lost taxes, jobs, associated welfare payments etc.

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