Results tagged “mortgages” from Birmingham Mail - Is It Just Me

I am so pleased the Government is helping out the poor old bankers by taking all those dodgy mortgages off their hands until they can make a profit on them again, when of course we will sell them back at a reasonable discount.

It makes you proud that, in our own small way, we are helping our captains of banking maintain their lottery win bonuses and keep their shareholders happy with flowing dividends. The splendid Vince Cable had it right when he suggested it might well be a case of privatising profits and nationalising losses.

No doubt when this blip in the profitocracy we seem to live in has blown over and the banks are making money again they will repay us with generous donations of tax paid here rather than the Bahamas, Caymen Islands or anywhere else where financial and fiscal controls do not run much further than "how much have you got squire?"

Meanwhile the Government, which already owns Northern Rock, looks like it could well have much of the rest of the nation's mortgage business on its books by next week - not that it will show up on the books mind you. Now we just have to hope the Government don't have the bright idea of commissioning a computer system to manage it all because on their past IT record that means we will all be spending Christmas living in caves and tents.