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Bradford & Bingley to be nationalised [UK]

Good! All banks should be nationalised. And lets not forget the actual production of money as well - that should be nationalised too. Capitalism does not work and none of its advocates can explain why it's a desirable or successful system. It runs by ignorance and by apathy of the people.😡
 
Henri Gaudier said:
Good! All banks should be nationalised. And lets not forget the actual production of money as well - that should be nationalised too. Capitalism does not work and none of its advocates can explain why it's a desirable or successful system. It runs by ignorance and by apathy of the people.😡
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Well it's better than the alternatives in most cases, but nationalising in this way is also better than the alternatives the way the world moves today
 
yeah, if it wasn't so bad it would be funny.

here in the US Bush nationalizes companies faster than Hugo Chavez.

I'm just speechless how the libertarians and neocons who shouted "no government!" all of a sudden are for nationalizing, spending taxpayers money, bailouts and how readily they crawl under the governments protection.🙄

btw: i consider myself a capitalist, at least to some extent......
 
Ignoring the anti-capitalist (and off topic) conversation above...

I need to point out Robert Preston's blog:

The nationalisation and break up of Bradford & Bingley will represent a momentous event in the history of British banking, because it will mean that every building society that floated on the stock market in the wave of demutualisations of the past two decades will either have collapsed or been sold to a conventional bank.

It may well be seen as proving that demutualisation of building societies has been a colossal mistake, both for the institutions themselves and for the British economy (I will return to this theme in the coming days).
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Moar.

The coming months aren't gonna be huge fun.
 
bigandy said:
Ignoring the anti-capitalist (and off topic) conversation above...

I need to point out Robert Preston's blog:



Moar.

The coming months aren't gonna be huge fun.
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What are building societies? I'm American and never heard of it. Are they like credit unions?
 
ravenvii said:
If that's the case, why are they colossal failures? They seem to be doing okay, considering, here in the US.
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Many building societies have been turned into normal banks in the 80's and 90's. With all the problems that greed-based trading has created and that now suddenly have become visible.
 
ravenvii said:
If that's the case, why are they colossal failures? They seem to be doing okay, considering, here in the US.
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A large number of carpetbaggers joined many of the leading Building Societies with the express intention as members/shareholders of forcing a demutualisation for the purposes of a quick payoff.

Considering the reasons why Building Societies existed in the first place, it was another example of the "unacceptable face of capitalism" precipitated by the greed and short-termism of some of its members, who are now left with increasingly expensive mortgages and less control over the policies of the institutions running these.
 
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