Prime Minister Gordon Brown has said no options had been ruled out when it comes to stricken bank Northern Rock – including nationalisation.
Mr Brown faces calls to nationalise the bank whose aid package from public funds is now estimated at £57bn.
He said they still hoped for a sale to a private company but added: “We do not rule anything out for the future.”
And chancellor Alistair Darling, with the PM at his monthly news conference, said: “All options are on the table.”
Mr Brown said Northern Rock’s collapse had been caused by an “unsound business plan”.
(Source: BBC News)
The Free Market is efficient, lean, logical… it’s the best economic system. It’s the perfect arbitration of demand and supply, the profit incentive seamlessly effecting adjustments that would be impossible in a command economy.
Nice fucking fairytale.
The only way capitalism currently staggers along is because of the huge subsidy it steals out of our pockets. And I don’t mean when the capitalists are gouging us with their inflated prices, I mean the tax money that we pay to subsidise the
morons captains of industry and their idiotic financial buccaneering.
Fifty-seven thousand million pounds.
That’s the current purse of public money being allocated to bail-out Northern Rock and their management of geniuses. Think of what that money could have been spent on if it wasn’t being poured down the enormous hole created by capitalism: schools, hospitals, roads…
Capitalism is a childish, anachronistic adventure. It’s a bunch of psychotic bullies stealing money from us via fixed-prices and tax handouts. And then proclaiming how “efficient” they are and how state-run facilities cannot compete with their magical abilities. Then they go bust and then we, the poor bastard taxpayers, have to spend even more of our money. Oh, and we have to fix it because capitalism can’t be seen to fail us… it must be shored up at any cost!
The safety net of the state solves the big fuckup created by private enterprise.