Taxpayer to take £90bn of risky bank assets

So the government increases the tax on the poorest in society via the 10p debacle. Then allows lots of rich bankers to hive off up to £90bn of risky assets to the Treasury in return for gold plated Bank of England bills.

Well done Gay Gordo and Oh my Darling - a fantastic piece of fuck up.

So we bail out bankers who took ridiculously risky positions, who sold mortgages to a whole load of poor people they should never have touched, wrapped them all up in some asset securitisation, and made big book profits & bonuses.

Then it all goes tits up and we (i.e. the taxpayer) bails them out. Northern Rock was the best example of a fubar high risk business model - Alliance & Leicester and a host of other institutions have similar problems.

You couldn't make it up - and people are surprised when it appears that the banks are wrapping up low rated assets as collateral for the Treasury bills. For the banks its a no-brainer.

Oh my Darling - in denial again

Alistair Darling is deluded. He says that the UK economy gives him "grounds for optimism". I nearly choked on my 11am chocolate biscuit when I read that.

We have the highest debt levels across Western Europe. Gay Gordo & now Darling have used the boom years to flush billions of pounds down the drain. Most sensible people would say that in the good times, pay off debt & create a surplus to see you through the bad times, then invest.

This lot of cretins have spent like money was going out of fashion. We now have huge national & personal debt & a huge deficit. If the USA looks shaky in the current climate, then the UK outlook must be very poor indeed.

What do we have to show for 10 years of huge investment in public services? Not much. The NHS admits that most of the extra cash they have had has gone to fund pay rises for Doctors & Nurses. Schools continue to decline with grade inflation and horrendous pupil behaviour. Local councils are struggling under the burden of gold plated public service pension liabilities.

The sound of chickens coming home to roost gets louder.

And FFS what are going on with Darling's eyebrows????