Showdown Seen Between Banks and Regulators - NYTimes.com.
The message from the banks is simple: thanks for bailing us out but please don't expect us to either pay for it or honour the commitments into which we entered.
I hope Obama slaughters them. They deserve it if this is what they want to do now.
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The ‘UK’ banks that the UK govt has bailed out with our money are in fact transnational banks. Are they able to lend our money overseas (or are they in fact doing so), rather than provide credit here, if returns look better in other places?
If a trade deal on services, which includes the forcing open of overseas fianancial services markets, goes ahead, what’s to stop that happening?
It seems like an urgent question to me. Brown would of course have no problem with that – but cash strapped small businesses and laid off workers in the UK would.
Graham Turner’s ‘The Credit Crunch’ pretty much goes with the line that the drive to reduce wage costs, which after all are the major part of manufacturing costs, and almost all of service industry costs, is centre stage in the economic fiasco. That is whther it is offshoring or forcing down wages in places like the UK. Brown et al relegate labour to the side lines, but if Turner is right, there is little chance that banks will be putting (our) cash into our economy, in preference to cheaper production places, if they are not obliged to.
I’d appreciate further discussion on this