Print Story May you live in interesting times
By DullTrev (Wed Oct 08, 2008 at 11:32:31 PM EST) credit crunch, bailout, astronomy, fun loving cowwqas. (all tags)
We are living through momentous times.  In the US, $700bn of taxpayer's money has been made available to buy bank assets no-one wants.  In the UK, £500bn is being made available to provide short term loans to banks, to guarantee loans between banks, and even to buy into banks.  The ideas of Thatcherism and Reaganomics that arose on either side of the Atlantic in the 1980s have reached their inevitable conclusion, with the era of individual greed collapsing into the era of shared debts.  The profits were privatised, and the debts are being nationalised.

(102 comments, 1623 words in story) Full Story