The key to understanding this financial crisis is to realize that every statement by a politician or banker is a lie. The UK has devised an unlimited plan, where the banks can transfer their bad loans to the taxpayers.
Brown said, "You are completely misunderstanding this to suggest this is a blank cheque. Quite the opposite. It is for the Treasury to decide, after an analysis, what the insurance will be."
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4289426/Banks-bailout-Bonds-tumble-as-Government-admits-no-cap-on-taxpayer-risk.html
If he says it isn't, it means it is. Now HSBC said that: HSBC said that it had not sought capital support from the UK Government "and cannot envisage circumstances where such action would be necessary".
That means HSBC will be taking capital and support from the Government. What HSBC is really saying is that "we cannot envisage any circumstance where we would not be needing capital from the Government."
Whatever they say it is, it isn't!
So the Government will give the banks, who were completely irresponsible in lending and in their market bets, who three months ago, got a $500 billion pound rescue package, another rescue plan, but this time, the amount of money that will be unlimited!
The only amount we know about this plan is the amount of the sop thrown to the homeowner and the small business owner. That's $150 million.
So they bankers who caused the problems, get 99% of the money, while those who can most help the economy get 1%.
That's Gordon Brown math!
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