UK Bank Bailouts
Source: Wall Street Journal
I thought the American government was the only govt dumb enough to offer corporate welfare. Looks like our charming neighbors overseas are copying the same dumbass plan to end their credit crunch.
Britain, the world’s fifth-largest economy, offers a prime testing ground for policies to counteract the global financial crisis, which stems in part from a bursting housing bubble. Its banks depend heavily on financial markets for the money they turn into mortgages and other consumer loans — lending that has helped make Britons the world’s most indebted consumers. Now, those markets have effectively shut down, putting Britain’s banking system and its economy at risk.
badnews @ April 23, 2008