The 2008 CRASH was caused by reckless greedy bankers gambling on toxic property markets.
To save the banks and the economy the UK government has committed 1.162 trillion pounds since 2007. In March 2011 456.33 billion was still outstanding - 31% of GDP!
The scale of the disaster means there will be repurcussions for decades.
So were these Greedy Bankers punished? Were they brought to justice? No! They all walked away untouched* and worse still - They took multi million pay offs - Fred Goodwin for example received 3 million. They also kept their bloated pensions - typically around 340,000 a year starting at age 50!
In the meantime thousands of their less fortunate colleagues were made redundant - Lloyds sacked 21,000 after the HBOS deal. The actual cost to the nation is obscene - estimated at 11-13% of GDP.
The crash happened in 2008, the government has cleaned up some of the mess, house prices are going up... what's the point of bothering now?
Because it's all going to happen again!
*Inexplicably Peter Cummings of HBOS was fined £500,000 by the FSA. Why he was fined and no one else has never been explained clearly.
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Were you ANGRY in 2008 when you learnt how reckless and greedy the bankers had been? Were you staggered by the huge quantities of money needed to bale them out? WHAT'S CHANGED?
Here are some facts to get your blood boiling again.
Here are some links that might get you animated.
How much did the banking crisis cost taxpayers? Polly Curtis - the Guardian
Documentary about the RBS collapse- BBC via Ian Fraser
Max Keiser and Stacy Herbert are always good! www,maxkeiser.com
We think POSITIVE MONEY have the answers!