From City AM:
Re: The Co-op [Bank] rescue: There was always a better way to deal with bank failure, yesterday
Well said. It was clear, ever since trouble started at Northern Rock, that all we needed to do was look at these banks' balance sheets (rather than get hysterical) and the bail-in solution jumped off the page.
Mark Wadsworth.
The article to which I responded was a good basic article explaining debt-for-equity swaps, or bail-ins as they are now known, and is worth a read. What was unusual about it was this sentence:
This opposition to the bailouts did get some hearing in the public debate, and has spawned significant anti-bailout political movements such as the Tea Party in the US, or the Occupy movement internationally.
Indeed, that is how they both started, but the former rapidly morphed into the usual Bible-bashing, Home-Owner-Ist Republican fringe nonsense, and the latter rapidly morphed into the usual vaguely defined anti-capitalist, high tax nonsense, so nowadays most people would consider them to be polar opposites, although they're all Socialists as far as I can see.
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3 comments:
"Morphed" or "were morphed"? It's much easier to divert a stream than dam it up altogether.
"Morphed" or "were morphed"? Perhaps someone has learnt the lesson I learnt as a child that it is easier to divert a stream than to completely dam it up.
Credit where its due.MW raised the idea of debt for equity swaps right at the height of the Credit Crunch/ Bank melt-down, when nobody else had even heard of them.(I still say though: Nationalise the Banks and be done with it!)
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