Bank Bailouts: And global banking is in whose hands?

Posted February 22, 2008

"Stormy weather needs strong, decisive characters manning the tiller, clever people, men of action… men like Alistair Darling, for instance, now chancellor of the Exchequer here in the United Kingdom." — Adrian Ash

by Adrian Ash

Baltimore – (TFN): In times of crisis, it's always good to know there are bright, committed people working nonstop to sort things out, or so everyone seems to believe.

Stormy weather needs strong, decisive characters manning the tiller, clever people, men of action… men like Alistair Darling, for instance, now chancellor of the Exchequer here in the United Kingdom.

Darling took charge last June when the previous finance minister, Gordon “Gold Sales” Brown, promoted himself to prime minister of the world’s fourth largest economy.

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Bank Bailouts: Subprime leads the way

It was right around the time Bear Stearns was closing two heavily leveraged subprime mortgage hedge funds. The Bank of England’s Policy Committee — appointed, but not directed, by the chancellor since Darling’s party, New Labor, first came to power 10 years earlier — was just about to raise UK interest rates to 5.75%, a six-year high.

And UK house prices — offering less than one-third the square footage of the average U.S. home, and with the smallest room sizes in Europe — were fast approaching an all-time peak price of £184,191, some $350,000. (Want proof? View charts from the Bank of England and Nationwide and read on to learn more.)

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Posted by TFN-International · Filed Under International Investing