96% of depositers are totally covered by the £35k insurance and the 4% who aren't should have had sense to move it into Northern Rock or Nationwide or NS&I by now.
The theft is from the future generations of US taxpayer who will have to pay the taxes to repay this bankers bailout. The urgency for panicky calls for this bailout is based on the claim that the American economy will collapse if nothing is done. If the government were to keep out, and allow the market to function, there will certainly be a great deal of economic pain. Companies will go bankrupt, banks will fail, real estate and stock prices will keep falling, and many people will lose their jobs.
BUT, government action will not prevent any of this. At best, it will merely delay the it, but only at the cost of increasing the severity of the underlying problems, therefore making their ultimate resolution that much more painful to endure.
The fundamental lesson is that there is no way to resolve our economic problems without a severe recession. Our politicians need to be honest with the public. As a country, we gambled on the alluring riches of property and we lost. The bill is about to be presented.
The Resolution Trust Corporation set up as the bailout for the Savings & Loans crisis DID NOT end up making money for the taxpayer unless you use some very funny accounting and a Tardis.
Hundreds of Wannabes will be using the bankruptcy courts protection in 2009 - I'd bet my last worthless dollar on it.
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