INSOLVENT ABUSE

Busted! (First week blogging and kind of a scoop)

The fox is in the hen-house.

While everyone was glued to the government's increased share in RBS, John McFall MP dropped Brown, fortuitously, in the only thing that'll camouflage him.

http://news.bbc.co.uk/2/hi/business/8338647.stm

The Labour chairman of the Treasury Select Committee admitted on the BBC that the entire UK financial sector is insolvent:

"every bank in the united kingdom has the taxpayer standing behind them"

Behind them a lot John?

"the taxpayers investment is over one trillion pounds"

I'm not sure what you mean John, are you saying that Britain's entire financial sector is insolvent?

"the banks are, what one of the monetary policy committee members, David Miles, stated before he came to our committee : "they're in life-support stage at the moment""

Oh come on John, I'm sure without taxpayers money these banks would survive just fine independently in the private sector..?

"let's not be kidding ourselves, there's no bank at the moment in a sense standing on its own two feet because there's so much government money around with quantative easing, with the printing of money, that they are getting the benefit of this cheap taxpayers money."

Soooo, Britain's banks are insolvent - all of them!