"Well I think the answer is around recapitalisation. These banks are incredibly weak, their balance sheets are weak. You can deal with the symptoms, which is the liquidity problems - and I spoke to Mervyn King last week about that and I know the Governor of the Bank is doing everything he can - but I think there will be a role for creditors, for existing shareholders in recapitalising these banks, but also potentially for the government."Just thought this was worth pointing out...
In terms of political ideology Osborne also pointed out
"You know a Conservative government in Sweden did that fifteen years ago and it may well be the case that the Labour government here will need Conservative support and involvement in some very big steps."
Monday, 13 October 2008
Whose idea?
The Labour government and its willing mouthpiece the BBC are pushing the idea that the Conservative party has no idea as what to do in the current financial crisis and are just following Labour's lead. The truth is of course somewhat at variance with this: This is what George Osborne said before Alistair Darling's proposals:
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