Doesn’t it? I wonder if it will have a different ending this time:
Sir Mervyn King has announced emergency measures to help banks and boost business lending after a warning from George Osborne that the “debt storm” raging on the continent had left the UK and the rest of Europe facing their most serious economic crisis outside wartime.
In a joint proposal between the Bank of England and the Treasury, banks will receive cut-price funds provided they pass on the benefits to their business customers.
This new “funding for lending” scheme could provide an £80bn boost to loans to the private sector within weeks and alleviate growing fears of a second slump since the start of the financial crisis in 2007.
In a second scheme the Bank will begin pumping a minimum of £5bn a month within the next few days into City institutions to improve their liquidity.
Hahahahahahaha! “Provided the pass on the benefits to their business customers.” Of course, they won’t put it in writing and make it a condition of accepting the funds. They’ll just shake hands on it, these bankers are men of honor, after all.
Uh, isn’t this just like opening the Fed window whenever the Big Banksters want some money? And look how well it’s worked for us here in Jamie Dimon’s playground (we don’t get to play, btw.).