Bank bailouts have been farcical

May 7, 2009 at 22:31 Leave a comment

Harun RabbaniWhilst governments throughout the developed world have only ‘found’ $5bn £3.3bn) over a decade to tackle climate change and poverty, the UK and US governments alone have spent $11 trillion (£7tn) to bail out the banking and financial sector.

The Head of the UN Environment Program, Achim Steiner, was appalled by what little effort has been made toward the security of the planet’s future. Nairobi based Steiner suggests that adding $5 (£3.30) to a barrel of oil is sufficient to reverse global warming.

The UK bank bail out has been seen as a farce by many diverse groups. The original intention was to help mortgage lenders such as Northern Rock, UK’s biggest mortgage provider, and other banks to survive the financial crisis.

This has been coupled with record reductions in Bank of England base rates. However, little effort has been made by the banks to pass on the help to their biggest stakeholders – the customer.

It seems like that when global economies get into serious financial crisis, ministers’ ability to think straight also goes into crisis. Perhaps it’s about time an investigation was carried out to reveal whether the bank bailouts were sheer incompetence on the government’s part or is there more than met the eye?

Harun Rabbani

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Entry filed under: Economics.

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