And then the REIC-sponsored governments, right on schedule, socialized the housing crash, bailing out the lenders who made the crap mortgages (while earning billions in commissions) so that they could go out again another day and do the same. Moral hazard? Nah, never heard of it.
Meanwhile their fiat currencies, and taxpayers, pay the price.
Nice job bankers. You took control of the corrupt governments of the US and UK, and now you run roughshod over their clueless people.
50 billion pound bailout for banks may be doubled
LONDON (Thomson Financial) - An unprecedented 50 billion pound injection to bail out Britain's ailing banking system could be doubled if it fails to stave off a collapse in the housing market, the Times reported.
Alistair Darling will today tell MPs that the Bank of England is to allow lenders to swap assets for government-backed bonds in an attempt to restore confidence and ease the effects of the credit crunch.
The initial offer is for 50 billion pounds worth of bonds, but senior Treasury sources told The Times that further cash injections up to a total of 100 billion pounds were possible.
However, they admit that there is no guarantee that the bailout will lead to banks offering cheaper mortgage deals.