Banks go begging

Earlier this week, the UK’s leading banks went to see Mervyn King. At the time, the visit made me so angry I could barely speak. I needed a few days to calm down before I posted anything about the meeting.According to the press, the banks were there to look for help with the credit crisis. In particular, the banks begged the BoE to provide “much needed liquidity”.Do the banks need any help from the BoE? I don’t think so. To see why, let us start with a couple of simple but revealing questions. First, why weren’t the banks looking for help last July? Presumably, back then were was plenty of liquidity….
Original Source

  22 March, 2008| housingblogs | @ 8:18

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