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LadyEllen -> the glorious leader does something glorious? (12/3/2008 3:04:00 PM)
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Gordon Brown (aka the glorious leader - he of the "strong action on the economy" fame) today announced something rather glorious if its true.
People who lose their jobs in the crisis, or suffer a reduced income due to it, will have their mortgage payments covered by the government, allowing them to remain in their homes pending better times.
This is not as far as my preferred policy goes - the buy out of problem mortgages by the government, securing the homes as social housing which the occupants then rent, but its a reasonable proposal it would seem.
The government expects a cost of £100 million per annum. The banks, rather interestingly (many of whom have signed up to this, covering 70% of all mortgages) forecast a cost of £1 billion.....
Whatever. There will be an enormous financial cost if people are thrown onto the streets - and huge housing crisis (all social housing is occupied) and social crisis. We cannot put a price on the solution to those potential problems - this way we at least only pay the financial cost.
And if the banks dont like it, I suggest we shoot their executive boards at dawn. Dawn wont like this of course, she's had so many people shot at her; but whats a few more?
E
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