£500billion bail-out stops bank meltdown - but at a cost to every taxpayer of £16,000

[Legal Beagles]

Alistair Darling's emergency £500billion bank bailout is equivalent to a £16,000 bill for every taxpayer, it emerged today.But just hours after the drastic measures were announced, he admitted that the staggering sum may not be enough.

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[breeze1996]

Re: £500billion bail-out stops bank meltdown - but at a cost to every taxpayer of £16

Not being funny but just where do all these Billions of Pounds come from.

[scoobydoo]

Re: £500billion bail-out stops bank meltdown - but at a cost to every taxpayer of £16

Aha

a good question

now I have found out a billion is 1000 million (not a millionxmillion) I am so relieved - not half as bad as I had feared


basically it is supposed to be money from the treasury that they have already collected from us in taxes. But is probably earmarked for other more worthwhile spending.

Therefore they will have to replace it somehow. Especially if the banks do not learn from their mistakes and loose all this as well.

I think of it as a case of the "kngs new clothes" Money has been floating around between banks balancing the books when needed - then passing on to another bank when they needed it. But it never really existed and yet people paid themselves bonuses on this non existent money and the auditors did not see through the invisible clothes. But now we mayall loose the clothes of our backs - which are real!!!

Am I right?