Re: the beginnings of the debt forgiveness for the libertarian free market warriors, the self reliant, self responsible, rugged individuals, born with a silver spoon in their mouths as they pull themselves up by their own bootstraps with tax payer doll

Video61@[EMAIL PROTECTED]
 wrote:

>
>
> coming to america soon,
> 28 days, then 90 days, than 6 months, than a year, then maybe
>lifetime? i betcha its coming. meanwhile we must not pamper the little
>guys, after all, they must be self responsible.
> i wonder how many more 4 pound lobsters, french champagne, and
>bonuses will be consumed after this little give away to the free
>market.

Do you read the articles you post?
Do you know the meaning of debt forgiveness?
Where did you think you saw anything in this article about debt
forgiveness?

>http://biz.yahoo.com/ap/080421/britain_credit_crisis.html
>
>
>Bank of England facilitates bank debt swap
>Monday April 21, 7:40 am ET
>By Robert Barr, Associated Press Writer
>
>Bank of England offers banks $100B program to swap mortgage-backed
>securities for UK issues
>
>LONDON (AP) -- The Bank of England, aiming to deal with the crippling
>impact of the U.S. subprime mortgage crisis, on Monday announced a
>$100 billion plan to allow banks to swap mortgage-backed securities
>for British Treasury bills.

>"The Bank of England's special liquidity scheme is designed to improve
>the liquidity position of the banking system and raise confidence in
>financial markets while ensuring that the risk of losses on the loans
>they have made remains with the banks," said central bank Governor
>Mervyn King.
Reread that paragraph several times to see if it sinks in.


>"Given its scale, the scheme is indemnified by the Treasury, but is
>designed to avoid the public sector taking on the risk of potential
>losses," the Bank of England said.
>"Banks will need, at all times, to provide the Bank of England with
>assets of significantly greater value than the Treasury bills they
>have received. If the value of those assets were to fall, the banks
>would need to provide more assets, or return some of the Treasury
>bills."
Hard to read that as debt forgiveness.


-- 
Alex -- Replace "nospam" with "mail" to reply by email. Checked
infrequently.