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From The Socialist newspaper, 4 June 2008

Nationalise Bradford & Bingley

THE CHIEF executive of Bradford and Bingley (B&B) bank has stepped down amidst reports of massively reduced profits, due to an increasing number of accounts in arrears. The credit crunch, since it first started last summer, has seen more than 2.7 billion of B&B's market value (that's nearly 80%!) evaporate.

At the monied end of society, this is an opportunity for some of the wealthy to become even wealthier. A global private investment firm, TGP Capital, has agreed to buy up 23% of the company for 179 million. That angered B&B shareholders who call this deal a "disgrace".

At the sharp end of society, the credit crunch brings workers job losses and financial insecurity. We are paying for the banks' excesses such as 'sub-prime' lending - where they offered customers mortgages at five or six times their salary and used pressure sales techniques to sell mortgages to people who could not afford them.

At least 50 billion has been offered out to Britain's banks to protect them from the credit crunch. But the banks have not significantly cut mortgage rates and workers still suffer housing repossessions.

We say: nationalise B&B and the other banks under democratic control and run them to meet people's needs not to maximise profit.

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In The Socialist 4 June 2008:

New Labour's failures: Don't just get angry, get Active


Environment and socialism

Editorial: Target 'ecological' taxes at the biggest polluters

Heathrow protest: Demonstrating against a third airport runway

Cosmetic measures against fuel poverty


Socialist Party workplace news

Belfast Airport workers: The long battle for justice

Come to the national shop stewards network conference

National Shop Stewards Network second conference advert

Union members reject pay insult


Socialist Party campaigns

Don't deport AmDani Juna

Keep our NHS public

Nottingham: Student protests at arrests


Socialist Party review

Engels: A Revolutionary Life


Socialist Party youth and students

Youth against racism

London Youth Against Racism activity

National demo against racist BNP

Students step-up struggle

Berlin: 8,000 school students strike


Housing crisis

Markets cannot end house building crisis

Nationalise Bradford & Bingley


Environment: Nuclear power

Nuclear power: An expensive and dangerous failure


Football

The beautiful game, with beautiful profits for some


International socialist news and analysis

Lebanon - civil war or rule by sectarian landlords

Israel: Olmert will go, but the political crisis will stick


 

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Related links:

Banks:

triangleKarro Foods victory Hull

triangleWhat lies behind the US-China trade war?

triangleLabour looks to Bank of England to stall house prices

Credit crunch:

triangleThem & Us

triangleWitty take on credit crunch misses problems at heart of capitalism

Mortgages:

triangleYoung people being strangled by debts

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

Sub-prime:

triangleTories flog bank assets to hellhound US profiteers

Housing:

triangleLabour's mass social housing pledge

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