Like many, I listened to the BBC Today Programme Lecture with interest (bbc). The Bank of England were to justify why they messed up and what they planned to do in the future.
It appears the Bank of England were screaming before 2008 that problems were afoot. They also said nobody foresaw a crash as the growth was in a low inflation environment (thanks to China). It was the complete opposite. I recall the Bank of England were very quiet and just tweaked rates and there were many screaming a crash was imminent due to the over leverage of everything (Pirate Equity et al) including Fintag which was spot on within a few days.
Apparently the banks need more share capital. So what did the Bank of England as lender of last resort do? It gave them cheap QE money. Cash for bonuses. Why wasn't it lobbying the government to stop the banks moving money amongst themselves and blowing up their balance sheets like Katie Price once did with her breasts?
Mervyn King was responsible for the crash. Along with Ben Bernanke they were fast asleep at the wheel and now they just blame the bankers for just doing their job.
Osbourne loses his marbles (telegraph)
Valencia is like Detroit (reuters)
Credit is back (bloomberg)
RKC in trouble (hedgeweek)
FSA ready to ban anything that involves people getting together and trying to have a decent life (investors chronicle)
Mervyn King to become new CEO of Barclays.