Great Moments in Saving the World

I’ve been meaning to post this for ages, but here it is, your moment of financial-political zen:

10 Dec 2008 : Column 527

Mr. David Cameron (Witney) (Con): … I am going to ask the Prime Minister again about the need to get banks lending to businesses. Putting taxpayers’ money into the banks was something supported by all parts of the House in order, yes, to rescue the banking system, but as the Governor of the Bank of England says, the purpose of recapitalisation was not

    “merely to protect the banks”,

but to ensure that

    “the flow of lending to the real economy could continue at normal rates”.

Does the Prime Minister accept that on those terms, his recapitalisation has failed? When is he going to change it?

The Prime Minister: The first point of recapitalisation was to save banks that would otherwise have collapsed. We not only saved the world— [Laughter . ]—saved the banks and led the way— [ Interruption. ] We not only saved the banks— [ Interruption. ]

Mr. Speaker: Order.

Lovely stuff. And the video is here.

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  4. Great Moments in "Directionally Correct" History
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