For sale: one bridge, a bookmaker and some student loans
What do you do when nobody will lend you anymore money to pay the bills? Well there is only one thing left to do before you declare yourself bankrupt and that is to sell off whatever you can. Which is exactly what thousands of people have been doing recently with eBay reporting that the number of listings on its auction site is up 17% this year.
Now it’s Gordon Brown’s turn, knowing that he is rapidly reaching the limit of what people will lend the country and with expenses still significantly bigger than income he needs to sell off whatever he can to remain solvent. But having already sold off the UK gold reserves well below the current market value he is now looking to sell off the Tote, Student Loan Book & Dartford crossing.
Surely the irony of repackaging student debt and selling it on is not lost on him!
It’s this practice of trading loans that got us into this mess, well that and the borrow to spend mentality that Brown has been pushing as the answer to our economic woes for the last year.
To make matters even worse there isn’t a lot of demand for loan books right now as most of the banks that were keen buyers of the stuff went under during the ‘banking crisis’ so that basically just leaves the state owned banks as a potential buyers. Which is effectively just moving money from left pocket to right pocket, also known as another election gimmick that might just win a few votes.
