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Arguments for socialism :: Northern Rock
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Payday loans are lethal. Mentally ill teenager Kane Sparham-Price died by suicide on the day loan shark Wonga emptied his whole bank account.
Desperate Wonga clients can end up paying 1,509% of their original loan per year due to compound interest.
Meanwhile, failed bank Northern Rock paid only 2.7% interest on its state bailout in the 2010-2011 financial year. The government paid around 4.2% interest on the debt incurred to buy it!
It's banks like Northern Rock which caused the financial crisis. This gave establishment politicians the cover for cuts which force vulnerable people like Kane over the edge.
A blameless 18-year-old was left destitute - and died. Since 2007, casino cokeheads at the top of UK finance have taken home over £100 billion in bonuses.
If one of us terrorised, tortured and dismembered a harmless animal, we could expect prosecution. Rightly so. Even if it was a pest, there'd be general disgust at flamboyant cruelty.
Unless you're a toff huntsman, of course. Then you can just ask David Cameron to write to the police and get you off.
The latest claim from disenchanted Tory donor Lord Ashcroft is that Cameron intervened to save huntsman pal Julian Barnfield. Aschroft says the Conservative leader told cops to drop a case against Barnfield for illegal fox hunting.
The super-rich pay establishment MPs to make laws in their favour. When one slips through they don't like, they just tell their lackeys to ignore it.
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Banking crisis (15)
Clause 4 (1)
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Minimum wage (312)
Northern Rock (34)
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The Socialist (1205)
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Article dated 30 September 2015
The Socialist, weekly newspaper of the Socialist Party
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