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Do you think the Treasury plan is a wise use of government resources?

THE GOVERNMENTS bid to help the mortgage market with a 50bn plan to swap mortgage-backed securities for Treasury bonds dominated the media spotlight last week. Although it is expected to inject liquidity into the money markets, some MPs have blasted the scheme as bailing out the banking industry.
So, this week Mortgage Strategy asks

Dagnija O’Connell, 46, mental health nurse
This plan is necessary but I hope banks use the money effectively. I’d like to see an organisation such as the Financial Services Authority ensure it is used wisely. I just want my house to be paid for and to make my mortgage payments on time but I don’t know if I trust banks to use this public money in the correct way.

Lee Mansfield, 25, distribution coordinator
If it keeps the economy afloat it’s a good move although from watching the news, it seems 50bn won’t be enough.

David Pretty, 36, customer services manager
Those who work in banks are paid lots of money to understand finance. The economy goes through periods of boom and bust so they should be prepared for anything. The only way to manage this situation is through better regulation, not bailing out banks.

Jai Philpott-Kent, 17, charity fundraiser
This bailout is not right – no other industry would be treated this way. Rather than giving banks loans, the money should be used to compensate customers who have lost out.

Christian Barnes, 28, online content manager
The money to bail out banks has to come from somewhere but it should be shareholders who foot the bill. If banks can’t afford to be in business it should be their shareholders who bear the pain rather than their customers.

Matthew Randle, 28, freelance journalist
This plan is fine if it gets the economy back on track. But if it doesn’t work I’m going to be angry that the money was not used in the best way. Something must be done to restore faith between banks and encourage lending again.


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