10/7/11, "Bank of England governor fears crisis is 'worst ever'," BBC
"Bank of England governor Mervyn King has said this financial crisis could be the worst the UK has ever seen.
His comments came after the Bank authorised the injection of a further £75bn into the economy through quantitative easing (QE).
Explaining the move Sir Mervyn told Sky News: "This is the most serious financial crisis we've seen at least since the 1930s, if not ever."...
"Mervyn King wrote to the chancellor earlier on Thursday, setting out the MPC's case for expanding the asset purchasing programme.
In his letter of response, in which he authorised the move, Chancellor George Osborne said: "I agree that an increase in the ceiling would provide the MPC with scope to vary the stance of monetary policy to meet the inflation target."
In his speech to the Conservative Party conference earlier in the week, Mr Osborne said that the Treasury would look into "credit easing" - a way to underwrite loans to small businesses who are struggling to get credit now.
He confirmed this in his letter to Mr King: "Given evidence of continued impairment in the flow of credit to some parts of the real economy, notably small and medium-sized businesses, the Treasury is exploring further policy actions. Such interventions should complement the MPC's asset purchases.""...
All of this was predictable, preventable, and in the private sector would often result in jail time. Government is the best place to be today if you like white collar crime. ed.