UK bank shares plummet despite new bailout plan

LONDON, England (CNN) -- Shares in UK banks continued to fall Monday, despite new plans announced by the government to help financial institutions affected by the global financial crisis -- only months after a previous multi-billion-dollar bailout.

Royal Bank of Scotland -- which earlier Monday posted a UK corporate record loss of up to £28 billion ($41.5 billion) last year -- saw its shares plummet by 68 percent by 1620 GMT.

Other shares also hit included Lloyds, which dropped 32 per cent; HSBC, down by 11 percent; and Barclays, which lost around a quarter of its value Friday -- a drop of 16 percent.

The new UK program, which the government calls the Asset Protection Scheme, "is designed to protect financial institutions against exposure to exceptional future credit losses on certain portfolios of assets," the Treasury said in a statement -- in other words remove or limit the toxic debt which has created much of the financial crisis.

UK bank shares plummet despite new bailout plan

We are not alone in this hysteria. The rest of the world also loves our "Throw good money at bad investments" plan.

When inflation hits us next we can always stabilize the cost of food. Isn't that what the Russians did. Hush, bad boy.