A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Sunday, February 17, 2008

Northern Rock rendered to rubble - then nationalised!

The Government has got itself into a sorry state of affairs. Incompetence, bungling, and general sophistry have all led us to this. The Governor of the Bank of England wanted a "midnight solution" but suggested this was outlawed by the EU. Subsequently we were told he was wrong. Whatever, we are now left with a taxpayer liability approaching £100 billion and a part-time MP as Chancellor looking every inch as if he were a badger caught in the headlights of some mad young stockbroker's Porsche!

So it is to be nationalised. The Government and the banks have got us here. Angela Knight of the British Bankers Association limply implies that all this is to do with the credit crunch, as though that is some frightful epidemic from overseas that has hit us rather like avian flu. If she was still a Tory MP, I wonder if her approach would be the same?

We must be mad letting the some of the people that run our institutions run them. They are not "fit for purpose" and should leave now. The shareholders are threatening legal action that could tie up the Treasury in knots for years.

This won't be that temporary, but it could so well have been settled by a "midnight solution". What fools we are!


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