Monday, 22 September 2008

A 'Crippled' Government?

So dear old Gordon lumbers on, propped up by the USA who have begun to solve the financial problems that beset us all.

But now he tries to claim the credit,

1, by 'sorting out the Northern Rock problem (how much will that cost us?)

2, By allowing one bank to take over another, thus creating a bank that has a third of the UK mortgage market. (That is surely putting the death knell on cheap mortgages?).

Excuse me for being cynical. But I get the feeling we will all pay for this, each and every one of us


Anonymous said...

There is a possibility that China’s sovereign wealth fund China Investment Corp could increase its stake in Morgan Stanley

The winner of the Cold War overdosed itself on capitalism ?

Anonymous said...

Very easy to critical, but not as easy to be critcal and then give your own solution to the problem.

Anonymous said...


So were you suggesting that the government should have nationalised the Halifax - or would you have prefered for it to be allowed to go bankrupt?

Given the situation, I'm not sure that there were any easy answers.

Ken Gregory said...

You are right anon 2241. No easy answers. Me. I would have, if I were in charge, taken the 'Bank' into state control, then divided it up amongst the Major Banks and Building societies, on the condition that they took any profits, but kept a seperate board, and an 'arms length' management control.

But I may be wrong.

James Maskell said...

AT least one Cabinet Minister saw the reality ofn the situation today adn has resigned. As much as I hate her extreme religious views, Ruth Kelly had done the country a favour by giving Brown a metaphorical kick between the legs the day after his speech of complete tripe which for some odd reason the press corp liked, by resigning as Transport Secretary.