Northern Rock gets Nationalised!!!

[throdgrain]

Letting it sink would have caused short term harm on the markets but we got most of that anyway - individual investors would have been mostly protected or the govt could have baled them out but instead we now have thousands more civil servants in a banking capacity.

Nationalisation is synonomous with in-effeciency and drains on the taxpayer - I still remember it vaguely from the 70's and it was a crap idea then a worse one now

Northern Rock, the Austin Allegro

from the seventies

Is it time for another Maggie Thatcher?

 

[ECA]

Northern Rock, the Austin Allegro

from the seventies

Is it time for another Maggie Thatcher?

Thank god we dont have any pleb miners who want the country to go bankrupt.

Or do we?! *looks at throdgrain*.

Is that coal dust or gay LARP camo?

 

[MYstIC G]

Privatised or not, our tax payments are going to underwrite all of this shit. Personally I'd have preferred that it collapsed before it began receiving loans from the public purse. However since it's too late for all of that, it needs to be propped up in order to safeguard as much of what has been pumped in as possible.

Anyway, afaic this all stems from people paying stupidly large sums of money for property that isn't worth it.

 

[yaruar]

Privatised or not, our tax payments are going to underwrite all of this shit. Personally I'd have preferred that it collapsed before it began receiving loans from the public purse. However since it's too late for all of that, it needs to be propped up in order to safeguard as much of what has been pumped in as possible.

Anyway, afaic this all stems from people paying stupidly large sums of money for property that isn't worth it.

That and the FSA being slacker than an octogenarian porn star.

It's a bit chicken and egg though, the estate agents, lenders and builders are all as shonky as each other.

However this will be nothing compared to the shitstorm which is potentially brewing in the insurance markets, although that's a lot more abstract and therefore gets reported a lot less.