Comments on: Northern Rock: Reaction to the Chancellor’s statement http://www.taxresearch.org.uk/Blog/2008/01/21/northern-rock-reaction-to-the-chancellors-statement/ Richard Murphy on tax and corporate accountability Thu, 04 Dec 2008 01:22:12 +0000 http://wordpress.org/?v=2.6 By: John D http://www.taxresearch.org.uk/Blog/2008/01/21/northern-rock-reaction-to-the-chancellors-statement/#comment-358472 John D Tue, 22 Jan 2008 12:43:29 +0000 http://www.taxresearch.org.uk/Blog/2008/01/21/northern-rock-reaction-to-the-chancellors-statement/#comment-358472 In answer to Chris Steel (above, 22-Jan-08 at 3:56 am) I think that this particular government feels bound to bail out this particular private company, based in the Labour stronghold of the NorthEast of England, for one very simple reason: the votes of those people who would be adversely affected, were Northern Rock to face the truth and accept bankruptcy. It may not make economic sense, it may not be particularly ethical, but it certainly makes political sense. John D In answer to Chris Steel (above, 22-Jan-08 at 3:56 am) I think that this particular government feels bound to bail out this particular private company, based in the Labour stronghold of the NorthEast of England, for one very simple reason: the votes of those people who would be adversely affected, were Northern Rock to face the truth and accept bankruptcy.

It may not make economic sense, it may not be particularly ethical, but it certainly makes political sense.

John D

]]> By: Chris Steel http://www.taxresearch.org.uk/Blog/2008/01/21/northern-rock-reaction-to-the-chancellors-statement/#comment-358109 Chris Steel Tue, 22 Jan 2008 01:56:23 +0000 http://www.taxresearch.org.uk/Blog/2008/01/21/northern-rock-reaction-to-the-chancellors-statement/#comment-358109 As someone who is a davout follower of Engles I would ask the question--Why do democratically elected governments feel bound to bail out PRIVATE COMPANIES!!!!!!! Even worse, why do democratically elecxted governments feel the obligation to SELL bonds to the tax payer to bail out private companies? As a social scientist, I appriciateed that I am not an economist , but wonder who is ginng to benefit in the long term? As someone who is a davout follower of Engles I would ask the question–Why do democratically elected governments feel bound to bail out PRIVATE COMPANIES!!!!!!! Even worse, why do democratically elecxted governments feel the obligation to SELL bonds to the tax payer to bail out private companies?

As a social scientist, I appriciateed that I am not an economist , but wonder who is ginng to benefit in the long term?

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