The EU has approved the plan to split Northern Rock into good and bad banks. The latter includes the notorious Granite that helped bring down the bank, and which took me a lot of effort to expose two years ago.
But there remains two really big question: why, oh why is £8 billion to be invested by HMG in new mortgages to push up house prices? This has to be the worst use of public funds in decades.
Second — why is there no clear commitment to mutualisation? I find that amazing. This bank cannot survive without guarantee — why not give the benefit of that guarantee to the greatest possible number for the greatest possible public good?
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Mutualisation does not fits the desired model that of corporate liberalised financial services trade. Its that model that delivers, globally, for the big financial services corps.
Did you think anything was being done because it is beneficial in regard to the national debt, or in people’s interests? The push is still the liberalisation of financial services, not regulation or action in the public good.
Bottom of the class if you did think that, Richard. You really must get real and deal with the fact that we have a govt that is operating on behalf of global big business – as Blair, Mandelson and Brown have done, outstandingly!
THIS is the reason we are likely to see Blair in the EU president position. Consider who pulls the strings, and who his crew act for. Tories? same. They would just prefer that they were running the show.
Linda
Read what I read on the Foot report
I’m not quite sure how you can suggest I have missed your point
Richard