{"id":5211,"date":"2009-10-29T10:17:49","date_gmt":"2009-10-29T08:17:49","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/northern-rock-the-debacle-continues\/"},"modified":"2009-10-29T10:17:49","modified_gmt":"2009-10-29T08:17:49","slug":"northern-rock-the-debacle-continues","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/northern-rock-the-debacle-continues\/","title":{"rendered":"Northern Rock: the debacle continues?"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.guardian.co.uk\/business\/2009\/oct\/28\/northern-rock-good-bank-bad-bank\" target=\"_blank\">EU has approved the plan<\/a> 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.<\/p>\n<p>But there remains two really big question: why, oh why is \u00a38 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.<\/p>\n<p>Second \u2014 why is there no clear commitment to mutualisation? I find that amazing. This bank cannot survive without guarantee \u2014 why not give the benefit of that guarantee to the greatest possible number for the greatest possible public good?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/29\/northern-rock-the-debacle-continues\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35],"tags":[],"class_list":["post-5211","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5211"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5211\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}