Northern Rock to be nationalised

[realityhack]

So at worst, 2-3% of the money is at risk

So that's only between £2.2bn and £3.03bn then.

[Chugnut]

It's made my day, week, year, century, millennium... that the bearded twat is upset that he didn't get his sticky fingers on NR...

ZG, I've noticed that you have a seething hatred for Dickie Branston.

Did he run off with Mrs. ZG or is Virgin Galactic threatening cheap flights to your homeworld?

[tim123]

So that's only between £2.2bn and £3.03bn then.

To stop a meltdown in the GB financial industry, this looks like money well spent.

tim

[Bumfluff]

Northern Rock want to cut there risk by pushing there rates up so customers have to leave. All mortgages companies I have rang last couple of days have been totally overloaded

[Sysman]

It's made my day, week, year, century, millennium... that the bearded twat is upset that he didn't get his sticky fingers on NR...

Agreed. To hear the scruffy bearded one spitting on the radio was quite delightful.

I think a banana is in order here

[bobhope]

To stop a meltdown in the GB financial industry, this looks like money well spent.

tim

The financial industry needs a meltdown, all the government have done is increased moral hazard and postponed the day of reckoning and made a small recession into a large one (later).

They should have let it go last year. Cost to taxpayer would have been zilch. All the depositors would still have their money.

If the you've created a problem because of too much and too easy credit, the last thing you should do to try to solve the problem is create more easy credit.

[Troll]

I see they still offer 125% mortgages... fill yer boots

We also offer our together mortgage, which can allow you to borrow up to 125% of your home’s value as a combination of secured and unsecured borrowing.

[tim123]

The financial industry needs a meltdown, all the government have done is increased moral hazard and postponed the day of reckoning and made a small recession into a large one (later).

They should have let it go last year. Cost to taxpayer would have been zilch. All the depositors would still have their money.
.

And how do you know that all the depositors would have got their money?

If the NR had been allowed to fail, there would have been an even bigger run on the bank, and then very possibly on another one, and then another one.

The whole pack would be at risk of crashing down if they had let NR fail.

tim

[dude69]

So is anyone going to open the NRK business account?

[PAH]

The whole pack would be at risk of crashing down if they had let NR fail.

If that Jon Moulton who was on Channel 4's Dispatches (How the Banks Bet Your Money) last night is right, it may still be.


http://www.channel4.com/news/article...+money/1563152


It was quite a damning report on the government, Bank of England, FSA, and the banks, where the use of sub-prime investments has caused all this turnmoil. He also hinted at future problems due to losses from other financial investments that have yet to fully materialise.

Was he scaremongering? The banks must be defecating themselves if he's not.