tag:blogger.com,1999:blog-22202011.post467878274842338244..comments2023-12-11T08:49:46.305+00:00Comments on Dizzy Thinks: He really is awful isn't he?Unknownnoreply@blogger.comBlogger20125tag:blogger.com,1999:blog-22202011.post-790709607724170032008-02-18T22:15:00.000+00:002008-02-18T22:15:00.000+00:00I have been waiting all these months wondering why...I have been waiting all these months wondering why nobody was saying the things you have said today, Dizzy. Well done.<BR/>It is the political consequences of nationalisation that are most troubling. The points you make about the mortgage book, the state becoming a landlord to all these new tenants, and the housing stock reverting to the state in the event of repossession is frightening in the extreme.<BR/>I agree with all you say.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-31957282581827538462008-02-18T18:35:00.000+00:002008-02-18T18:35:00.000+00:00sure you are an intelligent man and understand wha...sure you are an intelligent man and understand what a "counterfactual" is. Cousin of 20:20 hindsight. I think had this business, NR, had been allowed to go under there would have been a run on other banks. The media would not have been unable to help themselves. F**k the british economy v. sell some more newspapers. No choice really.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-4807694832455522412008-02-18T17:49:00.000+00:002008-02-18T17:49:00.000+00:00" I would have sat back and let Northern Rock go u..." I would have sat back and let Northern Rock go under."<BR/><BR/>Yes, yes and yes. Its a business like any other. It sinks or swims on its performance and decisions - it made bad ones.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-11622681413309061552008-02-18T16:34:00.000+00:002008-02-18T16:34:00.000+00:00I have just watched Badger's disgraceful political...I have just watched Badger's disgraceful political point scoring exercise in the House.<BR/><BR/>Rather than answer honest questions, he and the rest of his mendacious cronies berate the Conservatives at every opportunity for not putting forward any viable solutions to the NR crisis. <BR/><BR/>It is not the Opposition's job to sort out government crises, that is the job of the government. The Opposition is there to hold the government to account not provide them with policy ideas.<BR/><BR/>Given this current lot's record in counting electoral donations and expenses we should be very worried indeed that they now have charge of a bank.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-70361719601902786222008-02-18T14:50:00.000+00:002008-02-18T14:50:00.000+00:00I always thought Brown was stuck between a Rock an...I always thought Brown was stuck between a Rock and a hard place.anthonynorthhttps://www.blogger.com/profile/06680944720744601697noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-26112898733307856102008-02-18T14:39:00.000+00:002008-02-18T14:39:00.000+00:00I do hope you're not suggesting that the Tories ar...I do hope you're not suggesting that the Tories are in any way economically competent.<BR/><BR/>All one needs to do is look at this Non dom nonsense to see that they don't have a clue either.Trixyhttps://www.blogger.com/profile/02015060663707102784noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-29104465334620896952008-02-18T13:07:00.000+00:002008-02-18T13:07:00.000+00:00Dizzy, is my fuzzy brain deceiving me, or was nati...Dizzy, is my fuzzy brain deceiving me, or was nationalization supposed to be about taking control of the "commanding heights" of the economy ?<BR/><BR/>I suppose to the creepy-crawlies of Liebour Northern Rock qualifies ?<BR/><BR/>Alan DouglasAlan Douglashttps://www.blogger.com/profile/16071898364060640779noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-64272811200066794142008-02-18T13:00:00.000+00:002008-02-18T13:00:00.000+00:00It would have been cheaper to provide economic reg...It would have been cheaper to provide economic regeneration to the North East region after Northern Crock's death, rather than throwing it a £100bn tax payer's lifeline.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-313279926459303892008-02-18T12:39:00.000+00:002008-02-18T12:39:00.000+00:00sink or swim at the time may have dragged down B&B...sink or swim at the time may have dragged down B&B and A&L too. <BR/><BR/>However, LLoyds TSB made an offer that should have been accepted and after the die down a quieter piece of liquidation before Xmas would have done the trick.<BR/>Finally, Virgin's bid was good anyway and should have been accepted.<BR/><BR/>They have chosen the worst option.CityUnslickerhttps://www.blogger.com/profile/15929544047783163175noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-62822693051175397592008-02-18T12:05:00.000+00:002008-02-18T12:05:00.000+00:00Dizzy,Are you still drunk from the weekend?You're ...Dizzy,<BR/><BR/>Are you still drunk from the weekend?<BR/><BR/>You're right it is a liquidity problem. Now, are you aware how screwed up things get once one bank defaults on a daily inter-bank transfers?<BR/><BR/>Had the treasury not acted, things would have got very nasty. This has little to do with one bank, and everything to do with a very unstable and complicated system. <BR/><BR/>Now, Brown *is* the most overrated chancellor is history, and proving to be a woeful PM, but he has to act - or the whole episode would have snowballed.Aaron Murin-Heathhttps://www.blogger.com/profile/11519231609156056620noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-55498223506276044132008-02-18T11:41:00.000+00:002008-02-18T11:41:00.000+00:00Quite right Dizzy. All the pain of the late 70s a...Quite right Dizzy. All the pain of the late 70s and early 80s was for nothing for we are back in 1975 again. There is one silver lining, for while the economy looked good Labour could get away with all their police state nonsense but now the economy looks bad people will want them out a.s.a.p.<BR/><BR/>John Redwood has a list of things he has said since the beginning so if people want to know what the Tories would have done...Old BEhttps://www.blogger.com/profile/06974090439936326476noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-13127654971207372392008-02-18T10:48:00.000+00:002008-02-18T10:48:00.000+00:00Let's hope now that the Nr is now a government "as...Let's hope now that the Nr is now a government "asset", Dave can finlly get some figures from Bodger and Badger.<BR/><BR/>Let's just see how much the loan book is really worth. With falling house prices and repossessions rising it is likely that any repossessed property going to auction the govet would only recoup about half of the properties' value.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-76641681262693051622008-02-18T10:45:00.000+00:002008-02-18T10:45:00.000+00:00"The bottom line for me is that the bank should ha..."The bottom line for me is that the bank should have been left to sink or swim"<BR/><BR/>If Bodger and Badger hadn't interfered, the bank was ready to be "rescued" by Lloyds TSB. They should have left well alone and let the Banking industry sort the mess out for themselves.<BR/><BR/>The BoE did the right thing in acting as "lender of last resort", however the whole debacle was triggered by whoever authorised the press release describing the BoE's action as emergency funding.<BR/><BR/>A similar thing happened in South Africa in the 1970's. Trust Bank found itself in difficulty and before the Reserve Bank intervened the banks clubbed together with a rescue package and Trust Bank was eventually bought by Volkskas which later became ABSA.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-23078287723954166622008-02-18T10:38:00.000+00:002008-02-18T10:38:00.000+00:00Dizzy,How much of this has to do with the EU's ant...Dizzy,<BR/><BR/>How much of this has to do with the EU's anti-comptetion legislation? IIRC, late last year the MSM were reporting that if no buyers were found the bank would have to be nationalised before the end of February to avoid charges from the EU as the the govt's propping up of NR could be viewed as an unfair advantage.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-12850446732092465482008-02-18T10:20:00.000+00:002008-02-18T10:20:00.000+00:00You right wing buggers are so vicious to poor old ...You right wing buggers are so vicious to poor old Gordon. He had to do it didn't he? Even if it meant rushing in and nationalising it so quickly. Well, it must have all been a bit quick mustn't it? cos I just heard Mr Darling tell nasty John Humphries that "now Ron is going to look at the books"!<BR/><BR/>See, they overflow with the milk of human kindness, sparing no thought for money at all, and all you lot can do is carp.<BR/><BR/>Anyway, my ice cream business never does well in January, so I'm off to get a quick unsecured loan for 125% of what the van is worth. Toodle pip!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-75350098614740541922008-02-18T09:51:00.000+00:002008-02-18T09:51:00.000+00:00I'd be jumping for joy at the news of nationalisat...I'd be jumping for joy at the news of nationalisation if it wasn't going to destroy this country's financies for years to come.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-66731666604555174722008-02-18T09:46:00.000+00:002008-02-18T09:46:00.000+00:00The question should be "What would Margaret have d...The question should be "What would Margaret have done ?"<BR/><BR/>The answer is probably to have let the bank go bust.<BR/><BR/>After all BCCI and Barings were allowed to go bust.<BR/><BR/>Why was Northern Rock different ? Pok barrel polictics and the willingness of the Labour government to spend other peoples money on their own political careers.<BR/><BR/>The burden of the public sector is now at the same as under Jim Callaghan, Debt is out of control and Ed Balls the next chancellor has arranged for us to beg Muslim clerics to lend us sharia money to bail Gordon Brown out.<BR/><BR/>Gordon Brown's self obsessed career has to have been the most expensive in history. The selling of gold at a low, PFI, giving away the UK' budget rebate from the EU to promote Tony Blair's career, vast pay increases for less work in the NHS, Northern Rock.<BR/><BR/>There is a risk that Gordon Brown is going to make Jim Callahan and Wilson look good.<BR/><BR/>Back to the 70's - weep for those people who will be crushed by Labour shameless and selfish mismanagement of our economy.<BR/><BR/>PS Both <A HREF="http://atoryblog.blogspot.com/2008/01/back-to-70s-with-gordon.html" REL="nofollow">myself</A> and <A HREF="http://www.johnredwoodsdiary.com/2008/01/07/back-to-the-1970s-darling-talks-instead-of-acting/" REL="nofollow">John Redwood</A> have been working this theme in early Jan.Man in a Shedhttps://www.blogger.com/profile/00990902055642035293noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-80748441917548079472008-02-18T09:20:00.000+00:002008-02-18T09:20:00.000+00:00I agree and it is the best analysis that I have re...I agree and it is the best analysis that I have read so far. I read Richards this morning and what he is saying is complete bollocks.<BR/><BR/>Cameron's strategy should be to tease out the labour opponents to maximise Brown's embarrassment. Dale is saying that Cameron should call a vote coincidence . This will just unite labour and could backfire.<BR/><BR/>My guess now that Blair loyalists may now break ranks and shareholders will go to court. This could get very nasty very quickly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22202011.post-28922267363304352502008-02-18T09:00:00.000+00:002008-02-18T09:00:00.000+00:00The real problem of course is that neither Doom th...The real problem of course is that neither Doom the Gloom or Darling Darling know the first thing about markets or economics, despite their protestations to the contrary. At the first hint of a problem, Mervyn should have MADE them take any private offer that was even being whispered - but they knew so little they didn't even realise there was a problem, despite being told so.kinglearhttps://www.blogger.com/profile/10252474133821652670noreply@blogger.comtag:blogger.com,1999:blog-22202011.post-78079537832835482632008-02-18T08:40:00.000+00:002008-02-18T08:40:00.000+00:00Brown effectively lied to Parliament when he said ...Brown effectively lied to Parliament when he said mortgage holders were at risk. They (the mortgage book) were never at risk and were effectively a most sort after prize from the private sector.<BR/><BR/>Shame on Call Me Dave for not bringing Gordon to account for this LIE.Anonymousnoreply@blogger.com