Unless you are reading this from outside the UK (I'm talking to you too Paul Green), then you have very good reason to celebrate with me today.
For you are now the (joint) owner of one of the UK's biggest banks! Hooray!!
OK, so you have to share this prestigious position with about 60 million other people but it still feels kind of nice doesn't it?
Well, seemingly not everyone agrees going by the bad headlines Alastair Darling has been getting. And unfairly so in my opinion as I don't really see what else he can do given the economy has pulled both arms behind his back and is seriously contemplating giving him a wedgie just to rub it in.
The Richard Branson offer provided a poor return, especially if the Government still maintained all the attached risks. So rather than let the bank twist in the breeze and ultimately wither and die, Darling had to take it under the Westminster Wing.
There are many who will say that we should have open markets, that we can't go around protecting businesses just because they were unprepared or took their eye off the ball. 99% of the time I would agree with this.
But I learned today that if you get shot then you can receive up to £1,000 from the government (*see below). And I think that counts as a good analogy for what's going on with the Rock.
1 million home-owners were effectively 'shot' by a US Credit Crunch. Such extreme circumstances merit extreme reactions.
And therefore, as much as it pains me to assist in sponsoring Newcastle United and paying Kevin Keegan's wages, I stress again that Alastair Darling was left with no other alternative but to save Northern Rock.
* I'm desperately trying to find a web-based copy of the story but I've been told that there's a regional article out there this week about two druggies who shot each other to try to claim that £1,000 compensation 'prize'. I don't know how their scam was rumbled but I'd love to find out.
You've got to think to pull a stunt like that you'd have to have hit 'Rock' bottom.
Hahahahaha..... *Sigh*. I'll get my coat....
4 comments:
Generation i - tales for an accelerated future
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I do think he did the only thing he could, but two things;
1) Why did we ever allow banks to both be seller and mortgage provider in the housing market? it's a conflict of interest that was bound to lead to inflated house prices.
2) why did the financial authority ever allow banks to provide mortgages that were seven times the borrowers yearly wage? The old rule of thumb was that your mortgage should not be more than twice your yearly wage.
I think the regulators need to get their tackety boots on..
I don't know, I like the idea of free, open markets taking care of things.
I'm happy with banks being allowed to offer whatever they like and if people are silly or greedy enough to accept then that's their problem.
I wouldn't like my own choice of mortgages to be constrained just cos a relative minority can't get a grip of their finances...
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