Comments on: Mr Darling digs an even bigger hole by nationalising the Rock http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Wed, 23 May 2012 13:35:04 +0000 hourly 1 By: Bazman http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1579 Bazman Tue, 19 Feb 2008 21:42:38 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1579 Would Northern Rock be saved had it been called Southern Rock? Would Edwina Currie get away with saying that good Christians would not get aids, outside of Tory heartlands today, in the Daily Mirror? Who knows?! Would Northern Rock be saved had it been called Southern Rock? Would Edwina Currie get away with saying that good Christians would not get aids, outside of Tory heartlands today, in the Daily Mirror? Who knows?!

]]> By: Matthew Reynolds http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1578 Matthew Reynolds Mon, 18 Feb 2008 21:22:57 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1578 Alistair Darling is just Brown's crony . He will keep his job as it suits the PM to have a stooge to take all the flak for all the problems caused by Browns flawed term at the Treasury . Your arguments about nationalisation of Northern Rock are sound as are your points about how this mess could have been avoided . I will never forget a letter in The Daily Telegraph which said that if the bank was called Southern Rock & was based in Guildford would a Labour Government spend Alistair Darling is just Brown’s crony . He will keep his job as it suits the PM to have a stooge to take all the flak for all the problems caused by Browns flawed term at the Treasury . Your arguments about nationalisation of Northern Rock are sound as are your points about how this mess could have been avoided . I will never forget a letter in The Daily Telegraph which said that if the bank was called Southern Rock & was based in Guildford would a Labour Government spend

]]> By: Matthew Reynolds http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1580 Matthew Reynolds Mon, 18 Feb 2008 20:22:57 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1580 Alistair Darling is just Brown's crony . He will keep his job as it suits the PM to have a stooge to take all the flak for all the problems caused by Browns flawed term at the Treasury . Your arguments about nationalisation of Northern Rock are sound as are your points about how this mess could have been avoided . I will never forget a letter in The Daily Telegraph which said that if the bank was called Southern Rock & was based in Guildford would a Labour Government spend Alistair Darling is just Brown’s crony . He will keep his job as it suits the PM to have a stooge to take all the flak for all the problems caused by Browns flawed term at the Treasury . Your arguments about nationalisation of Northern Rock are sound as are your points about how this mess could have been avoided . I will never forget a letter in The Daily Telegraph which said that if the bank was called Southern Rock & was based in Guildford would a Labour Government spend

]]> By: billy http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1577 billy Mon, 18 Feb 2008 18:59:38 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1577 All these years of 'new' Labour and it is starting to smell just as it did under Kinnock. All these years of 'new' Labour and it is starting to smell just as it did under Kinnock.

]]> By: mikestallard http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1576 mikestallard Mon, 18 Feb 2008 18:41:41 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1576 1. The messing up of the Bank in the first year of Gordon Brown's Chancellorship was, surely, the work of the EU. A wiser man would not, however, have gone alone with it. 2. This is not the end of Northern Rock: it is the beginning. 3. The net tax take for the UK per annum is slightly under 1. The messing up of the Bank in the first year of Gordon Brown's Chancellorship was, surely, the work of the EU. A wiser man would not, however, have gone alone with it.
2. This is not the end of Northern Rock: it is the beginning.
3. The net tax take for the UK per annum is slightly under

]]> By: Bazman http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1575 Bazman Mon, 18 Feb 2008 17:54:47 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1575 Lets be clear who is responsible for this fiasco. Not the the government. They quite rightly bailed the bank out to protect many of the small shareholders and the banking system. How they did this and will continue to do this is open to debate. What I do not read on this site is how the blame fairly and squarely lies with the directors of this company. Anyone like to comment? How did they get the bank in it's present position and why have they not been sacked? Not even heard any answers from them, but lets face it. What can they say? It's a fair question, and all you free marketers need to ask yourselves where private business begins and ends. Rich people taking risks then expecting the state to bail them out, whilst bleating about any tax on their loot. Lloyds anyone? Shares and investments are great if you have the spare cash, but why should the taxpayers underwrite the risks? Fortunes are to be made and lost. Lets be clear who is responsible for this fiasco. Not the the government. They quite rightly bailed the bank out to protect many of the small shareholders and the banking system. How they did this and will continue to do this is open to debate.
What I do not read on this site is how the blame fairly and squarely lies with the directors of this company. Anyone like to comment?
How did they get the bank in it's present position and why have they not been sacked? Not even heard any answers from them, but lets face it. What can they say?
It's a fair question, and all you free marketers need to ask yourselves where private business begins and ends.
Rich people taking risks then expecting the state to bail them out, whilst bleating about any tax on their loot. Lloyds anyone?
Shares and investments are great if you have the spare cash, but why should the taxpayers underwrite the risks?
Fortunes are to be made and lost.

]]> By: Northern Wreck: better late than never « OurKingdom http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1574 Northern Wreck: better late than never « OurKingdom Mon, 18 Feb 2008 11:14:35 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1574 [...] aside. It shows the strength of judgement of Vince Cable and the weakness of the Conservatives. John Redwood’s ten reasons why Labour is utterly mistaken strike me as shrill and one-sided. Where was the private [...] reply: Not so - I am proposing the Government to act as a tough bank manager, limiting tax payer risk and getting the money back over a sensible timetable. The Rock can either trade itself out of trouble, or sell assets to meet the repayment schedule. [...] aside. It shows the strength of judgement of Vince Cable and the weakness of the Conservatives. John Redwood’s ten reasons why Labour is utterly mistaken strike me as shrill and one-sided. Where was the private [...]

reply: Not so – I am proposing the Government to act as a tough bank manager, limiting tax payer risk and getting the money back over a sensible timetable. The Rock can either trade itself out of trouble, or sell assets to meet the repayment schedule.

]]> By: apl http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1573 apl Mon, 18 Feb 2008 09:42:40 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1573 Richard: Richard:

]]> By: Stuart Fairney http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1572 Stuart Fairney Mon, 18 Feb 2008 07:34:40 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1572 Anyone with a basic knowledge of finance will tell you there are two things you need to know when considering any investment. 1. How much money do I get? 2. When do I get it? Darling's inability to answer the second point gives a lie to the claim that we won't lose anything from this 'investment' By my maths, every taxpayer is in for about two and a half grand !! I'm really not keen on paying redundancy to workers unlucky enough to work for an institution that has gone bust, nor taking on its many commercial leases, nor am I keen in subsidising the competition against my actual genuine investments in viable banks like HSBC. Boom and bust, excess borrowing, recession, incompetent ministers, nationalisation? It's 'life on mars' and I'm re-living the 1970's Anyone with a basic knowledge of finance will tell you there are two things you need to know when considering any investment.

1. How much money do I get?
2. When do I get it?

Darling's inability to answer the second point gives a lie to the claim that we won't lose anything from this 'investment' By my maths, every taxpayer is in for about two and a half grand !! I'm really not keen on paying redundancy to workers unlucky enough to work for an institution that has gone bust, nor taking on its many commercial leases, nor am I keen in subsidising the competition against my actual genuine investments in viable banks like HSBC.

Boom and bust, excess borrowing, recession, incompetent ministers, nationalisation? It's 'life on mars' and I'm re-living the 1970's

]]> By: Richard http://johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1571 Richard Sun, 17 Feb 2008 23:45:07 +0000 http://www.johnredwoodsdiary.com/2008/02/17/mr-darling-digs-an-even-bigger-hole-by-nationalising-the-rock/#comment-1571 How many times did the Blair/Brown duumvirate ram down our throats how great a coup it was to give the Bank of England independence in 1997 to set interest rates, simultaneously restricting the Bank of England supervisory role over banks and building societies ? The blame for the Northern Rock disaster lies fairly and squarely at the door of 11, Downing Street. The culprit is Gordon Brown, aided and abetted by dysfunctional Darling. It's not a great feeling to realise that as a household with two taxpayers, we are now owed more than How many times did the Blair/Brown duumvirate ram down our throats how great a coup it was to give the Bank of England independence in 1997 to set interest rates, simultaneously restricting the Bank of England supervisory role over banks and building societies ?

The blame for the Northern Rock disaster lies fairly and squarely at the door of 11, Downing Street. The culprit is Gordon Brown, aided and abetted by dysfunctional Darling.

It's not a great feeling to realise that as a household with two taxpayers, we are now owed more than

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