Tuesday, May 20, 2008
Governments Pre-planned Disclaimer Comes to Fruition
Bloomberg: Northern Rock Says Housing Decline May Hurt Debt Plan
``If house price were to decline 5, 10 or 15 percent, that would seriously impede fulfilling the plan,'' said Sandler, at a hearing of Parliament's Treasury Committee in London today. ``In the present housing climate, if things remain as they are, the plan can and will be delivered.''
And we all know which of the 2 is most likely dont we, and so does the government!!!
Posted by mr cobblepot @ 01:47 PM (689 views) Add Comment
13 Comments
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1. tyrellcorporation said...
NR is still probably the safest bank there is right now as it's underwrtitten by the UK taxpayer. Applegarth is laughing all the way to the... well probably NOT the Leeds but more like the Bahamas.
2. icarus said...
Crock's "recovery plan" isn't a plan at all. "If house prices stay as they are we'll be OK but if they fall then we won't". This is the kind of plan you have when you're using other people's money - only a moron would make a plan like that with his own money.
3. lvmreader said...
Maybe Applegarth is going back to Zimbabwe. That is where he is from after all.
4. icarus said...
@3 - Is that where he learned his financial skills?
5. montesquieu said...
They can't seriously have got all that money on the back of a 'plan' as dumb as that - can they?
6. icarus said...
i.e. use other people's money to dig yourself out of the hole you made.
7. lvmreader said...
@Montesquieu,
They pledged to support something whose magnitude they could not know. The dumbest strategy.
8. icarus said...
@7 - The £50bn+ liquidity plan falls into that category.
9. tyrellcorporation said...
The scandal is epic by any measure. Three questions; where are the press/media, where is the opposition and where are the people on the streets with placards?
10. Ijjhall said...
I would be surprised if this story/scandal features prominently on the BBC. Too busy going on about rising rents...
11. the haunted said...
What a joke, can you see anyone lending me money if I said "as long as the price of X stays the same or increases your money is secure"?
12. Yerhavingalaugh said...
"The UK financial markets regulator that oversaw Northern Rock will move away from "light touch" (joke) regulation to a heavier handed approach after the subprime mortgage crisis and the credit crunch, an official said today"
I hear stable doors slamming!! What will 40% house price falls do to Crock's finances I wonder?
13. paul said...
The very fact that the NR deal went through less than 3 months before the start of a major housing downturn is a trimuph of corruption on a breathtaking scale.