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Prof

The Northern Wreck News, And How The Bbc Told Us.

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The BBC news website states.....

"At 3.92%, the proportion of the Rock's mortgage customers who are three months or more behind with the payments is higher than the national average of 2.39%.

It is also up on the Rock's figure at the end of December of 2.92% and much greater than, for example, Barclays, which reported earlier in the week that 1.16% of its customers were in the same position."

And, the BEEB are "at it" again. This morning, whilst reporting NR`s £750,000,000 LOSS for the first 6 months of the year, the financial reporter stated (more than once).........

"It`s typical isn`t it...... Barclays and HSBC reported profits yesterday, but the bank that the taxpayers now own are reporting a 3 quarters of a billion pound loss" (or words to that effect).

LOL !!!!! (I nearly wet myself laughing). I shouted at the TV .........

"No, you idiot, it isn`t `typical`, it`s entirely predictable....... Why do you think the taxpayer had to bailout Northern Rock ?"

I`ll answer my own question - because they were in the "S H one T", due to ridiculous lending, so it is no surprise that they have bad debts, and therefore are struggling to make a profit.

Many sheeple watch this stuff every day, and I doubt that many of them even realise just how dumb these "professional" reporters are.

I worry for our future.

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I spoke to an NR employee last night who is quite bullish about the whole thing. Apparently senior managers at their Gosforth HQ are taking comfort in the fact that their "hated idol", Robert Peston had said that it wasn't as bad as expected (or words to that effect).

Robert Peston = Bogie Man to NR staff, ha ha!

It is widely known that NR staff hate Peston as they attribute the Rock's downfall to his reporting.

Heaven forbid, they fail to realise that it was NRK's own flawed business model that eventually brought them to being bust!

I despair!

Edited by topliner

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Thanks for the reply/bump.

It wasn`t Peston who said it was "typical", it was the bloke on BBC Breakfast News.

Anyway, I awoke this morning, wondering what he would come out with in respect to the Lloyds figures.

He didn`t use the word "typical", he said something along the lines of "It`s IRONIC that the Lloyds group, which didn`t even exist about 12 months ago, reporting a large loss".

Is that ironic ? I though that just like NR, it was predictable that a bank that had to be bailed out (or in the case of Lloyds, forced to marry a munter, and be partially bailed out by the taxpayer) would be making a loss.

I wonder what he`ll come out with next ?....... "It`s rather UNLUCKY that millions of people who bought property in the past 3-4 years are in negative equity." or "It`s UNFORTUNATE that taxes will have to rise to pay for all of this".

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To be fair, pretty sure any of the banks would look pretty crappy if they were forced to unload the best 40% of their mortgage book in an 18month period to repay the Gov't.

You can't compare NR's arrears with Barclays or any other operational mortgage book, it really is apples and, oranges. Or maybe, apples and apples with all the good apples taken out.

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To be fair, pretty sure any of the banks would look pretty crappy if they were forced to unload the best 40% of their mortgage book in an 18month period to repay the Gov't.

Yes, but I`m pointing out the way it`s reported in the mainstream media.

"Typical" was the word used, as if to say "oh shucks, the taxpayer is supporting a loss making business, if only we`d nationalised Barclays. Aren`t we unlucky".

No, we aren`t unlucky, this is a consequence of bad lending and an over inflated property bubble. NR & Lloyd Group are paying the price, well, it appears that the taxpayer is.

Edited by Prof

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