Re: The credit crunch - an effect not a cause

On Sat, 10 May 2008 08:51:59 +0100, Robert Henderson
<philip@[EMAIL PROTECTED]
> wrote:

>  Yet it is difficult to see what else the Chancellor could do. If 
>Northern Rock had folded the rest of the banking sector would have been 
>placed in real danger. The position was not helped by the drawn out 
>attempt to find a private buyer for Northern Rock (a symptom of the 
>laissez faire mind set of the Government), but that  was  merely a 
>detail, not the heart of  the problem. Had the Government nationalised 
>the bank immediately the problem was known , the liabilities would still 
>be on the taxpayer. The scandal is that the lax credit situation was 
>allowed to arise, something which could have been prevented by proper 
>government behaviour over the past quarter of a century. .

not bad so far...
but you really do worry too much and you're wrong about greenspan...
     he has long acted with consummate skill and judgement....

britain is in a far worse state because of the clown's tax and spend..

real inflation is much higher in the uk and now they have a choice...
       try to contain it....or drive it even higher....
       the proverbial rock and a hard place....
and now the real inflation is starting to feed through into the
       shopping done by the poor...

as for the poor...they always suffer when government is captured
     by a bunch of crooks...
eg mandelson also made false/fraudulent declarations and
     bliar is now well on the way to being a property mogul....

well i buy the next edition of your penny dreadful?
only time will tell!

regards

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