but they did create total panic

Why? Because the Government has shown it created such a very weak 'regulatory' body that should have stopped it from happening in the first place.

Mervyn King wanted to make the emergency loan in secret - to prevent a run, but it was forced to make it public.

The FSA passed the buck, claiming "it wasn't evident NR was in so much difficulty"

The Treasury had a s**t Financial Compensation Scheme in operation, only protecting £2000. £2000! Then only 90% of the next £35,000 and then absolutely nothing after it. THIS WORRIED THEIR CUSTOMERS

The government has been caught metaphorically with its financial pants down. And it needs to be held to account.

Posted By: Stoopish on November 21st 2007 at 13:11:51

Message Thread

FAO Old Git (General Chat) - thebigfeller, Nov 21, 12:58:26
- So if other banks go the same way...... (General Chat) - Kirrie, Nov 21, 13:21:00
  - No. The idea was to prevent further panic so other banks COULDN'T go the same way (General Chat) - thebigfeller, Nov 21, 13:23:38
    - I'm not so sure - barclays have just announce an 800 million write-down..... (General Chat) - Kirrie, Nov 21, 13:27:59
      - No chance of that, of course! (General Chat) - thebigfeller, Nov 21, 13:30:58
    - Except, it would seem, Paragon, though I have no idea (General Chat) - CB41, Nov 21, 13:25:11
      - specialise in buy-to-lets (n/m) (General Chat) - Stoopish, Nov 21, 13:25:49
    - Bradford and Bingley *cough* Alliance & Leicester *Cough* (n/m) (General Chat) - Stoopish, Nov 21, 13:24:24
      - Neither are in any danger. (n/m) (General Chat) - thebigfeller, Nov 21, 13:29:19
        
        sorry, I now agree with OG on this one. You really don't have a clue about this (General Chat) - Stoopish, Nov 21, 13:30:45
        
        Nice selective quoting, Stoopish (General Chat) - thebigfeller, Nov 21, 13:32:45
- Jeff Randall on Northern Rock (General Chat) - KentonCanary, Nov 21, 13:09:54
  - Agreed - good balanced article! (n/m) (General Chat) - Kirrie, Nov 21, 13:22:17
- .... (General Chat) - CB41, Nov 21, 13:03:19
  - Clueless (General Chat) - Old Git, Nov 21, 13:08:04
    - But wasn't everyone calling for de-regulation in order to (General Chat) - CB41, Nov 21, 13:13:52
      - Mainly Cameron, in fact... (n/m) (General Chat) - Cannydc, Nov 21, 13:21:02
      - Correct. We wouldn't have had such a successful economy over the last decade without it (General Chat) - thebigfeller, Nov 21, 13:20:59
        
        Indeed it is. (General Chat) - thebigfeller, Nov 21, 13:26:03
        
        the best example of that was Maggie Thatcher's government in the early years! (n/m) (General Chat) - Kirrie, Nov 21, 13:31:59
        
        Except things are on a much steadier footing now (General Chat) - thebigfeller, Nov 21, 13:34:02
        
        Again I'm not so sure - Gordon's chickens are about to come home to roost.... (General Chat) - Kirrie, Nov 21, 13:36:25
        
        Thats a very brave statement and not one you can back up! (n/m) (General Chat) - Kirrie, Nov 21, 13:23:59
- Oh ffs (General Chat) - Old Git, Nov 21, 13:00:13
  - Good (General Chat) - thebigfeller, Nov 21, 13:06:26
    - How do they get the money back? (n/m) (General Chat) - Old Git, Nov 21, 13:07:12
      - Do you understand the meaning of the word 'loan'? (n/m) (General Chat) - thebigfeller, Nov 21, 13:08:46
        
        See Leeds Utd for solution to debts (General Chat) - pants, Nov 21, 13:18:06
        
        How about "creditworthy"? If you lend £40 billion to pants, are you going to get it back? (General Chat) - Old Git, Nov 21, 13:12:05
        
        Er - I don't think there was ever a possibility of pants being taken over (General Chat) - thebigfeller, Nov 21, 13:17:22
        
        Darling has been a little circumspect when it comes to whether we'll get it all back. (n/m) (General Chat) - yarmyyarmy, Nov 21, 13:11:24
  - If they let such a large bank fail (General Chat) - Cannydc, Nov 21, 13:05:16
  - and can I add (General Chat) - Stoopish, Nov 21, 13:04:45
    - Abbey would have gone years ago without Santander. (n/m) (General Chat) - tudders, Nov 21, 13:12:33
      - Or that vid of her doing blowys. (n/m) (General Chat) - malkybarkid, Nov 21, 13:14:42
    - Agreed with all that. Thank fuck there is another adult on the board (General Chat) - Old Git, Nov 21, 13:06:53
      - Yes (General Chat) - thebigfeller, Nov 21, 13:08:26
        
        but they did create total panic (General Chat) - Stoopish, Nov 21, 13:11:51
      - I have my moments OG (General Chat) - Stoopish, Nov 21, 13:07:38
  - Yes but what are they supposed to do, let hundreds of (General Chat) - CB41, Nov 21, 13:04:44
    - Paying out on the depost guarantee would have cost a FUCK of a lot less (General Chat) - Old Git, Nov 21, 13:06:09
      - It has so far cost nothing (General Chat) - Cannydc, Nov 21, 13:11:02
        
        solid? (General Chat) - Stoopish, Nov 21, 13:13:32

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