indeed

an aggressive lending strategy of 75% from wholesale markets was always doomed to failure, yet they were allowed to do it. Why? Brown's lovely tripartite arrangement of the Treasury, FSA and Bank of England.

Apparently the roots of yesterday's problem came to light in 2005. I quote:

"The roots of the decision to nationalise Northern Rock can be traced to a high-level meeting in autumn 2005, when the Government's leading financial experts realised that Britain faced serious problems if a high street bank failed. Some of the most senior officials at the Bank of England, Financial Services Authority (FSA) and Treasury ran a secret "war game" to stress-test the banking system. They concluded that there were serious weaknesses in the country's capacity to deal with a failing bank. A similar test was run in late 2006 - this time involving Ed Balls, then a Treasury minister, Mervyn King, the Governor of the Bank of England, and Callum McCarthy, the head of the FSA."

Brown's a f*cking idiot, and as Littlejohn correctly points out - Darling is his puppet. Sorry, wouldn't usually get so narked off about it, line of work y'see...

Posted By: Stoopish on February 19th 2008 at 10:07:24

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