The Tories sent mixed messages, essentially they didn’t want to nationalise it (they are not that left-wing) but they didn’t want to say “put it into administration” (John Redwood was the most coherent Tory voice on the issue here and here).
Cable today says that he knew all along that it was iffy:
“These figures confirm the suspicion, held by many of us, that the Government and the regulators were badly deceived by Northern Rock’s former managers when they agreed to bail it out on the basis that it was a good bank with a good loan portfolio… I am encountering cases of people being repossessed as a result of deeply foolish loans and the bank and the taxpayer who now own Northern Rock are having to absorb the resulting losses”
So why did Vince happily congratulate Gordon on nationalising the Rock? Socialising the losses and privatising the profits is not a good deal for the taxpayers. Vince is currently on a damage limitation tour of newsrooms salvaging his reputation for sound judgement…
Pictured here standing behind Ming, the LibDems were on the receiving end of most of Oakley’s activities, which crossed the line by a long chalk. Although it was actually Vince Cable who stabbed Ming in the back in the end…
UPDATE : Danny Finkelstein admits that at the final selection committee he “thought Watford hadn’t necessarily selected the best future MP but they had chosen the one who seemed most assured, self confident and politically mature. I thought him a very stable, solid choice even if he didn’t do all that much for me.” The Fink, in his judgement, also thinks promising tax cuts is a vote loser for the Tories.
*He has quit as Conservative candidate and left the Conservative group on Hillingdon Council.
Told you this moralising will come back to bite you:
“We should ask those who make profits out of revelling in, or encouraging, selfish irresponsibility among young men what they think they’re doing….”
Guido has called, emailed and even texted the Govemeister personally to ask : What are you doing Michael?
UPDATE : “No comment, thank you” is the polite official response from his office.
Hat-tip : Recess Monkey
Now we have a situation where £100 billion of taxpayer’s money has been bet on the UK property market as it goes south. Gordon Brown and Alastair Darling repeat the mantra that the public’s money is secured against the bank’s assets. The bank’s assets are what exactly? The equity in mortgagor’s homes belongs not to the bank, it belongs to the homeowners. The only properties Northern Rock has an interest in are it’s own branches and offices. The only homes it owns are those where it forecloses, usually and increasingly at a loss due to negative equity (remember all those 125% offers).
Northern Rock is selling off any assets of value to pay down the government debt. Essentially the government is asset stripping what it can and like many an asset stripper before it is sacking staff. Unlike capitalist vultures it will not make a profit, the government will be left with billions of bad debts. This half-year’s losses are £585 million, £20 per taxpayer. Mortgage arrears have doubled, repossessions are up another 50% on already bad figures – and the worst is yet to come. The Rock’s bad debts will be borne by taxpayers.
UPDATE :A co-conspirator emails to point out that adding the debt for equity swap (which the taxpayer will never see back) to the losses gives £3,585,000,000. Divide that by 28 million taxpayers and you get £128 per taxpayer, or some 70 pence per day so far. What would you rather spend the 70 pence a day on?
Danny Finkelstein has been lambasting McCain’s advertising. In fact everybody inside the Beltway and in the Westminster Village has been saying the same to Guido. Hang on a second. Can even you political obssessives remember any of Obama’s ads? “Hope, change, blah.” No, thought not.
McCain’s ads may not work with the knowing, his early Hero ad with footage of him as a prisoner of war might be a bit too cheesy for cynics, but how does that play in the heartlands? People will remember that he endured harsh treatment heroically. The Media Love ad on media favouritism was a little reminder, the Paris Hilton ad and “The One“ ad are low intensity attacks on Obama’s politics of empty celebrity. These ads are far more sophisticated than previous Conservative campaign attack ads on “Hollywood liberals” – they work.
The latest line of attack takes the form of a mini-documentary (below) and it is effective because it shows Obama time and time again lacking clear direction on Iraq. He has flip-flopped and trimmed on the key U.S. foreign policy issue of our time. McCain is playing off his experience against Obama’s lack of judgement well…
All the Cameroons swooning for Obama would be wise to be more circumspect…
UPDATE : Punters are moving to McCain as well says Mike Smithson.
“I believe we need to ask tough questions about the instant-hit hedonism celebrated by the modern men’s magazines targeted at younger males. Titles such as Nuts and Zoo paint a picture of women as permanently, lasciviously, uncomplicatedly available. We should ask those who make profits out of revelling in, or encouraging, selfish irresponsibility among young men what they think they’re doing…. The relationship between these titles and their readers is a relationship in which the rest of us have an interest. The images they use and project reinforce a very narrow conception of beauty and a shallow approach towards women. They celebrate thrill-seeking and instant gratification without ever allowing any thought of responsibility towards others, or commitment, to intrude. The contrast with the work done by women’s magazines, and their publishers, to address their readers in a mature and responsible fashion, is striking.”
Most men actually do have a shallow approach towards women and it has nothing to do with men’s mags and to all to do with biology. Without getting into a treatise on socio-biology it is clear that evolution has designed half the human race to be thrill seeking and after instant gratification. That is why our DNA has programmed us to have an orgasm.
Guido has it from a person in a position to know that, in his bachelor days, Michael Gove was “an enthusiastic lover”. Since he wasn’t intending on pro-creation, presumably he was indulging his hedonistic thrill-seeking side?
UPDATE : Forgot to moan about the Tories having a go at lap-dancing clubs. Seems to be a bit ungrateful to Peter Stringfellow, who has supported the Tories through thick and thin. This puritanical moralising will all in end in tears.
Polling Averages Trend | PoliticalBetting.com
Speaker Faces Questions Over Pass for Donor | Sun
Tory MPs’ Visit to Israel Condemned | Guardian
Labour Was Too Slow for the Squeezed Middle | FT
Papers Pan Cam’s Immigration Pledge | ConHome
Deane of St Edmundsbury? | Times
Pay Volunteers and They Become Cheap Labour | Jill Kirby
UKIP Fundraiser Was Jailed for Running Brothels | Times
Bercow Faces Probe Over Pass Mystery | Mirror
Harman Breaks Rules on Paying Staff | Express
Labour Whinge About Sandi Toksvig Joke | Mail
John McTernan told Channel 4 News…
“You can’t make an omelette without breaking a few eggs, you don’t win in politics without breaking legs.”
What time will dinner be ready this evening?
Rob Wilson MP
In the interests of me I am placing a copy of this email in the public domain.