Where’s Gordon?™ 4

Benedict Brogan and Adam Boulton shout the traditional cry which goes out when trouble is about – “Where’s Gordon?™”. Guido suspects Gordon will stay hiding behind the sofa if there are still queues outside branches of the Northern Rock or the Alliance & Leicester this morning. If there are no queues he’ll show his “courage”.

The open ended government guarantee promise is unprecedented. It could prove to be insane. If the housing market drops dramatically, mortgage repossessions could become even more endemic than they already are, with the result that the government could be left losing tens of billions of taxpayers funds. Bear in mind that Greenspan expects double digit percentage falls in house prices. Of course all we know of the terms is that Alastair Darling says “his word is his bond”. (He also said last week there was no problem with Northern Rock.) Equitable Life’s unfunded pensioners know the value of the government’s implicit rather than explicit guarantees. Zilch…



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Quote of the Day

A senior Brexiter:

“If Theresa and Julian have sold us out here they are in real trouble. She reassured us all at the 1922. There is no way she can recover if she has now fucked us over.”

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