A Merry Christmas and a Happy New Year to all my readers. Looking back on the blogs for the year one popular subject has been Northern Rock, the British mortgage lender, which needed rescuing by Her Majesty's Government. There has been some recent comment that a "market solution" should have been applied, ie let the Newcastle-based bank go bust in September. Northern Rock was quite close to me because I lost a few bob on the shares, when I actually sold them.
I think Alistair Darling did the right thing of safeguarding the deposits and perhaps a temporary nationalisation will help right Northern Rock although some deluded shareholders want £4.10 a share. However the cookie crumbles, it does not look good for the reputation of the City. Darling's reputation as Chancellor has not been helped by the Northern Rock debacle. It is thought that he is just a cipher for UK prime minister Gordon Brown. The same Brown who says he just taking Xmas day off for his Christmas holidays and then spends a couple of weeks in Scotland.
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