First boot was only GB£24 billion. The New boot has grown to GB£100 billion
After months of dithering indecision Scottish Prime Minister “Bottler” Brown and Scottish Chancellor “Dobbin” Darling have announced that failed mortgage bank Northern Rock is being nationalized. This is something of a non-announcement because they nationalized the liabilities of Northern Rock months ago. The real change is that they have given up on the idea of presenting a crony with the chance to privatize any eventual profits, leaving taxpayers and small investors only with the losses.
This follows on from the example of past Labour Governments when failed organizations are taken onto the public payroll to preserve votes, as with Rolls Royce which continued on in public ownership for eighteen years.
Blair Brown Regime Ministers are at pains to avoid the N word and avoid any admission of the scale of the disaster which has grown from months of bungling and indecision.
Analysts believe that Northern Rock will remain in public ownership for many years unless it is now asset-stripped to reduce the taxpayers’ losses which potentially represent a second mortgage for every British family of GB£4,000.
Other banks are now becoming increasingly worried that the announcements, of how Northern Rock will be run, suggest that they will face Government-subsidized competition in an increasingly difficult marketplace, with Northern Rock encouraged to take on new risks in the knowledge that losses will be covered by the Blair Brown Regime in the interests of protecting votes in their electoral homelands. It is suspected that Northern Rock will take a very lenient view of defaulting mortgages and prove reluctant to seek repossession of homes.