UPDATE: Gordon Brown's demise? Indeed. He's been fiddling while Rome was burning, or so says the MSM.While we obsess about presidential politics, the British and Scotch have other, seeminlgy more weighty concerns on their minds. These include a huge, huge bank failure here:
NORTHERN ROCK, the failed mortgage bank behometh. It is being hotly debated whether the government should rescue this bank to the tune of billions and billions of taxpayers' dollars or let bonds and private investors like Sir Richard Branscom come in as the knight in shining armor and attempt to save save the bank. Most newspapers seem to think the British Parliament and PM Gordon Brown should nationalize Northern Rock for three years in order to stabilze it and then let private investors compete on taking it private again. This bank failure is a huge mess and not going away soon.
The question most talking heads want to know is whether the government will take the abysmal Northern Rock calamity and make it a catastrophe.
The larger question is should government always come in and save us from our failures and follies?
More later.
NORTHERN ROCK, the failed mortgage bank behometh. It is being hotly debated whether the government should rescue this bank to the tune of billions and billions of taxpayers' dollars or let bonds and private investors like Sir Richard Branscom come in as the knight in shining armor and attempt to save save the bank. Most newspapers seem to think the British Parliament and PM Gordon Brown should nationalize Northern Rock for three years in order to stabilze it and then let private investors compete on taking it private again. This bank failure is a huge mess and not going away soon.
The question most talking heads want to know is whether the government will take the abysmal Northern Rock calamity and make it a catastrophe.
The larger question is should government always come in and save us from our failures and follies?
More later.
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