Northern Rock is to receive last and final bids tomorrow. There are only two contenders for: a worthless mortgage book - who would want to buy a bog standard house in the north east of England? - a NuLabour clients' pay-outs Foundation, large but unspecified local infrastrucure commitments, and a featherbedded workforce with fully unionised-up redundancy and pension rights.
Unless this socialist, regional experiment masquerading as a bank failure is ended with the placing of the bank in administration where it has belonged for years, there will be a situation like Argentina in 2002; though without a Currency Board perhaps German hyper-inflation of the nineteen twenties will model for us all.
The North East and its collapsed Labour planning model presents as much of a threat to the rest of the country now as its unionised heavy industry and mining sector did in the second half of the last century.
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Buy-to-let could work nicely for landlords who expect rents to be paid indefinitely by SoSecurity.
Nothing is going to stop this economic structural shift, S. To call it a recession is misleading because recession embodies the idea that eventually there will be a return to the status quo or better.
What is happening now feels as if things are changing for ever. Like things changed for ever after 1913. Only this time there is no Keynes, no Beveridge.
There's Gordon Brown; I don't even remember the names of whoever deals with want, disease, ignorance, squalor and idleness under his maniac direction.
And the perverted Labour regime and its Leader are warmongers.
HG, this may be of interest to you, should you not know it.
http://tinyurl.com/yogkew
Apparently, Deutche Bank in the USA have been unable to foreclose on some sub-primes, because - they have been sold on so much, no-one knows who holds the *actual* mortgage documents.
I've only read a short portion of the first linked article; nor am I an economist, but it smelt interesting to me, and worth passing on. We shall see!
Grim. Brown makes things grim. It does appear that Ms. Alexander may be getting her come-uppance. I say to those who feel we shouldn't be worried about such insignificant sums. My reply is that it is because this is a means of making this unaccountable 'elite' accountable, then it is a right and proper weapon to use on them. Chase them for every penny, ensure the law is invoked.
Word verifcation 'slelb'. It's all a load of slelb, I say.
This is the second court to object to foreclosing on sub prime mortgages because no one can track who owes what to whom; the first was barely noted, before Christmas, again in the US. I'm not sure what importance it has as the rulings are not definitive; and even if they were, how many cases there are. Not many at a guess or it would be bigger news?
Angels writes on Scotland because it is first to throw off a horrible Labour longstanding heritage (if heritage is the right word for such a thing. Doom?)
Also, it's the key to Labour's continued control in the rest of the UK. I like the Scottish economic advisers too - very competent.
Yes, I did wonder why more had not been made of it; unless there is a concerted effort to avoid panic - viz. the way the MSM resolutely avoid trying to New Labour "bad" stories. Interesting background material on how we got where we are, and how the big banks in the States stitched things up to suit their own needs.
House of cards?
Brown? A walking disaster. Bet a shudder went through him when he heard the law might come knocking on Wendy Woo's door. Sunday Herald has some interesting comments on this, some of which turned up in Guido.
http://www.sundayherald.com/news/heraldnews/display.var.2014952.0.0.php
HG, I beleieve you are right, the epochal linear changes of globalization are more significant than the multi-year business cycles.
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