It has been a while since I last wrote. My ire has not really risen anough to rant on much, but the latest fumblings between the Treasury and the Bank of England have justcaused my dander to be well and truly up.
First they said they wouldn't help any banks, then they turned around and said they would. Then they bailed out Northern Rock and said 'any other bank would get similar assistance', then today they announce that any new deposits at Northern Rock would not get the unlimited guarantee, if made after midnight last night, because this would give unfair benefit to Northern Rock's competitors. However since they have already said they would give the same support to the competitors it means that in order to protect your depositors to the maximum you need to wait until the receivers are at the door befor e approaching the Bank for assistance, then you get it and after a week or so any new depositors would not be covered. SO, in effect ALL of Northern Rock's competitors now have an unfair advantage over northern Rock as they are not yet being bailed out and so can follow the argument above.
Who was it who said when the Tories get caught doing something stupid it usually has to do with sex and when Labour gets caught doing something stupid, it is usually to do with money?
It would be nice if between all of these people at the Treasury we could assemble enough material to form a single brain. Then if they could properly inform the Governor of the Bank of England of his role, then they might not all look the laughingstock they do this morning!
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