Confused by the Northern Rock debacle?

Don't be, read John Moir's article.


"We keep being reassured by the Prime Minister and his Chancellor that the assets owned by Northern Rock are high quality. The mortgages held by Northern Rock are sound, they say. This is patently untrue and all of the above-mentioned parties are aware of this crucial fact...As taxpayers, we are being asked to invest, in the form of guarantees, up to £50 billion (or is it £100 billion?) to keep afloat a busted company. The Prime Minister tells us that he does not expect to call on us for real cash because the business is sound. But he, his Chancellor, his FSA, the Bank and all their advisors know this is untrue. If a company issued a prospectus on grounds even remotely as misleading as this, the issuers would probably be going to jail. All we will be able to do is throw out Gordon Brown and his crew of liars and incompetents at the next election. By then, however, every taxpaying family in the UK will be thousands of pounds out of pocket and many of our irresponsible banks and building societies will feel comforted by the fact that the suckers (i.e, us) will always bail out the bad guys."



Now do you understand? Now are you worried? Now do you realise why many people think that Gordon Brown and his government are not only incompetent but liars as well?