Comments on: How Mr Darling lost the government’s economic reputation http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/ Conservative Party Member of Parliament for Wokingham Mon, 06 Oct 2008 14:50:27 +0000 http://wordpress.org/?v=2.6.2 By: Diablo http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17453 Diablo Tue, 19 Feb 2008 01:30:15 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17453 What do you think about Vince (Twinkle Toes) Cable crowing about how he knew nationalisation was the only way to solve the Northern Rock problem right from the outset? I think he has been very naive. Reply: I think he has been used by Labour. They did not wish to appear as old fashioned nationalisers, so it suited them to have a Lib Dem front running this proposal so they could appear reluctant. What do you think about Vince (Twinkle Toes) Cable crowing about how he knew nationalisation was the only way to solve the Northern Rock problem right from the outset?

I think he has been very naive.

Reply: I think he has been used by Labour. They did not wish to appear as old fashioned nationalisers, so it suited them to have a Lib Dem front running this proposal so they could appear reluctant.

]]> By: Chuck Unsworth http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17451 Chuck Unsworth Mon, 18 Feb 2008 20:51:06 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17451 In fairness Darling is really just a talking head. All the decisions (if that isn't a gross misnomer) were made by Brown - possibly with Balls pulling the strings. I'd agree with Guido, in that I feel that a salutary lesson is/was necessary. The nonsense about such a collapse having a tipping effect on the whole banking community is vastly outweighed by this running sore which will continue for the forseable future. Before any real stability returns to that particular bank there will be ongoing grief. Redundancies are inevitable as will be much tighter controls. Tears before bed-time. That whole process will itself be continually debilitating and damaging to the reputation of Britain. Far better to have allowed the bank to collapse and get the matter over and done with. At least it would have shown some mettle and grit. Now we have the prolonged wait until the money (with interest at what rate?) is returned - if ever - to the BoE. In fairness Darling is really just a talking head. All the decisions (if that isn’t a gross misnomer) were made by Brown - possibly with Balls pulling the strings.

I’d agree with Guido, in that I feel that a salutary lesson is/was necessary. The nonsense about such a collapse having a tipping effect on the whole banking community is vastly outweighed by this running sore which will continue for the forseable future.

Before any real stability returns to that particular bank there will be ongoing grief. Redundancies are inevitable as will be much tighter controls. Tears before bed-time. That whole process will itself be continually debilitating and damaging to the reputation of Britain. Far better to have allowed the bank to collapse and get the matter over and done with. At least it would have shown some mettle and grit. Now we have the prolonged wait until the money (with interest at what rate?) is returned - if ever - to the BoE.

]]> By: mikestallard http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17441 mikestallard Mon, 18 Feb 2008 17:33:14 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17441 This is a purely political decision by Labour to save votes in the sacred North East. Politicians (except for the above) who are constantly in politics are told how marvellous they are, Minister. Eventually they come to believe it. You have done an "I told you so". So did I. The Chancellor is nothing but an Edinburgh lawyer. He knows diddly squat about money and the City. The Prime Minister knows about the same. And the EU knows even less. Yet they have the temerity to micro manage it. So all your (excellent) thoughts are (sadly) not listened to. It might perhaps, if you want to go back into the past, have been best for the meddling Gordon Brown to have left the City alone and not interfered with it in the first place. But then, Gordon knows best. This is a purely political decision by Labour to save votes in the sacred North East.
Politicians (except for the above) who are constantly in politics are told how marvellous they are, Minister. Eventually they come to believe it.
You have done an “I told you so”.
So did I.
The Chancellor is nothing but an Edinburgh lawyer. He knows diddly squat about money and the City.
The Prime Minister knows about the same.
And the EU knows even less.
Yet they have the temerity to micro manage it.
So all your (excellent) thoughts are (sadly) not listened to.
It might perhaps, if you want to go back into the past, have been best for the meddling Gordon Brown to have left the City alone and not interfered with it in the first place.
But then, Gordon knows best.

]]> By: Curly http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17437 Curly Mon, 18 Feb 2008 12:55:09 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17437 It would have been better to allow Northern Crock to fail and die, the North East would have recovered, economic regeneration of the region would have been far cheaper than throwing It would have been better to allow Northern Crock to fail and die, the North East would have recovered, economic regeneration of the region would have been far cheaper than throwing

]]> By: Guido Fawkes http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17435 Guido Fawkes Mon, 18 Feb 2008 12:50:36 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17435 I don't agree with the "flood extra liquidity" point. Nor do I think any realistic amount of extra liquidity would have necessarily save NR. Nor am I sure that saving NR is a legitimate policy objective. I don’t agree with the “flood extra liquidity” point. Nor do I think any realistic amount of extra liquidity would have necessarily save NR.

Nor am I sure that saving NR is a legitimate policy objective.

]]> By: anoneumouse http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17432 anoneumouse Mon, 18 Feb 2008 11:09:37 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17432 So, do we now have a Premier league football club sponsored by the tax payer. Northern Rock is the main sponsor of premiership football team Newcastle United, in a deal which runs until 2010. It also sponsors the Newcastle Falcons rugby team, championship basketball team Newcastle Eagles, and the Durham County Cricket Club. So, do we now have a Premier league football club sponsored by the tax payer. Northern Rock is the main sponsor of premiership football team Newcastle United, in a deal which runs until 2010.

It also sponsors the Newcastle Falcons rugby team, championship basketball team Newcastle Eagles, and the Durham County Cricket Club.

]]> By: Neil Craig http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17431 Neil Craig Mon, 18 Feb 2008 10:24:07 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17431 Assuming that they do not run it as successfully as Branson would have this could be the "Spanish ulcer" that has already destroyed Brown's reputation for prudence & goes on to bringing Labour crashing in the election. It should also be remembered that this is the policy of the LibDems. Since you are, correctly, crowing about having been right continuously when the government have been wrong at every turn here, may I also remind that I suggested that the government should have called in the receivers. Even if the receiver had been unable to sell it off, in whole or part, the worst possible result of bankruptcy would have been better than this because the taxpayer would not have been out ( Assuming that they do not run it as successfully as Branson would have this could be the “Spanish ulcer” that has already destroyed Brown’s reputation for prudence & goes on to bringing Labour crashing in the election. It should also be remembered that this is the policy of the LibDems.

Since you are, correctly, crowing about having been right continuously when the government have been wrong at every turn here, may I also remind that I suggested that the government should have called in the receivers. Even if the receiver had been unable to sell it off, in whole or part, the worst possible result of bankruptcy would have been better than this because the taxpayer would not have been out (

]]> By: Letters From A Tory http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17430 Letters From A Tory Mon, 18 Feb 2008 09:46:42 +0000 http://www.johnredwoodsdiary.com/2008/02/18/how-mr-darling-lost-the-governments-economic-reputation/#comment-17430 The Government are desperate to portray this nationalisation as the best deal for the taxpayer and the result of factors beyond their control. The Conservative Party must focus on making the public see that it was the Government that dug this hole for themselves. http://lettersfromatory.wordpress.com The Government are desperate to portray this nationalisation as the best deal for the taxpayer and the result of factors beyond their control. The Conservative Party must focus on making the public see that it was the Government that dug this hole for themselves.

http://lettersfromatory.wordpress.com

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