Comments on: A bad day for democracy and the North East http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/ Conservative Party Candidate for Wokingham Sun, 21 Mar 2010 17:12:43 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Adam http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17564 Adam Fri, 22 Feb 2008 11:55:27 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17564 I agree with 'Letters from a Tory' 21 Feb @ 9:38 The Conservatives should be shouting quotes from 'Freeing Britain to Compete' from the roof tops. Labour attacks us saying 'The tories haven't had a plan since the NR crisis first hit'. This is untrue and furthermore we had a plan before it hit. I met Ken Clarke before xmas and he made it clear that George Osbourne was making use of his experience. I hope the front bench team make at least equal use of John Redwood. Those regular readers of this blog who are sympathetic to the arguments of the centre right will be well aware that there is no need to 'decontaminate' John. He is an intelligent and caring man who wants the best for his country. Mr Redwood reestablishing a high profile would inevitably provoke Labour jeers concerning vulcans and Welsh singing. This will lead the public to wonder on which benches the practioners of 'student politics' really sit. I agree with ‘Letters from a Tory’ 21 Feb @ 9:38

The Conservatives should be shouting quotes from ‘Freeing Britain to Compete’ from the roof tops.
Labour attacks us saying ‘The tories haven’t had a plan since the NR crisis first hit’.
This is untrue and furthermore we had a plan before it hit.
I met Ken Clarke before xmas and he made it clear that George Osbourne was making use of his experience. I hope the front bench team make at least equal use of John Redwood.
Those regular readers of this blog who are sympathetic to the arguments of the centre right will be well aware that there is no need to ‘decontaminate’ John. He is an intelligent and caring man who wants the best for his country.
Mr Redwood reestablishing a high profile would inevitably provoke Labour jeers concerning vulcans and Welsh singing. This will lead the public to wonder on which benches the practioners of ’student politics’ really sit.

]]> By: Stuart Fairney http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17537 Stuart Fairney Thu, 21 Feb 2008 16:04:42 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17537 I am uncertain what is meant by the addendum to the post? There is no description of Mrs Clinton at all? Am I required to flatter her? NO, of course not, but I try to protect contributors by deleting very contentious language. I am uncertain what is meant by the addendum to the post? There is no description of Mrs Clinton at all? Am I required to flatter her?
NO, of course not, but I try to protect contributors by deleting very contentious language.

]]> By: Letters From A Tory http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17520 Letters From A Tory Thu, 21 Feb 2008 09:38:17 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17520 Why isn't George Osborne making a song and dance about the fact that you covered the possibility of a serious financial meltdown last year? Seems like a perfect way to show that the Conservatives can back up the rhetoric with the policy. http://lettersfromatory.wordpress.com Why isn’t George Osborne making a song and dance about the fact that you covered the possibility of a serious financial meltdown last year? Seems like a perfect way to show that the Conservatives can back up the rhetoric with the policy.

http://lettersfromatory.wordpress.com

]]> By: mikestallard http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17517 mikestallard Thu, 21 Feb 2008 08:43:45 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17517 If you are too arrogant to ask, then you lose your way - and that is exactly what has happened to the government on this one. My question is this: which bank is next? You are so right that the FSA, Bank of England and Treasury are far, far too slow to deal with sudden challenges. Reply: I hope none other at the moment If you are too arrogant to ask, then you lose your way – and that is exactly what has happened to the government on this one.
My question is this: which bank is next? You are so right that the FSA, Bank of England and Treasury are far, far too slow to deal with sudden challenges.

Reply: I hope none other at the moment

]]> By: Stuart Fairney http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17506 Stuart Fairney Wed, 20 Feb 2008 21:06:42 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17506 Slightly off topic posting, but speaking of bad days for democracy, Radio 5 had a tory MP on this evening who had been part of Hilary Clinton's campaign team until a few days ago! I mean ~ HILARY CLINTON ? and him, suposedly a tory! Now I know the Republicans have gone all big government, over-spending liberal, but that's all the more reason to back Ron Paul not (unflattering desciption for Mrs Clinton!). Slightly off topic posting, but speaking of bad days for democracy, Radio 5 had a tory MP on this evening who had been part of Hilary Clinton’s campaign team until a few days ago! I mean ~ HILARY CLINTON ? and him, suposedly a tory! Now I know the Republicans have gone all big government, over-spending liberal, but that’s all the more reason to back Ron Paul not (unflattering desciption for Mrs Clinton!).

]]> By: James http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17504 James Wed, 20 Feb 2008 20:21:38 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17504 What happens if Northern Rock doesn't follow the Bank of England's tough love act? Reply: They would. The Bank would have enough charge over assets to be able to protect taxpayers. What happens if Northern Rock doesn’t follow the Bank of England’s tough love act?
Reply: They would. The Bank would have enough charge over assets to be able to protect taxpayers.

]]> By: Andy G http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17503 Andy G Wed, 20 Feb 2008 19:39:28 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17503 Is Mr Redwood trying to play some hilarious joke in commenting on Northern Rock. His latest recommendations to the Tory Party are for less, rather than more, financial regulation. Under his stewardship the entire banking system would probably have collapsed by now. Another reason why the Tories should go back to school and pass a GCSE in Economics. The solution to NR is very simple. The share holders lose everything and the four main high street banks pick up the tab for the savers. Easy; job done. Reply: You are completely misinformed. Try reading the Economic Competitiveness Review, instead of relying on wrongly informed journalists. You will see there a critique of the current regulatory structure for banks, and proposals for one which could have prevented the Rock crisis. Is Mr Redwood trying to play some hilarious joke in commenting on Northern Rock. His latest recommendations to the Tory Party are for less, rather than more, financial regulation.

Under his stewardship the entire banking system would probably have collapsed by now.

Another reason why the Tories should go back to school and pass a GCSE in Economics.

The solution to NR is very simple. The share holders lose everything and the four main high street banks pick up the tab for the savers. Easy; job done.

Reply: You are completely misinformed. Try reading the Economic Competitiveness Review, instead of relying on wrongly informed journalists. You will see there a critique of the current regulatory structure for banks, and proposals for one which could have prevented the Rock crisis.

]]> By: Matthew Reynolds http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17501 Matthew Reynolds Wed, 20 Feb 2008 19:00:06 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17501 Dear John, Simon Heffer is right ! You ought to be Shadow Chancellor ! Your brilliant response to Labour incompetence on Northern Rock and the fiasco over Non Dom Tax & CGT prove that you are the only Tory MP with the brain , courage and capacity for hard work needed to beat Labour on the economy . I have been a fan of yours & have watched Tory shadow chancellors sink without trace ( with the obvious exception of Michael Howard ) since 1997 . Will David Cameron show the kind of commonsense that other Tory leaders have lacked since 1997 ? Kind regards Matthew Dear John,

Simon Heffer is right ! You ought to be Shadow Chancellor ! Your brilliant response to Labour incompetence on Northern Rock and the fiasco over Non Dom Tax & CGT prove that you are the only Tory MP with the brain , courage and capacity for hard work needed to beat Labour on the economy . I have been a fan of yours & have watched Tory shadow chancellors sink without trace ( with the obvious exception of Michael Howard ) since 1997 . Will David Cameron show the kind of commonsense that other Tory leaders have lacked since 1997 ?
Kind regards
Matthew

]]> By: Geoff C http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17500 Geoff C Wed, 20 Feb 2008 17:36:52 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17500 The Government as bank manager? We then have all the exposure and no control. Doesn't sound very attractive to me, nor to all the other institutions who would have to compete with this bank with near infinite pockets. The taxpayer would probably end up with a huge loss, but only after the managers had richly lined their pockets and pensions (remember Rover?). Reply: On the contrary - bank managers have considerable power to get money back they have lent to cuctomers. The Government as bank manager? We then have all the exposure and no control. Doesn’t sound very attractive to me, nor to all the other institutions who would have to compete with this bank with near infinite pockets. The taxpayer would probably end up with a huge loss, but only after the managers had richly lined their pockets and pensions (remember Rover?).

Reply: On the contrary – bank managers have considerable power to get money back they have lent to cuctomers.

]]> By: newmania http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17499 newmania Wed, 20 Feb 2008 16:25:58 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17499 A master A master

]]> By: James http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17498 James Wed, 20 Feb 2008 16:08:21 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17498 Why would having the Bank of England running the bank make the slightest difference to the disciplines facing Northern Rock? Wouldn't it mean the taxpayer was owed just as much money, but had no say in its running? Or are you saying the taxpayer loans would immediately be put on commercial terms? Then surely Northern Rock would close. Reply: I am not asking for the Bank of England to run NR, just to be a proper tough bank manager to it. Why would having the Bank of England running the bank make the slightest difference to the disciplines facing Northern Rock? Wouldn’t it mean the taxpayer was owed just as much money, but had no say in its running? Or are you saying the taxpayer loans would immediately be put on commercial terms? Then surely Northern Rock would close.

Reply: I am not asking for the Bank of England to run NR, just to be a proper tough bank manager to it.

]]> By: Edward Waller http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17494 Edward Waller Wed, 20 Feb 2008 14:14:01 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17494 Agree entirely with you on Northern Rock. I used to be chairman of a public company. Some of my employees asked for loans with no collateral. I refused. I would have referred them to Northern Rock. Bad PR to foreclose. Bottomless pit behind them. Hooray at Club Irresponsible again. Agree entirely with you on Northern Rock. I used to be chairman of a public company. Some of my employees asked for loans with no collateral. I refused. I would have referred them to Northern Rock. Bad PR to foreclose. Bottomless pit behind them. Hooray at Club Irresponsible again.

]]> By: Richard http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17493 Richard Wed, 20 Feb 2008 14:10:31 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17493 Very clear and incisive anaysis, if I may say so, Mr. Redwood. If there is no seat for you at the Shadow Cabinet table, George Osborne and David Cameron could benefit from your experience in the sphere of business and finance. Of course it was a major blunder for Gordon Bean to disconnect the Bank of England's close oversight and scrutiny of the City's banks in 1997. Hindsight is perfect vision ? Read 'The City of London 1945-2000' by Robert Kynaston for a flavour of the power exerted by The Old Lady of Threadneedle Street in the post-war years. In matters of the way the City runs most efficiently, this government are totally out of their depth; so much so that the prime minister should henceforth be known as Gordon Drown... Very clear and incisive anaysis, if I may say so, Mr. Redwood. If there is no seat for you at the Shadow Cabinet table, George Osborne and David Cameron could benefit from your experience in the sphere of business and finance. Of course it was a major blunder for Gordon Bean to disconnect the Bank of England’s close oversight and scrutiny of the City’s banks in 1997. Hindsight is perfect vision ? Read ‘The City of London 1945-2000′ by Robert Kynaston for a flavour of the power exerted by The Old Lady of Threadneedle Street in the post-war years.

In matters of the way the City runs most efficiently, this government are totally out of their depth; so much so that the prime minister should henceforth be known as Gordon Drown…

]]> By: Dave Morrison http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17488 Dave Morrison Wed, 20 Feb 2008 11:19:15 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17488 I know very little of banking practises or indeed their policies but it seems to me that thay 'Northern Rock' were just greedy and tried to cash in on some cheap money without testing the temperature of the Economic Climate. In effect they misjudged the 'Risk' factor by allowing the greed factor to dominate. (message shortened-ed) Dave I know very little of banking practises or indeed their policies but it seems to me that thay ‘Northern Rock’ were just greedy and tried to cash in on some cheap money without testing the temperature of the Economic Climate. In effect they misjudged the ‘Risk’ factor by allowing the greed factor to dominate.

(message shortened-ed)
Dave

]]> By: anoneumouse http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17487 anoneumouse Wed, 20 Feb 2008 10:18:56 +0000 http://www.johnredwoodsdiary.com/2008/02/20/a-bad-day-for-democracy-and-the-north-east/#comment-17487 Is it not time for someone to ask the question, what is the relationship between HM Treasury and Law Debenture Corporation plc who ultimately own Granite the special purpose vehicle controlled by Northern Rock. and how does it relate to the Nrthrn Rock PensSchm? (a link to a ) Letter to Scheme Members issued on the 11th of January http://www.reuters.com/article/pressRelease/idUS66392+11-Jan-2008+RNS20080111 Where the Trustees and the Company agreed to appoint The Law Debenture Pension Trust Corporation plc as an independent professional trustee. (Sentence left out) Is it not time for someone to ask the question, what is the relationship between HM Treasury and Law Debenture Corporation plc who ultimately own Granite the special purpose vehicle controlled by Northern Rock.

and how does it relate to the Nrthrn Rock PensSchm?

(a link to a ) Letter to Scheme Members issued on the 11th of January

http://www.reuters.com/article/pressRelease/idUS66392+11-Jan-2008+RNS20080111

Where the Trustees and the Company agreed to appoint The Law Debenture
Pension Trust Corporation plc as an independent professional trustee.

(Sentence left out)

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