Northern Rock or microgeneration?

The debate about the way that the government dealt with the Northern Rock crisis still rumbles on. Some have said that Mr Darling had no choice because he had to ensure that people retained confidence in the banking system. I cannot imagine that he took this decision without having cleared it with the Prime Minster, Gordon Brown. 

I do not think it was necessary to underwrite all the borrowings by the Northern Rock, in the way that Mr Darling has done. In order to ensure confidence all that had to be done was to guarantee the capital of the consumers who deposited their savings in the bank. It was not necessary to guarantee the commercial banks and hedge funds that lent money to the Rock, or secure the jobs of those who work in a failed business.  

I am still not sure exactly how much of our money has been invested in the bank by the government. I would like to know but the lowest quoted figure is £24 billion, which would be enough to provide the country with on site micro generated renewables for half the country’s homes.  I just get the feeling that they have lost the plot. 

It was cold today in London –around 7 degrees Celsius. The trees where I live have now lost eight percent of their leaves. I have not seen a wasp at all. It’s nearly real Guy Fawkes Night weather on the 24th of November.

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