Tuesday, August 05, 2008

Darling On The Rocks

At the end of May I posted THIS on the Northern Rock fiasco coming back to haunt Alistair Darling and noted THIS post on the FT Westminster blog headed: "Alistair Darling - are you sure about Northern Rock’s assets?"
In today's Times it is reported "Repossessions rise 40% as mortgage arrears worsen" saying that "the statistics bear out warnings that the number losing their homes will reach 45,000 by the end of this year, compared with the 75,500 whose homes were repossessed at the peak of the 1991 housing downturn."

After today's news that Darling has been forced to pump a further £3.4 billion of taxpayers' money into the already nationalised bank, he must be very afraid to go asleep in case his eyebrows turn white over night!

Either he knew that NR's mortgage book was not all that it was cracked up to be, and lied to us, or he (and by extension, Gordon Brown) is even more incompetent than even I thought he was.

And as for that economic "sage", Vince Cable, I hope his much vaunted reputation is now so tarnished that people will realise that his advice is worthless - just like the LibDems's claims to be a credible party.