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Northern Rock - NOT the cause of the financial crisis

2

Comments

  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    JonnyBravo wrote: »
    I know.
    As I said, that fear of the unknown, first coming from other banks, and then the public and finally the Govt is what led to nationalisation.

    Yep.

    And as it turns out, NOTHING to do with UK lending standards or the quality of the loan book, which although less than the best by UK standards was an order of magnitude better than the real sub-prime slime they had in the USA.

    Hence why it's still immensely profitable to this day.

    As it turns out, there was no need for nationalisation at all. :cool:
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Jimmy_31
    Jimmy_31 Posts: 2,170 Forumite
    HAMISH_MCTAVISH wrote: »
    :rotfl:

    Classic.

    And amazingly, that one word makes more sense than the entire rest of your post.:D

    You shouldnt have done that hamish because it has made you look like a complete and utter tw8t who couldnt think of a decent comeback.:rotfl:
  • JonnyBravo
    JonnyBravo Posts: 4,103 Forumite
    Mortgage-free Glee!
    Jimmy_31 wrote: »
    You shouldnt have done that hamish because it has made you look like a complete and utter tw8t who couldnt think of a decent comeback.:rotfl:

    ermmmm....
    Jimmy_31 wrote: »
    House prices are too high.

    whoops!
  • Jimmy_31
    Jimmy_31 Posts: 2,170 Forumite
    JonnyBravo wrote: »
    ermmmm....



    whoops!

    Yeah i get that you dont get it:)
  • geneer
    geneer Posts: 4,220 Forumite
    Sorry. I must have missed something.

    We exactly have been saying that Northern Crock were the cause of the financial crisis.
  • IronWolf
    IronWolf Posts: 6,465 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hamish clearly doesn't really understand what went on. There's a reason NR couldn't find anyone willing to lend it short term funding using its loans as collateral. it's because lenders knew that their long term sub prime loans weren't worth the paper they were printed on.

    The whole banking industry works by taking short term loans to fund long term investment. The ones that are well managed and didn't loan out money stupidly didn't end up with problems NR had.
    Faith, hope, charity, these three; but the greatest of these is charity.
  • mcc100
    mcc100 Posts: 624 Forumite
    Part of the Furniture 500 Posts Name Dropper
    edited 17 September 2011 at 11:23PM
    Graham_Devon wrote: »
    opertated.

    HAMISH_MCTAVISH wrote: »
    :rotfl:

    Classic.

    And amazingly, that one word makes more sense than the entire rest of your post.:D

    A spelling mistake !!!!!! .....

    Can anyone blame Generali (the most respected and knowledgeable poster on here) for taking an indefinite break from this site ?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Graham_Devon wrote: »
    You made a grammar mistake above, should have read "than you're entire post". Is that classic too?

    Uh oh.....

    Poor Graham.:(

    Should I point it out to him or not?
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • the_flying_pig
    the_flying_pig Posts: 2,349 Forumite
    pff. there are fully six ghastly misuses of it's in H's OP and i personally couldn't give a rat's !!!. it's the drivel he's actually trying to get across that's the offensive thing.
    FACT.
  • Jimmy_31
    Jimmy_31 Posts: 2,170 Forumite
    HAMISH_MCTAVISH wrote: »
    Uh oh.....

    Poor Graham.:(

    Should I point it out to him or not?

    What are you, an 8 year old :rotfl:

    You spelt that wrong so i win:rotfl::rotfl::rotfl::rotfl:
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