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Northern Rock debt now on public books
WTF?_2
Posts: 4,592 Forumite
So much for "It's all just funny money and has no real world impact". Now the very real tens of billions of pounds of Northern Rock debt are on the pubic accounts:
http://news.bbc.co.uk/1/hi/business/7232234.stm
So now every taxpayer really is underwriting this car crash to the tune of thousands of pounds each.
http://news.bbc.co.uk/1/hi/business/7232234.stm
So now every taxpayer really is underwriting this car crash to the tune of thousands of pounds each.
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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So we were lied to? By this government? Unbelievable, who would have thought :rolleyes: :mad:
And in the USA, looks like those monoline insurers will be de-rated from their AAA status :eek:. As I have said before, this is going to get very nasty indeed as the true picture unfolds. Meanwhile, investors still living in denial, FTSE down 'only' 40 points...BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:0 -
free4440273 wrote: »So we were lied to? By this government? Unbelievable, who would have thought :rolleyes: :mad:
Apparently 'only' 24 billion quid is going on the books as debt. I think the total exposure is something like 50 billion when you take into account guarantees the govt made on NR's behalf.
If we were going to take on 24bn pounds of public debt, just imagine what it could have been spent on in terms of health, education or transport. Instead it's been thrown at a failing bank with an unviable business plan. :mad:--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0
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