Darling struggles Mervyn King Govenor Bank of England spills the beans on Northern Rock

After the Chancellor and his boss, predecessor Gordon Brown prevaricate and think they know best Northern Rock Plc suffered one hell of a lot, savers and depositors feared the worse and despite attempts to re-assure them, failed to trust a Government that stood by on Pensionsfiasco, British Rail, Network Rail and Railtrack and, wasn't Alastair Darling involved in some, lots maybe, of that?

Equitable Life Gordon, remember that? BCCI & Barings Alastair, remember those? And you expected people to beleive you? Pah!

Mervyn King had told them what to do - we blogged weeks ago that LIBOR facility ought to have been replaced BofE fund, banks send surplus to BofE and those seeking funds apply to Mervyn and The Old Lady of Threadneedle Street direct, secretly, covertly and no one knows the difference - simple eh?

Banking collapse can happen and this mis management did nothing to help shun such a run on a bank

House Price Falls

Article in Daily Mail Wednesday 7 November 2007 Page 2 predicts 'half the country' to be hit by price falls over the next 18 months.

It is true that mortgage lenders really are tightening thier belts and criteria - within the mortgage broker industry we are seeing and or saying that any deal or application over 75% LTV is scrutinsed far more fully than ever was the case.

Experian predicts falls from 3.7% East Midlands to only .4% in the South East but we at MyCbi and indeed www.housepricecrash.co.uk feel it might well be substantially more even though the crash of 89 only reversed 13% from peak to trough, not a huge amount one might think but boy did it go on, and on, and on for ages!

Northern Rock

The fiasco drags on - yes?

Reports say savers have withdrawn £8 billion pounds, thats a 8 million millions in fact from the coffers of Northern Rock Plc and the Bank of England Chancellor Alastair Darling and Gordon Brown have guaranteed it some £20 billion so far and that equates to £750 for each of us - whether that includes children and or known present foreigners or just British adults we don't yet know, but £750 each from taxpayers!

Dosen't llok as Citibank will be coming to it's aid after all, does it?

Debt Fears Citigroup Merrill Lynch Dow Jones Fed

Shares tumbled virtually everywhere at some point on Thursday and or Friday as fear seemed to rush accross financial markets.

The world's largest bank Citigroup shares tumbled, don't know what they are at present or if they have rallied after some analysists predicted it may need to raise as much as $15 billion, that is $15,000,000,000,000 quite what for at present we are not yet certain but it might need to sell assets, cut dividends or issue more shares, or all three - quite a 'large' situation do we not think?

Credit fears and continuing debt have been sending severe signals all around the world, how this is all going to effect the UK we can still only speculate but we suspect fuel to repeat of the crash of 89 is one inevitable outcome.

Sterling reached $2.0870 and oil $96 per barrel and many US investors headed for government bonds, just how safe they prove to be we will see!

US base rate was cut to 4.5% but UK rates are likely to stay put at least until springtime, let's all watch this space.

One fund manager claimed there is still three times as much bad debt write off to come as has already been effected. Lets not forget monumental size write offs by merrill Lynch and Citibank so again, let's all watch see what happens stemming from the FED US Fereral Reserve

Sir Ian Blair Metroploitan Police

Just to stray off subject for a moment, putting aside my dislike for Sir Ian Blair even though i have never met him so cannot know him, it is my feeling and opinion about which I speak, do we not agree he never really was much of a leader, more a marrionette bungler?

Look at the blunders, as listed by Daily Mail on Friday 2 November page 2 August 2003, February 2005, April 2005, July 2005, August 2005, January 2006, March 2006, April 2006, May 2006, March 2007, August 2007 and October 2007 'bounced' out of claiming the bonus he so naively thought he deserved - what a real plonker!

Jean Charles de Menezes shot 7 times in the head by his officers and he claims to carry no responsibility? This man is as bad and self serving centred and the other Blairs, both Tony the Liar and Cherie The Selfish - let them sue me if they don't like it!

Why didn't Blair go after the City crooks, mortgage fraudsters and those who selfishly and or collectively contributed to the City cash crises could have helped, instead he just wraps himself in politically correct sheilds! Pah!