Northern Rock

Professor Tim Congden was reported in an FT article, in which he tried to claim taxpayers money in Northern Rock is a good deal, to hold shares in Northern Rock. The article is linked here, the following being the online summary: ===========================================================

Northern Rock is making money for taxpayers

By Tim Congdon

Published: November 1 2007 18:20 Last updated: November 2 2007 00:02

Government intervention in the management of Northern Rock is universally regarded as a stain on British banking and monetary policy. The Bank of England’s loan has reached nearly £23bn, which is about a fifth of Northern Rock’s total liabilities. Alistair Darling, the chancellor, has said he expects the bank’s directors to come up with proposals by February to end its reliance on government support.

But what is the rush? Is there a serious threat to Britain’s public finances? Is a large sum of public money at risk?

=========================================================== It ends as follows: "The writer's latest book is 'Keynes, the Keynesians and Monetarism' (Edward Elgar). He has shares in Northern Rock" How is it then that the BBC Newsnight programme put this same "Professor" up against the temporary Lib/Dem Leader Vince Cable, as an "INDEPENDENT" expert????????????????? FOR MORE ON THE UNFOLDING FINANCIAL CRISIS THIS SEEMS THE BEST ARTICLE FROM THE SUNDAY PRESS -"The worst crisis I have seen in 30 years" Will Hutton, The Observer.