“Alex Wilcox rips the government to pieces in a lengthy post, and one that conveys much more understanding of the situation than many high-profile bloggers who have exposed themselves terribly this morning. No names. Naturally.”

It’s a brilliant post. And for your final lines – you’re not casting any Staines on any particular characters are you?

Ah, no not particularly that blogger (but you’re very warm). Like myself, finance is actually Staines’ background (although I haven’t read his commentary this morning).

I have just read Guido’s piece.

He talks a lot of sense, but I would take issue when he says “there was no systemic risk to the financial system.”

There absolutely was a short-term risk to the system. If NR would have defaulted on committed transfers, the knock-on effect would have caused serious problems across the UK system, and would have rippled into other markets. Last year a German bank ran out of cash and it caused major problems.

From an ideological POV, I would have preferred to see the bank collapse. I don’t see a role for the government in a private industry. The move was entirely political – but I can understand it. The treasury, and Number 10, feared that it may have led to runs on other banks – the media images and psychological impact would have been terrible for the government.

I think Guido is overplaying his hand with the socialist nonsense. Everyone knows this is the solution the government least wanted (at least initially).

Is that Lee Griffin laddie not a writer on here? We should get to see his comments on the week as an item on their own, I think.

Excellent stuff. Thanks Aaron.

Aaron,

Why does come up with a message saying you have barred me from talking to you?

Was it something I said?

Its aaronh@libcon…

Thanks for directing me to Clairwil – what a hoot!
Max Gogarty (brilliant name) might be a “whining little prick” – and I’ll take his “disillusion” with the world of the media with a large pinch of salt – but his is nothing compared to the whining mass of commenters I found on those threads.
Vitriolic is not the word.
Nothing but bitterness and envy is my conclusion.

Hi douglas,

No, as Sunny as pointed out, you have my email slightly wrong (you’d think these systems would know what you mean, eh?).

Cheers for the compliment Doug