Other peoples money

just placed the following comment on Ben Brogan's blog here ( if he cares to let it through the moderation process ).

I would still move any money out of Northern Rock, but I wouldn't queue 10 hours to do it - or sit at a computer screen till 3 am. But I would get it done by the end of the week.

The problem is now for us stake holders in UK plc, which has underwritten Northern Rocks business ( if not its share holders - sounds like Railtrack again, except this time the government's not trying to undermine a public limited company ).

What if house prices crash ? How will the government finance all these guarantees ? By taxing an economy heading to recession - or by borrowing on the open market - but hold on isn't that where the problem is. If the markets start to think like this we can expect to see the pound head south quickly (which will curtail holiday airtravel faster than Zac Goldsmith could manage ).

How big a risk with our future is Gordon Brown taking to secure his own ? ( Lets face it Alistair Darling is Gordon's sock puppet on this. )