Monday, February 23, 2009

Gordon Brown launches 100% cynicism to save one job

Yep the most expensive man in UK history is at it again. He's banning a type of mortgage ( or rather remember this is New Labour - announcing he's thinking about it - this usually results in nothing other than the same announcement in 6 months and a demand for more deadlines from the BBC etc ) that no one is issuing any more.

Having ordered Northern Rock to run down its mortgage business ( ie get rid of its good risks ) its now going to reverse - to hoover up more bad risks no one else wants ( aka expand its businesses ). Maybe this is a way of creating the "bad bank" on the quiet.

Anyway the concern is that there are to many smart young people who are waiting for the bottom of the housing market before jumping in to tale out massive mortgages which will soon put them in negative equity ( they sub consciously acknowledge this with the 100% mortgage spin announcement ).

That's really cynical.

And of course the bail out of Gordon's career will continue to be funded by all of us as we have to pay the debts of this Labour government for the rest of our lives.

Further: Guido has the details of how the government ( ie Gordon Brown ) was itself issuing 100% mortgages till very recently.

1 comment:

Letters From A Tory said...

"we have to pay the debts of this Labour government for the rest of our lives."

That's looking a little optimistic right now.