Reliable as ever is Will Hutton. I agree with parts of his analysis, that bidders are indeed tryingto dump the losses at Northern Rock onto the taxpayer while claiming the profits for themselves: that\’s pretty obvious. It\’s also what any sensible person would try to do, even if they can\’t quite manage to pull it off. However, Will\’s logic then goes a tad awry.
Bank of England Governor Mervyn King has made some woeful misjudgments over this crisis, but at least he wanted to show private sector sharks some cold steel. No such attitude seems to exist in Whitehall.
The problem is with the politicians, their being muppets essentially. Agreed.
So Will thinks that the politicians should take over the whole bank, nationalise it.