Northern Rock is to be nationalised, the BBC’s business editor Robert Peston has learned.
A consortium led by the Virgin group was leading bids to run the beleaguered bank, while a management buyout had also been considered.
But ministers have decided that nationalisation – the first such move since the 1970s – was the only option.
(Source: BBC News)
Why do we even bother with capitalism?
It stifles innovation (where’s the profit in an ever-lasting lightbulb?), destroys the planet (built-in obsolescence in every scrapheap), kills consumers (tobacco is very profitable, thank you) and, when it’s completely fucked-up everything then…
… Well, no worries! Public money will bail out the adventure capitalists!
Was there any point to Northern Rock ever being in private hands? Since the much-vaunted “free market” obviously doesn’t work, it would have cheaper all around not to have messed with it. Perhaps all banks should all be nationalised?
Remember Northern Rock the next time some right-wing libertarian fuckwit moans to you about taxation or the “efficiencies” of the free market.