Say what you like about the Yanks, they don't mess about do they?
Bear Stearns sort-of-collapsed last Friday and a fire sale to J P Morgan has already been organised!
And that $30 billion (£15 billion) loan/guarantee from the Fed looks like good value compared to the UK government effectively guaranteeing all £120 billion of Northern Rock's 'assets', a good six months after it went *pop*.
Monday, 17 March 2008
J P Morgan to buy Bear Stearns for $236 million
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Perhaps because even the notion of considering even mentioning the possibility of nationalisation is so far out in the country's physche that the private sector was allowed to 'get on with it'. Instead we Brits are lumbered with an incompetent socialist chancellor with shit for brains.
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