From: Paul Cockshott (wpc@dcs.gla.ac.uk)
Date: Sat Feb 23 2008 - 12:14:15 EST
Jurrian quotes the Telegraph To the £25 billion direct loan to the bank must be added the £30 billion in guarantees, making the total exposure for the taxpayer £55 billion. But when the Rock's mortgage book is thrown into the pot, the total increase in public sector net debt is £100 billion. http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/02/08/dl0802.xml The paper is confusing things here. The mortgage book consists of debts to the Northern Rock not by the Northern Rock, these thus serve to offset the existing taxpayer exposure not add to it. _______________________________________________ ope mailing list ope@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/ope
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