Well

Would you have ever guessed it the hate figure of the Liberal elite President George W Bush has embrassed Socialism and demanded that prudent carefull US Taxpayers bail out irresposnible borrowers and lenders in the US Sub Prime Market.

This like Northern Rock is one of the main tenants of Socialist principles in that the State not individuals should be responsible for Risk in the Markets.

The US Subprime Bail out immoral and I pray that the Tories will not propose a similar thing in this country when it all comes home to roost for the reckless borrowers in thsi country.

its not just reckless borrowers, its reckless lenders.

If you were offered £10k as someone who may only earn £10k would you take it and actually be able to live a better life, not only for you but for your kids?

The lenders and therefore the shareholders should bear the full brunt, they are the ones who have benefited from the reckless attitudes of lenders and should be the ones to coverthe costs. As long as the investors in banks (ie. people with savings) are protected which the govt has assured us has happened i couldn't give a stuff what happend to northern rock.

At the end of the day if the bank is put into administration, they will sell the loan / mortgage debt to other banks.

It is tragic that many well-intentioned people have been allowed to borrow well beyond their means both here and in the states. The desire to own a home is a natural instinct, the home becomes part of the family. It is the ultimate safe base. I think president Bush is trying to keep that dream alive, here is a quote from Henry Paulson on the matter:

There is no government money in this," Paulson said in a live interview on CNBC. "This is the private sector coming together to deal with the complexities coming out of the securitization process. We needed to facilitate this to bring them together so they would have the capacity to deal with the coming wave of (mortgage) resets."