Credit crunch update...

[mrph]

Bradford & Bingley is to be nationalised - "the Treasury will almost instantaneously sell to a bank or a number of banks".

According to the BBC, this means that every building society floated on the stock market in the past two decades will have collapsed or been sold to a conventional bank. Something about that fact seems a little bit depressing.

Comments

[livingarmchair.livejournal.com]

I think the mortgage business is what is being nationalised, as this is where the toxic debt is. The other areas will be sold off.