Vince Cable, the Liberal Democrat Treasury spokesman, said: “The Bradford and Bingley boil must be lanced now. The Bush administration has already had to nationalise mortgage lending and it looks as though a similar prospect is staring us in the face.”
I’ve not noticed that the US has nationalised mortgage lending.
I have noted that they’ve nationalised two semi-state actors, two intermediaries in the mortgage market. But we, fortunately, never went down the route of having such state backed intermediaries, so we’ve not had to do the same,.