Sunday, February 24, 2008

Vince Cable: The man they couldn't gag

The Cult of Cable continues to grow.

Today's Mail on Sunday reports:
Financial Services Authority chairman Sir Callum McCarthy telephoned Lib Dem deputy leader Vince Cable in September and accused him of "scaremongering."

He told Mr Cable Northern Rock was not caught up in the sub-prime mortgage fiasco in the US.

Hours later the bank admitted it had been hit by the cheap mortgage collapse there.

And it is now clear Mr Cable was right to argue the bank had offered too many cheap loans to people who could not repay them.

1 comment:

Lance said...

Vince Cable seems to be one of the few people in parliament who's got any credibility when it comes to talking about the economy - he's been right on the nail as far as Northern Rock is concerned.

While I've always approved of the Lib Dems in theory, Vince might just be the man to shake me out of my voter apathy and convince me to trudge down to the polling station at the next election.

Not sure I agree with him on the government's responsibility to prevent a housing crash though - I'd quite like to see property prices correct to a more sustainable level so that average earners can afford to buy average homes without having to sign up to crippling levels of debt for the privilege of owning a family home.