Anthony Barnett (London, OK): In a cunning post on his blog the BBC's Nick Robinson managed to say "I struggle to find anyone who believes... that Northern Rock's troubles result from government action or inaction" and to draw our attention to criticisms that they do and end by quoting Alistair Darling agreeing that his reputation is now "on the line".
Not just his. Eddie Mair had a great interview on PM with Andy Burnham Chief Secretary to the Treasury and asked persistently, "Will the government cover 100 per cent of the depositer's funds?" to which answer came there none. Any prudent depositor who was listening would have got out their tent for a long night's wait. It seems that the Chancellor was listening, or got a call from Andy straight afterwards. For he promptly announced that "to put the matter beyond doubt" and "because of the importance I place on maintaining a stable banking system and public confidence in it" the government would guarentee all deposits.
What is happening is huge. Much bigger than foot and mouth when the Prime Minister called out Cobra and took personal control. Will he will now be seen as sound and to be trusted? He has been at pains to assure everyone that he is 'the change' from his predecessor. Now he could come to be seen as the architect of the speculative growth whose perfect expression of glamour, inflation and emptiness was brother T Blair himself.
Cameron will try to position the Tories as the party with whom your savings are safe. But it feels opportunist. His view of the transition was the Brown would appear to be be an unpopular leftist who had run the economy well. It should have been the opposite on both counts: that Brown might appeal as a skillful man of the centre right but had run the economy dangerously.
Guido Fawkes, who did warn that the crash was coming, ran an extract from Vincent Cable's swinging speech today to the Lib Dems. This established Cable, deservedly, as far-sighted on economic policy. If Cameron has been in a position to claim a legacy of judgement like Cable he'd now be well on the road to winning the election. One of the first comments on Guido, from 'Perry' made the neat point succinctly.
Shame the party, previously thought to be wiz at dosh, couldn’t say these words as clearly and concisely as V Cable.
The best overall analysis I've seen is Larry Elliot's in the Guardian.
