I've reported that the BBC misunderstand and misreported Alistair Darling's commons answer on Northern Rock nationalisation, and had to make an apology of sorts on Today. It now turns out a Tory press release with this truncated Hansard quote was issued 2.5 hours before Nick Robinson used a similar quote on Sunday night on Radio 5. The following morning Today ran with it heavily as well, as did The Daily Politics. Could Nick Robinson have followed the Tory press release without proper independent research?

The BBC is claiming on Nick Robinson's blog, Today and The Daily Politics that back in November Alistair Darling agreed in the commons with Jim Cousins that the nationalisation of Northern Rock would bring terrible effects. Jim Cousins made a complex two part question, and I think the BBC has misunderstood Darling's two part answer. Listen to the question - what do you think?

Goldman Sachs has recommended that it was not in the taxpayers' interests for Northern Rock to be sold now.  Legislation will be introduced tomorrow to acquire the bank's shares and assets for "a period of temporary public ownership". Alistair Darling's statement appears to say the legislation will be a general power for twelve months to acquire institutions "in certain tightly defined circumstances", so is not limited to Northern Rock.

While I think that the chancellor Alistair Darling is still potentially in serious trouble over Northern Rock (ignoring the lost computer discs with their 25 million names for the moment) I think that unless the housing market goes completely belly up (and if so, God help all of us) he should be okay. I have only met him once, about 20 years ago in Edinburgh, when he was my local MP and a completely revolting manager was trying to sack me (story of my life - I was a T&G steward at the time).

Today's papers make it clear that the private sector bidders for Northern Rock are unwilling to pay back the emergency loans recently from the Bank of England. Surely the government must act to protect the taxpayer from a potential £24bn loss?

Anatole Kaletsky published in The Times this excellent piece on how to get out of this situation without carrying the full risk.

Is it just me or does anyone else thing that the Chancellor's decision to gurantee all deposits in the Northern Rock is just wrong?

Nick Robinson has noted in his blog how quickly David Cameron has backed away from blaming Gordon Brown for the problems at Northern Rock.

David Cameron is engaging in a bit of political opportunism this morning, by laying the blame for the Northern Rock credit crisis at the door of the government (well, it beats having any actual policies, doesn't it?).

Without wishing to mention that the liberalisation of the consumer credit market took place under a Conservative government, one has to question the validity of his argument.