$107 Billion Taxpayer Bail Out ?Across the Pond

While we're busy here arguing against a government-sponsored bail out for the over-inflated housing market and over-zealous mortgage lending meltdown the folks across the pond in Britain are awakening to that reality.  The British government will be nationalizing Northern Rock bank.  Northern Rock is the largest employer and one of the largest mortgage lenders in the country. When subprime mortgage bonds starting going bad in the states Northern Rock (along with many other European banks) found themselves over-leveraged in US mortgage bonds.  This sapped their cash causing a liquidity crisis - resulting in a run on the bank by British folk and a bail out by the British government. Now after two failed proposals for private takeover the British government is putting up about