Peston Peston Peston...

Robert Peston seemed close to tears this evening on the Six O'Clock News on the BBC. He kept pausing, looking down and seemed close to tears - "For those of us who grew up on pick n'mix, this is a very sad day." Tory Bear doesn't recall him being so upset when announcing Citygroup job losses, in fact he was positively revelling in it. He stated that thousands of Woolworths job losses will effect the "real" people rather than mythical fat cat bankers.

News channels are now discussing the prospect nationalising shops! How anyone has the audacity to suggest that peoples money they wouldn't choose to spend in Woolworths should be used to bail it out is frankly insane. While it is sad to see it go under, at the end of the day Woolworths had a bad business model. While the sun was shining on the credit market it was ok because they could borrow the money to hide their losses. In the cruel darkness of a recession relying on people to pop in for the odd sweet, Halloween costume, straight to DVD movie or even a broom isn't exactly the most watertight of plans and the government, all be it with a heavy heart, no doubt have fairly said no to any financial aid for Woolies.

Hat-Tip to the Silver-Fox for the heads up.