Comments on: The Bear and the Rock – 2 different styles of rescue http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Wed, 23 May 2012 13:35:04 +0000 hourly 1 By: number 6 http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2050 number 6 Wed, 19 Mar 2008 13:08:37 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2050 Well, at least there should be another 2,000 more people against the EU now. Doubt it though, as the mainstream media (particularly the BBC) will never let on to the real axe behind the job losses. Well, at least there should be another 2,000 more people against the EU now. Doubt it though, as the mainstream media (particularly the BBC) will never let on to the real axe behind the job losses.

]]> By: Neil Craig http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2049 Neil Craig Tue, 18 Mar 2008 14:22:30 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2049 Steven the problem with your solution would be the same as closing down the national grid to ensure all electricity is made locally. Being able to draw on other reserves provides a cushion - except when the rules aren't equitable. European Socialist the answer is no. To Britain & British MPs the governance of Britain should be of more importance than that of China. A midway point applies to killings in Kosovo which are also, under, our occupation agreement, our responsibility. You will note that the death of 10 Tibetan protestors has received infinitely more coverage than the killing of 210 unarmed civilians at Dragodan, close to the site of the British HQ in Kosovo so perhaps you should not be quite so sure of the moral high ground. Steven the problem with your solution would be the same as closing down the national grid to ensure all electricity is made locally. Being able to draw on other reserves provides a cushion – except when the rules aren't equitable.

European Socialist the answer is no. To Britain & British MPs the governance of Britain should be of more importance than that of China. A midway point applies to killings in Kosovo which are also, under, our occupation agreement, our responsibility. You will note that the death of 10 Tibetan protestors has received infinitely more coverage than the killing of 210 unarmed civilians at Dragodan, close to the site of the British HQ in Kosovo so perhaps you should not be quite so sure of the moral high ground.

]]> By: Paul K http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2048 Paul K Tue, 18 Mar 2008 13:09:15 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2048 It used to happen that quickly here, as anyone who was around at the time of the Barings collapse will know. Barings went bust on Friday, the BoE worked all weekend, and a sale was negotiated by Monday. depositors never suffered. It used to happen that quickly here, as anyone who was around at the time of the Barings collapse will know.

Barings went bust on Friday, the BoE worked all weekend, and a sale was negotiated by Monday. depositors never suffered.

]]> By: Stuart Fairney http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2047 Stuart Fairney Tue, 18 Mar 2008 11:08:11 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2047 Amazingly, I heard the BBC complaining this morning that JP Morgan had engaged in a "smash and grab theft" of Bear Stearns and they will be making vast profits from this deal. Because, you know, we surely don't want banks making profits in times like these..... Amazingly, I heard the BBC complaining this morning that JP Morgan had engaged in a "smash and grab theft" of Bear Stearns and they will be making vast profits from this deal.

Because, you know, we surely don't want banks making profits in times like these…..

]]> By: Matthew http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2046 Matthew Tue, 18 Mar 2008 10:37:34 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2046 Nothing about Northern Rock? The government seems to be handling it very well - much like a certain J.Redwood suggested, just without the legal fiction that it wasn't nationalised. <a href="http://www.ft.com/cms/s/0/085ba5e8-f472-11dc-aaad-0000779fd2ac.html" rel="nofollow">http://www.ft.com/cms/s/0/085ba5e8-f472-11dc-aaad...</a> By the way JP Morgan haven't bought Bear Stearns yet and it's not a done deal: the share price is currently way over their offer price. Nothing about Northern Rock? The government seems to be handling it very well – much like a certain J.Redwood suggested, just without the legal fiction that it wasn't nationalised.
http://www.ft.com/cms/s/0/085ba5e8-f472-11dc-aaad…

By the way JP Morgan haven't bought Bear Stearns yet and it's not a done deal: the share price is currently way over their offer price.

]]> By: tapestry http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2045 tapestry Tue, 18 Mar 2008 04:21:36 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2045 The USA has a far bigger problem than the UK with 1 million homes foreclosed in 2007 and maybe 2 million in 2008. The UK's equivalent figure for 2007 was 27,000. They are really sh+++ing themselves over there, as house prices are more likely to fall and push more than half of all US homes into negative equity. That could lead to a total of 10,000,000 foreclosures. No excuse for Brown and Balls bumbling around with the Northern Rock, but hopefully the British equivalent problem will be chicken feed compared to that in the US. The USA has a far bigger problem than the UK with 1 million homes foreclosed in 2007 and maybe 2 million in 2008. The UK's equivalent figure for 2007 was 27,000. They are really sh+++ing themselves over there, as house prices are more likely to fall and push more than half of all US homes into negative equity. That could lead to a total of 10,000,000 foreclosures.

No excuse for Brown and Balls bumbling around with the Northern Rock, but hopefully the British equivalent problem will be chicken feed compared to that in the US.

]]> By: Steven_L http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2044 Steven_L Tue, 18 Mar 2008 01:55:18 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2044 Well after a couple of bottles of beer I think I've cracked it - how about this for a novel solution:- Instead of not lending each other money, how about the big investment banks stop lending each others shares to short-sellers? There's probably a flaw somewhere. Well after a couple of bottles of beer I think I've cracked it – how about this for a novel solution:-

Instead of not lending each other money, how about the big investment banks stop lending each others shares to short-sellers?

There's probably a flaw somewhere.

]]> By: David Hannah http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2043 David Hannah Tue, 18 Mar 2008 00:27:00 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2043 The Northern rock "rescue" looks set to fall foul of state aid regulations from our real government, the EU Commission. According to Anthony Woolich, competition partner at City law firm LG, "If the Government wants to remove Northern Rock from concerns about state aid it needs to make it uncompetitive". Of course the difference between the American and British responses to this crisis are profound; the former is a sovereign state, and the latter a vassal state. The Northern rock "rescue" looks set to fall foul of state aid regulations from our real government, the EU Commission. According to Anthony Woolich, competition partner at City law firm LG, "If the Government wants to remove Northern Rock from concerns about state aid it needs to make it uncompetitive".

Of course the difference between the American and British responses to this crisis are profound; the former is a sovereign state, and the latter a vassal state.

]]> By: Neil Craig http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2042 Neil Craig Mon, 17 Mar 2008 19:54:51 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2042 Good post John. I see the BBC reporting on this is studiously failing to do the appropriate comparing & contrasting. Good post John. I see the BBC reporting on this is studiously failing to do the appropriate comparing & contrasting.

]]> By: Matthew Reynolds http://johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2051 Matthew Reynolds Mon, 17 Mar 2008 19:47:08 +0000 http://www.johnredwoodsdiary.com/2008/03/17/the-bear-and-the-rock-2-different-styles-of-rescue/#comment-2051 It is amazing a troubled bank is brought & sold over a weekend , taxes are slashed as part of a stimulus package and interest rates take a tumble . Compared to a bank nationalisation , higher taxes and tepid base rate cuts in the UK you have to admire our friends over the pond . Do the Anti- American left of the Labour Party really have the nerve to say that the US are wrong & that the British situation is great ? The American response has been superb as it has dealt with the problems very effectively unlike in the UK where Gordon Brown's legacy to Alistair Darling means that the British response has been poor & that things could get still worse as a result . It is amazing a troubled bank is brought & sold over a weekend , taxes are slashed as part of a stimulus package and interest rates take a tumble . Compared to a bank nationalisation , higher taxes and tepid base rate cuts in the UK you have to admire our friends over the pond . Do the Anti- American left of the Labour Party really have the nerve to say that the US are wrong & that the British situation is great ? The American response has been superb as it has dealt with the problems very effectively unlike in the UK where Gordon Brown’s legacy to Alistair Darling means that the British response has been poor & that things could get still worse as a result .

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