Monthly Archives: September 2008

It is important to recognise that yesterday gave the lie to the idea that the financial collapse is just a US problem, or a global problem made only in the USA. The European Stock markets fell by around 5% again, revealing serious problems in European banks. These banks, like their American counterparts, have extended too [...]

I am not suprised Congress rejected the Bush package. It was always a long shot. The President thought he could buy confidence in the banks with a bumper injection of $750 billion from taxpayers, without understanding the politics of it, let alone the economics. He then spent the next week inadvertently undermining confidence in the [...]

Regulation has failed in the financial sector, so let’s have more regulation seems to be the popular cry. What we need is not more, but the right regulation that will tackle the issues that really matter – solvency and liquidity. In other words making sure financial institutions have enough assets and enough cash to do [...]

The events of the last few days are spooky. Parliament remains on holiday. We learn from the BBC Business correspondent that the Bradford and Bingley share price has fallen a lot and they are looking at “solutions”. We hear that the PM has not ruled out nationalisation, and it is the last resort proposal. Then [...]

We do not want them We cannot afford them They will not make us safer. Providing cards for foreigners arriving in the UK is absurd. They need to have passports to come. We can record what details we need on their arrival. Why do we need to trailblaze ID cards through our visitors?

Whilst the PM says he will support any financial package in Washington before knowing the detail, back at home there is another reminder of that part of the Credit Crunch which is made in Britain. Talk on the BBC suggests some people are seriously considering another nationalisation. Please give us a break. Taxpayers cannot afford [...]

The Freedom Association/Selsdon Group Fringe Meeting Tuesday the 30th September, 10.00pm – Freedom from High Taxes The Selsdon Group, in partnership with The Freedom Association, presents the Rt Hon John Redwood MP, chairman, Economic Competitiveness Policy Group, and Matthew Elliott, chief executive, TaxPayers’ Alliance. Chaired by Michael Fallon MP, the senior Conservative member of the [...]

Buddy, can you spare $700 billion? It’s going to Wall Street bankers who are a bit short of a few trillion. Apparently they’ve lent too much to people who might find it difficult to pay it all back. The taxpayer can have some of those loans in return. We are waiting for details of the [...]

The departure of Ruth Kelly has been delayed, owing to the wrong kind of political rows on the line. According to some newspapers her departure is bad news for Gordon Brown, more evidence that the Labour government is falling to bits. For once I am prepared to believe what Ruth Kelly tells us – she [...]

If proof were needed that many politicians and some political commentators live in a parallel universe, the response yesterday to Mr Brown’s speech was conclusive. Yes, Mrs Brown appears to be a very nice lady, and supports her husband. Now there’s a surprise!. Yes, Mr Brown can weave more of his personal story into a [...]