Comments on: May the markets provide more

By: mikestallard

mikestallard — Wed, 15 Oct 2008 07:30:18 +0000

John Redwood, whose blog this is, made an excellent, clear, speech, which, of course, was not reported. There are lots and lots of us on this blog who know that the government needs to cut back fast and seriously. So does the Daily Telegraph Leader. Read this thread alone and see how we have clearly seen how Mr Brown has put the taxpayer in debt for the next decade (£2 trillion yet? Who is actually lending him all this money?)
None of this is ever discussed on Newsnight, on the News or on Radio 4, unless I missed it.
The Conservatives are not much reported, but they are all we have got. I do hope the Labour propaganda machine does not manage to spin itself in for another disastrous five years. I really do.

By: Chris Rowsby

Chris Rowsby — Tue, 14 Oct 2008 15:03:31 +0000

Re David Lewis. What makes you think that the Conservatives

will be taking over in 2010? Why should people vote for more of

the same socialism that we have at the moment? I have written

before,'what is the oppositions policy'?Surely with the massive

debts that exist we need to be clear about cutting public

spending.This means quangoes,civil service posts etc must be

chopped.What about public service pensions? Do politicians

really expect private sector tax payers to work[ if they can

find it] until they are 70 or more to finance gold plated

public sector perks starting at the age of 60?Its long past

time for David Camerons team to speak out.That is if they

have anything to say.

By: figurewizard

figurewizard — Tue, 14 Oct 2008 06:52:34 +0000

In the cold light of morning the signs for the taxpayer are even worse today. Not only do we now know that the government paid more for RBS on our behalf than it was actually worth but in the middle of one of the biggest one day rises in the FTSE in history our shiny new investment was almost alone in losing yet more value.

By: David H Lewis

David H Lewis — Mon, 13 Oct 2008 21:53:40 +0000

When the Conservatives take over in 2010 the debt levels will be so high it is hard to imagine what can be achieved over a first term.

I suggest the first step is to identify the FULL level of national debt owed and put up on a "debt clock" in Leicester Square. Nothing hidden – the horrible truth for all to see!

Then concentrate on some social changes plus navigating the way out of recession, privatising the banks and reducing the debt levels.

By: Tim Skinner

Tim Skinner — Mon, 13 Oct 2008 21:05:41 +0000

Michael Shedlock describes the banking rescue quite nicely on his blog (he is writing about the US, but it applies to the UK):

"The method of recapitalization is best described as robbing Taxpayer Pete to pay Wall Street Paul. In essence, money is taken from the poor (via taxes, printing, and weakening of the dollar) and given to the wealthy so the wealthy supposedly will have enough money to lend back (at interest) to those who have just been robbed."
http://globaleconomicanalysis.blogspot.com/2008/1…

By: mikestallard

mikestallard — Mon, 13 Oct 2008 20:13:48 +0000

I have just had the pleasure of your 3 u tube speeches. Passionate, correct and sensible.
Now then.
Where have these been reported?
Who has heard them except here on the internet?
Thanks to the BBC none of this has been thrashed out. Instead, we are left with a rather vague couple of announcers and anchor men and women who, obviously, know as little about all this as I do.
President Clinton, the FSA, the Bush Administration and Gordon Brown are all people who have a lot to answer for.
The general impression being given is that the Conservatives are saying nothing because they are just effete toffs from Eton who know nothing much except for PR. Brown, of course, is having a "bounce".
Crisis makes excellent news, I am sure. But where is the sensible discussion?
Muzzling people who know what they are talking about makes absolutely no sense and is, as you hint, very dangerous when things are moving so very fast.

By: Richard Lawson

Richard Lawson — Mon, 13 Oct 2008 19:13:48 +0000

John, stop worrying about the markets! There is no man-made financial crisis. The markets just go through natural cycles, related to sunspot activity, and there is nothing we can do about it. Brown is wasting squillons of taxpayers' money in an evil Socialist conspiracy to nationalise our banks. Don't be taken in by this market meltdown nonsense, it's all made up by eco-terrorists who want to take over with a Green New Deal. Don't listen to the international financial experts, they have got it all wrong, just like the IPCC have with global warming… I found out about it on this website and now everything is all right. http://www.crikey.com.au/Business/20081001-Keane-…

By: Tim Skinner

Tim Skinner — Mon, 13 Oct 2008 17:02:15 +0000

Well said Stuart.

Why indeed should a working family have to take on an extra £50,000 of debt (its share of the £500bn bank support scheme)? It is tax enslavement.

Why should the whole country's economy be put at risk for the sake of an over-extended banking system?

Who are the politicians to decide they know better than the market where this £500bn of capital is best invested? And of all the places to put it, a set of failed banks. It promises to prolong the downturn no end.

Why do our politicians have so little faith in the markets that they must all become socialists?

What chance is there this scheme will work even on its own terms? And is there a point – before our total ruin – at which the politicians would admit to themselves they should stop playing Canute?

Let us move get through the difficult times ahead as swiftly as possible, and harness the full power of the market to make the best of what we have. Do not, for goodness sake, work against it.

By: StevenL

StevenL — Mon, 13 Oct 2008 15:50:44 +0000

Look on the bright side, casinos are a lot of fun! On the other hand the government have banned small shareholders from hedging their rights-issue shares this time. What's the bet that the short-selling ban remains in place whilst the taxpayer owns share capital? I can't even hedge out the risk GB is taking on my behalf!

By: Chris Johnson

Chris Johnson — Mon, 13 Oct 2008 14:26:42 +0000

A very naive thought. Why should shareholders stump up? Anybody investing in bank shares has already lost their shirt, received no sympathy from politicians, while the rest of the market increasingly resembles a casino.

Throwing more money at the banking problem without some reassurance that the people running the system will start behaving more like solid custodians of other people's money is wildly optimistic. The taxpayer is in this situation because all in Westminster took their eye off the ball.

Reply: Shareholders might put more up to rescue their institutions or to strengthen them, so they enjoy the recovery when it comes