Comments on: Who will control the Regulators?

By: Jon

Jon — Thu, 09 Jul 2009 21:02:45 +0000

When this transmission of a plague happened, don’t remember the date but remember it as a clear sky day, I remember 2 thoughts I had sitting infront of my screen.

1. This is going to mean a kicking for the 3rd World later.

2. The EU will see an opportunity to put their hands on the City and the regulators to take more power from the people through finance.

Regulation has meant protectionism for the Treasury by the FSA. We have seen wholesale dismantlement of fraud squads. Only one, cut down department is left. It is under the Corporation of London which is not quite run by this Government.

The choice seems to be regulation and see the government take from the people. Or no regulation and be at the behest of the unscrupulous.

My choice? Beef up the frause squads, forensic fraud offices under the control of the police and Crown. We won’t stop the problems but we could bring them to book. I would rather that than the government picpocket and control access to money.

By: Javelin

Javelin — Wed, 08 Jul 2009 21:28:34 +0000

I work in credit derivatives in one of the big banks. I know the system inside out because I wrote it. The fact is some insurance based instruments like CDs really are too complex and need to be managed by actuaries and not bankers. The industry is simplyfing the products (Eg DTCCs efforts) but these prducts remind me of the Mandelbrot set – it’s complex from a distance and is just as complex close up. The problem of an actuary running these products is that they don’t run their business on a balance sheet but on the probabily of making a profit. For companies that can’t fail this creates a problem. I’d be happy to face up to anbody in the industry on these products, I really think some new products are needed.

By: Paul

Paul — Wed, 08 Jul 2009 20:09:40 +0000

Mike Stallard

In my corner of Conservative Kent we recently kicked out a lib borough council for a tory one. Both the county council and the borough are more keynesian and central controlist than the ones they’ve replaced, council tax has gone up business rates have gone up so our councillors ( already on highest expenses) have awarded themselves an 8 % increase. The local business community are starting to form a protest group. Yes local business people up in arms with a Tory council.

A conservative vote is nowhere near a foregone conclusion at the moment. Afraid the evidence all points to more Balls !

By: Michael Ney

Michael Ney — Wed, 08 Jul 2009 18:01:11 +0000

So having a tripartite structure with nobody actually knowing what is going on we are to rearrange the deckchairs on the Titanic into FOUR different piles with the oversight role being taken by a nebulous body consisting of members (Party Members?) from the other three.
Why not simplify and instruct the Bank of England to do the job they were chartered to do. Easy control and oversight, massive cost savings, win-win for all except failed Caledonian Politicians.

By: Baldwin

Baldwin — Wed, 08 Jul 2009 17:14:21 +0000

The guy is brilliant.

I liked his comment that multi-regulators perform poorly because of lack of co-ordination and ‘turf’ considerations.

Also his suggestion that mortgages should need a minimum 20% deposit had merit.

By: Mike Stallard

Mike Stallard — Wed, 08 Jul 2009 17:00:51 +0000

A footnote here:
In our little town, a huge PFI scheme is now set in place, after a decent democratic period of consultation, for the two local secondary schools. I questioned the wisdom of this in the local paper.
Four very angry letters from local worthies, including personal attacks on me, were the result.
My point was that I thought the Conservatives were against PFIs and monopolistic Comprehensives, and we have just elected a Conservative Council in this stronghold of Conservatism!
Gove or yet more Balls?

By: Adrian Peirson

Adrian Peirson — Wed, 08 Jul 2009 15:53:09 +0000

Ron Paul had managed to get 250 Signatures from Congress demanding that the PRIVATE Fed be Audited.
Would this be applicable in our case too with the BofE which I believe is also run as a Private Institution.
http://www.youtube.com/watch?v=Xeb2VnI7S4U&NR=1

By: Adrian Peirson

Adrian Peirson — Wed, 08 Jul 2009 15:50:24 +0000

Well according to some, the Bankers are setting up a One world Government, isn’t this another example of what used to be called Treason.

http://www.youtube.com/watch?v=y6NiggaXs6o

By: Brigham

Brigham — Wed, 08 Jul 2009 14:54:33 +0000

I am convinced that everything will be alright now. After all the whole thing will be overseen by our beloved leader. Having saved the world, banking regulation will be a doddle with hardly a thrown telephone.

By: Robert K, Oxford

Robert K, Oxford — Wed, 08 Jul 2009 14:01:05 +0000

I can’t disagree with much of this at all. Government blame shifting is the name of the game.
But what chance is there, John, of the Conservatives reversing these policies, should we vote them into power?