That LabourHome Poll

There seems to be a concerted attempt to shoot the messenger. Tom Watson, live and direct from the bunker, is trying to rubbish the poll and menace LabourHome’s editor Alex Hilton. Luke Akehurst, the Weber Shandwick spinner for arms dealers and former Gordon-loathing loyalist under Blair, turned Gordon-loving loyalist under Brown, is reading from the same script.

ConservativeHome makes Team Cameron uncomfortable but it performs a very useful function in encouraging more honest introspection and in doing so strengthens the party and makes it more responsive to the grassroots.

LabourHome has in the past been too willing to reflect the party line, failing organisations like to keep their troubles secret, honesty and openness are a sign of confidence and strength. LabourHome is not as Luke Akehurst claims “unhelpful to the Party”, it is doing it a service by holding up a mirror. To fix the problem, you first have to face up to it.

See If Gordon’s Sums Add Up

Give it a go here.

54% of LabourHome Readers Want Gordon to Go

A survey of Labour supporters by LabourHome for the Indy tomorrow finds 54% want Gordon to go before the next General Election with 46% wanting him to stay. 57% believe there should be a leadership vote at party conference and 43% think there should not.

Miliband is the favoured successor of nearly a quarter (24.6%) of those polled…

+++ FSA Bans Short Selling +++

First they came for the capitalists…

(Guido is short FTSE Futures. What are you going to do Gordon?)

Miliband : Brown is in “Bizarre… Denial of Reality”

This morning the Guardian’s political editor Patrick Wintour quoted an anonymous cabinet minister off-the-record.
Gordon Brown’s authority was further undermined last night after it emerged several ministers sharply criticised the decision to use this week’s political cabinet to discuss Tory weaknesses rather than Labour’s own unpopularity. One member said the tenor of the meeting was bizarre and a denial of reality as we sat listening to how deep down David Cameron is not really popular”.

That cabinet minister was David Miliband. Guido knows this because David Miliband is always using the word “bizarre”, it is his favourite word in television interviews, in print and in speeches.

Usage of the word “bizarre” by Miliband:

Indy
Tuesday, 9 September 2008
We badly need a treaty to control the arms trade
It is
bizarre that we’ve treaties to stop nuclear arms, but not to stop weapons flooding into conflict zones

David Miliband interview on Radio 5 Live
February 2, 2008
“Well I think it’s a very bizarre comparison to compare Robert Mugabe’s Zimbabwe with China.

Sunday Business Post
June 22, 2008
…The other member states see themselves as perfectly entitled to decide on the basis of their own national interests – just as Ireland has – whether to ratify or not. British foreign secretary David Miliband described the idea that Britain should not take its own view of treaty ratification as ”bizarre’‘.

Daily Mail
May 12, 2008
Disease ‘could push Burma toll to 1.5m’
…Mr Miliband said the decision to go ahead with the poll, despite the crisis was ‘bizarre’.

Daily Mail
March 26, 2008
Our troops deserve full inquiry on Iraq, say Tories
..But Foreign Secretary David Miliband said: ‘There is agreement that an inquiry into the Iraq war will be necessary.’ He added: ‘Given reports from Basra today, most people would see that as a bizarre choice of priority now. We say the right time to look at these issues and review the lessons learned is when our troops have finished their work in Iraq.’

Trust Guido on this, it will be denied, but Miliband was the cabinet minister…

“Hello is That the FSA?”

If Lloyds Bank’s Victor Blank was talking to Gordon Brown about take-over plans for HBOS at a cocktail party wasn’t he breaking the takeover code’s strict rules on secrecy? Shouldn’t somebody report them?
Yesterday the headlines said “Gordon Brown orders Lloyds takeover of HBOS”. Does Brown think he can order Lloyds shareholders to vote for the deal? This is a Class 1 transaction, shareholders will decide, not Gordon.

The FT agrees with Guido, is it now official government policy to have the regulators lie to the markets via the media? If the FSA itself is now lying and breaking the laws it is supposed to enforce, is there any point reporting law breakers?

+++ Despite Central Banks FTSE Closes at New Low +++

Despite a $180 billion coordinated global liquidity flood by central banks the FTSE still closed lower at 4,880. Huge blue chip U.S. investment bank Morgan Stanley is rumoured to be in trouble and is losing clients worried about the security of their deposits. A Chinese investment fund is a rumoured buyer…

Perils of Tripartite Regulation

A co-conspirator points out just how brilliantly the tripartite authorities (HM Treasury, Bank of England and the Financial Services Authority) are doing joint up regulation.
Commenting on the soundness of HBOS the FSA yesterday morning said it was:

“a well-capitalised bank that continues to fund its business in a satisfactory way”

Alistair Darling this morning:

Alistair Darling added that without the deal the outlook was “very bleak indeed…We were onto their (HBOS’s) problem for several weeks. It didn’t just suddenly happen…”

So who was lying?

The architecture of City regulation is a mess. The FSA is despised and nobody in the City respects it. The Bank of England has been undermined deliberately by Gordon because it was a threat to his authority. The FSA should change remit and look after exclusively retail customer’s interests and the Bank should keep an eye on the City and re-take control of the Debt Management Office. The Treasury and the Bank should swap staff regularly and be on friendly terms, with the Treasury executing political influence through the Bank. The Bank is closer to the markets than the Treasury and so it should be to inspire confidence in the City…

Newsnight Messed Up the Market Report Yet Again

Are they just doing this to wind Guido up? The Dow closed up some 1700% yesterday according to Newsnight. Do they use a monkey or a random number generator for their market reports? Every other night they screw up this simple report.[…]

+ READ MORE +

Cable Shows His Ignorance Again

The over-rated Vince Cable said yesterday that hedge fund managers have made money out of shorting bank shares because taxpayers and governments underwrite the banks. John Redwood (who incidentally is the only politician worth reading on financial matters) calls him on this piece of populist idiocy:

Could someone explain to Mr Cable that the last thing someone short of bank shares wants to happen is an announcement of official support for that bank.
[…]

+ READ MORE +

The Greatest Capitalist versus the Geeks of Capitalism

As the enemies of capitalism declare the death of the greatest and most productive form of organisation that humanity has ever achieved, it seems appropriate to quote what Warren Buffet, the greatest capitalist of our age, warned about mortgage derivatives in his annual Berkshire Hathaway letter of 2002:
… derivatives severely curtail the ability of regulators to curb leverage and generally get their arms around the risk profiles of banks, insurers and other financial institutions.
[…]

+ READ MORE +

Live Blog : Capitalism – Will it Survive Newsnight’s Judgement?

The show that can’t report the market close correct wants to pass judgement on capitalism tonight.

[…]

+ READ MORE +

+++ TORIES BREAK THROUGH TO 52% ++++++ FTSE CLOSES BELOW 5000 +++

MORI tomorrow will have a poll putting the Tories on 52%, Labour on 24% and the Lib Dems on 12%. Total political meltdown.

The FTSE has crashed to new lows and closed at 4912, well below the psychologically important 5000 level.

[…]

+ READ MORE +

+++ FTSE Hits New Low +++

+ READ MORE +

HBOS Collapse : Jonah Brown Was There Again

The refurbished Bank of Scotland head office on “The Mound”, was formally opened by the Chancellor, Gordon Brown, at a gala reception on September 7, 2006.

+ READ MORE +

Comrade Mason Replies

After the kerfuffle about the mixed up market report last night this (presumably genuine) communication from Newsnight’s business reporter and trade union leader has come in:
Guido – I should probably have said the value of its shares fell 48% in after market pricing, or some similar gobbledygook.
[…]

+ READ MORE +



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