Friday, January 16, 2009

Barclays Shares Down 25%

Most of the losses occurred in the last hour of trading. The City is awash with rumours as to why. With the Treasury looking at a second round of bank bail-outs it looks like the taxpayer is going to need a lot of lube for another big shafting. Admittedly it could just be an old-fashioned bear ambush now shorting financial stocks is permitted again…

*Guido covered his gilt short anyway, when fear grips the markets government bonds tend to rally. Will short gilts again later…

Friday Caption Competition

If They Have Nothing to Hide, They Have Nothing to Fear

Whatever your views as to the rights and wrongs of another runway at Heathrow, Guido can see no reason why it should not be discussed in parliament. John McDonnell’s constituency will be blighted by the project, schools will be closed, green acres will be lost, homes will be demolished.

These pictures of McDonnell picking up the mace were not originally* broadcast and have come out from the raw video feed – much to the annoyance of the parliamentary authorities. Why the parliamentary authorities think it is up to them to censor what the people see going on in their parliament is beyond Guido. They work for you, the workings of parliament are not for them to reveal when they choose, it is the right of the people in a democracy to see into the democratic forum. An open democracy does not hide its workings from the voters.

Elsewhere the parliamentary authorities are suppressing full disclosure of MPs expenses. Jacqui Smith has (without reference to parliament) given herself the right to read Guido’s email without a warrant, yet MPs in contrast are changing the Freedom of Information laws to allow them to obscure our view of their petty fiddles. There is no other credible explanation. They claim that it would be too expensive to account for all expenditure – try putting that on your tax return. Some MPs are taking it upon themselves to voluntarily publish ALL their expenses, some will not, draw your own conclusions. If they have done nothing wrong, they have nothing to hide…

*Guido stands corrected. It appears that the BBC has (online at least) put the video up. There was a row yersterday because under the terms of the contract drawn up by MPs the BBC is not supposed to broadcast this type of disruption.

Seen Elsewhere

Justice for England | Paul Goodman
Balls Still Wants to Spend, Spend, Spend | Mark Wallace
Chuka and Reeves on Manoeuvres | Mail
Don’t Allow Brussels Home Rule | Matt Ridley
Government Needs 10.6% Spending Cuts To Meet Target | IFS
What We Learned From the Referendum | FT
Scottish Crisis Moves South | Nick Wood
English Democrats Accidentally Celebrate Yes Victory | Pink News
Union In Its Current Form is Dead | Janan Ganesh
Labour Could Be Split in Two | Sun
Ashcroft Poll: Why Scotland Voted No | Buzzfeed


VOTER-RECALL
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Diane Abbott on the Daily Politics:

“Labour MPs will unite behind Ed Miliband, once we find out what our policies are.”



cynic says:

Can anyone help me? I went on holiday a week ago and returned to find someone has pulled out the stake and Gordon Brown is back and acting as Prime Minister. What did I miss? Has there been a snap election?


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