Tuesday, November 25, 2008

BBC Business Reporting Was Pathetic Yesterday, Again

The FTSE 100 was up 9.84% and the BBC’s Robert Peston told us yesterday that was because the City liked the PBR, this was repeated by whatshisname the other business reporter on the News at Ten.

Well the Germans must have like it more because the Dax was up 10.34% and the French Cac 40 was up 10.09%. In fact around the world stock markets were up. Gordon is the Global Saviour!

Nothing to do with the bail-out of the world’s biggest bank Citigroup by the yanks? BBC business reporting* is below second-rate, if it was your only news source you would be worse than uninformed: you would be misinformed.

*To be fair, Guido has knocked Newsnight’s reporting in the past but it was pretty thorough last night, covering the issues realistically.

Monday, November 24, 2008

Osborne Wows

ConservativeHome calls it an outstanding performance by George Osborne, Guido has just got off the phone with Tom Clougherty, policy director at the free market think-tank the Adam Smith Institute, he described it as “the speech of his life”, Matthew Elliot at the Taxpayer’s Alliance has just crackberried over “he passed the test with flying colours. There is still a question mark over providing a coherent alternative plan, but this is slowly taking shape, and we’ll no doubt see more details in the coming weeks.” Even the insouciant worldly, non-partisan cynic Sir Michael White says he “did well enough from the sound of it“, which must mean that Darling was in difficulty.

Guido’s co-conspirators were impressed in our live poll during the exchange – and they have been pretty disparaging of Osborne over the last few months.

Some of the co-conspirators comments give a flavour:

  • “Osborne was brilliant. Wiped the f*****g floor with that lying twat Darling. Brown kept smirking but looked very uncomfortable. The chickens are coming home to roost.”
  • “thought Osborne did very well, thought he was going to mess it up. Labour front bench look flustered..”
Derek Draper joined the Live Blog, as did 1181 others with him providing fodder for a couple of thousand comments. Very sporting of Derek to provide us with some sport. Will we see you for PMQs Derek?

PBR Live Blog Here

+++ Derek Draper Will Be Here for the PBR Live Blog +++

Just got a text from the Derek asking if he’ll be welcome, on the live blog, have assured him you’ll give him a warm welcome. Go ahead Dolly, rapidly rebut away. This could be more of a laugh than even Gary Elsby….

Boris is Right, Tories Wrong. London Should Be a Shining City

Before the Mayoral elections Guido posted the article below, predictably it got much abuse. Boris is now advocating an “earned amnesty”. It is the right thing to do. Regularising people and expanding the tax base by bringing them in from the black economy (we’ll probably need to replace the wealthy foreigners fleeing the tax hikes). Boris has been attacked over his plan by Phil Woolas and Melanie Philipsa good sign.
Anyone who believes in free markets and free trade has to believe as a corollary in the free movement of people. Guido is the son of immigrants who came from Ireland and India to London in the 1950s and 1960s for economic and social reasons. They came, primarily, to better themselves. Now having lived and worked in some of the world’s greatest cities Guido still believes that London is the best of them all and is grateful that the city took in his parents.

Sure the public transport system sucks, it does in Tokyo and New York as well. Culturally New York is very self-centred and less internationalist, Tokyo is a bit of a mono-culture that just about tolerates foreigners. London is much more cosmopolitan than even New York with better French food than Paris, more bankers than Frankfurt and better nightlife than Berlin.

Many people have come here without the right paperwork, they have come here to work and better themselves. They are not the problem and should be allowed to stay and given if necessary an amnesty to make them legally resident. They enrich us all. It is the people who come here to abuse the welfare state and commit crimes that are the problem.

Cameron disavows the policy and ConservativeHomies are up in arms about Boris supporting an amnesty for illegal immigrants. They should remember that one of their heroes, Ronald Reagan, supported and implemented an amnesty. London should be a beacon to those who want to be free to prosper for themselves and their families. Disqualifying newcomers from abusing the welfare state and deporting convicted foreign criminals might reduce the opposition to immigrants. Ronald Reagan did something like that when he had an amnesty for immigrants in 1986, because to him, the ultimate conservative optimist, immigration was a vital part of his vision of his country as “a shining city upon a Hill”.

Boris is an optimist in the Reagan mould who would like London to be a shining city for those seeking freedom and prosperity. An amnesty might not be a popular stance to take, illegal immigrants don’t have any votes, but it is the right stance.

Gordonomics : Higher Taxes, Nationalisations, Property Price Collapse, Printing Money, More Government Borrowing, Economic Bust

Guido is not a fanatical gold bug, but in times of crisis gold is the timeless refuge. This is the gold/£ price chart for this year, showing gold has proven to be a sound investment. As Gordon takes the Mugabe option this has only one way to go. Without the restraining hand of Tony Blair socialism is back from the dead cheered on by Labour’s zombies. Gordon’s latest plan to bleed high earners means that the best will be driven from British shores just as they were in the seventies.

Ireland, which is taking the austerity route out of the crisis, slashing government spending, is attracting an entirely private sector solution to recapitalising banks. Property prices are becoming reasonable, tax rates are lower and big British run businesses are relocating to Ireland.

Ireland will probably be out of recession long before an economy crippled by Brown starts to recover – whoever wins the next election.

UPDATE : Ireland’s new finance bill is changing the law to entice non-doms to move from London to Ireland.

Rich & Mark’s Monday Morning View

Sunday, November 23, 2008

Fear and Loathing in Leeds

Guido hears that the Cabinet will be meeting in Leeds on Friday – same drill as the last time in Brum – the public in the form of carefully chosen invitees, mostly from the public sector, will be the backdrop for a Potemkin Village show for the evening news.

Local large private businesses must be in fear that the cabinet will visit. Since the Birmingham Cabinet meeting when Gordon visited Jaguar the company’s sales have collapsed. Jaguar’s parent company JLR is now begging the government for a £1 billion loan. The accursed one-eyed son of the manse is considering it…

Saturday, November 22, 2008

Northern Rock Sinking Taxpayers II

As Guido reported Thursday and all the papers followed up yesterday – Northern Rock’s £35 billion Granite Trust is in trouble, buried in the financial jargon is one important note – the percentage of delinquent loans relative to the value of mortgages in the trust rose above pre-set levels. Three different arrears triggers have been breached – remember how Brown and Darling blatantly lied that the taxpayer’s money was secured by the mortgage assets of the bank? Guido repeatedly argued that the only assets of the bank were in its branches. Net-net, the loan book will turn out to be near enough worthless or even negative in value.

The £3 billion of capital injected by the government in August can be kissed goodbye, another £3 billion will be needed soon and that will almost certainly go up in smoke as well. Well done to Vince Cable for giving the government such fulsome support in wasting billions- 28 million taxpayers won’t thank you.

This is an amount enough to give every income-tax payer in the country a £1000 reduction for a year. A targeted fiscal stimulus. What exactly is the taxpayer gaining for subsidising the winding up of Northern Rock?

Friday, November 21, 2008

Friday Caption Competition (Cappuccino edition)


Seen Elsewhere

Ed Balls’ Speech Was Pointless | Dan Hodges
Media Movements: James Lyons to Sunday Times | Media Guido
Rebekah Brooks in Line for £7 Million Payout | Times
A Different Sort of Class War | Telegraph
Labour Candidate’s Links to Ex-BNP Member | Breitbart
McVey Dodges White Dee Debate | Speccie
Labour Candidate: Churchill Was a White Supremacist | Mail
LibDems Stand By Disgraced Sex Offender-Linked Mayor | MK
Has Carol Mills Given Up on Westminster? | Canberra Times
Labour Consider Banning Uber | Asa Bennett
Did LibDems Make Up Hancock Disciplinary Meeting? | Scrapbook


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Eddie Izzard, in his thirteenth year involved in politics, says he’s not cursed because it took Sir Alex Ferguson “seven years to win the premiership so it doesn’t really matter.”



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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