Spot the Difference : FTSE Boom, FTSE Bust

click to enlarge
First he plundered your pension then Crash Gordon worked his magic on the stock market. To mis-quote Neil Kinnock, “I warn you: don’t get old, don’t invest your pension in the stock market”. One long Tory boom, two Labour “boom to busts”…

UPATE : Some half-educated types are claiming in the comments that the above should be done using a logarithmic Y-axis. Not sure why beyond that it would flatter the latter era of the chart. If we are going to be picky than perhaps it should be inflation adjusted or using constant value time-fixed pounds, or maybe done in net present value terms. The graph would look even worse…

Kawczynski Whining

Over on Dale’s blog, Daniel Kawczynski, the Tory MP who handed over a constituent’s letter to the police without a warrant, has written a lengthy self-justification blaming the Speaker and the police for his own stupidity (as well as using his staffers as human shields).

He emailed a very similar lengthy missive last week after Guido suggested he was an idiot. Having taken the time to read his squirming explanation Guido replied
Daniel,

I have taken the time to read all the documentation and simply have one question:-

Would you be willing to hand over another constituent’s letter in similar circumstances?

Guido Fawkes

He hasn’t replied. Perhaps he needs another few days…

Downing Street Needs Draper More Than Ever

Derek Draper’s online campaigning skills are clearly not going to win Labour any votes, perhaps the greatest service he could do his party would require exercising his professional skills. Somebody surely needs to re-connect Downing Street to the reality of the High Street. While Gordon lauds “the difficult birth-pangs of a new global order”, shop after shop is being boarded up as retail chains go bust and jobs are lost. It is Gordon’s denial of the truth that is so apparent.

Interviewer after interviewer, as well as Cameron repeatedly during PMQs, has asked him to admit that he was wrong to claim to have “abolished boom and bust”. Gordon can’t or won’t, because he is too psychologically flawed, face up to reality. How can we secure a national recovery when the head of government is in total denial? Gordon clings to the idea that the recovery will have begun by the end of the summer and that he can win the next election by running around like a headless chicken doing anything for headlines, costing billions in economic vandalism and shouting empty slogans. Derek, your leader needs you…

Dithering De-Regulator Becomes Sagacious Regulator

Gordon Brown: “I called for global financial reform ten years ago” – Prime Minister Gordon Brown during his speech on Britain and the Global economy at the Foreign Press Association claimed today that he had been warning for ten years that the international financial markets needed to be more strongly regulated.

Source: Press Association, January 26, 2009


“by moving away from the old blanket approach, of 100 per cent form-filling and 100 per cent inspection that is inefficient and wasteful of your time, to a new approach based on risk… And I believe, too, we should consider how we can continue to extend our risk-based approach, applying the concept of risk not just to the enforcement of regulation, but also to the design and indeed to the decision as to whether to regulate at all… And we will take the fight on deregulation to Europe.”

Source: Speech to the CBI, 5 June 5, 2006

You are often left wondering if he really believes what he says. Does he really think Britain is best placed to weather the financial storm? Does he really think Britain has a low debt economy? He says these clearly untrue claims which are not accepted by any independent observers or global financial investors.

If Gordon does believe what he is saying you have to assume he is delusional, if he doesn’t believe it, than he’s a liar. Not much of a choice…

Hain Humiliation Scheduled for 3.30pm

Peter Hain is due to apologise to the House at 3.30pm via a personal statement. Will he try to claim his reputation and integrity are untainted?

Don’t think so Peter. After all, paying your 80-year-old mother thousands of pounds out of public funds to do constituency work when she is never seen in the constituency office is somewhat questionable. That fiddle can’t be blamed on someone else or even his own incompetence.

Rich & Mark’s Monday Morning View

Parliament of Whores*

No one is really surprised in the least that legislation is for sale, that four Labour Lords have been caught brazenly setting out the tariff rates that they are willing to work at is a little unusual. Ordinary non-political people presume this happens all the time, whereas Westminster Village insiders deny it is so and reckon we have a relatively uncorrupted legislature. Sir Michael White is the leading advocate of this proposition and he should really know better.

The ordinary people have it right. You can buy legislation openly, covertly and in a combination of the two. You can even buy yourself a seat in the legislature itself. The Labour Party is structured to sell policy setting to the unions, which is why we have an unreformed and bloated public sector. Corporations buy former legislators to lobby for laws made by their former colleagues day in, day out. Staffers are lobbyists at the same time as providing material support to MPs.

We have a parliament of whores.

Guido confidently predicts none of these lot will go to jail. They may even escape reprimand since no money changed hands. You may wonder why this is the case, after all the original Sunday Times “Cash for Questions” investigation in the Major years involved cash changing hands. The reason no money changed hands this time is because newspapers can no longer “entrap” crooked politicians. They made sure of that after too many close calls in the past...

*Parliament of Whores is the title of a great book by P J O’Rourke.

Is Myners Full of Self Loathing?

Paul Myners, long-time Brown crony and now City Minister, is attacking over-rewarded bankers. Myners made his millions in the City, he was until recently a director of GLG, the hedge fund spawned by ex-Lehmans staff, that made fortunes for traders taking short-term bets. It was one of the funds that profited the most from the collapse of Northern Rock.

He has a cheek doesn’t he?

Does Hain Still Have Campaign Debts?

Peter Black draws our attention to the continuing blame game between Peter Hain and his disgraced former campaign manager, Steve Morgan.

Morgan is widely believed in Labour circles to have been the reason the campaign’s financial reporting went so badly

[…]

+ READ MORE +

Friday Caption Competition

[…]

+ READ MORE +

What are the Chances of the IMF Bailing Out Britain?

Brown says Cameron is “ridiculous” to talk about the possibility of the International Monetary Fund being called in to bail-out Britain. Brown reckons that is impossible.

The money markets though say different, clearly they think it is a possibility. How

[…]

+ READ MORE +

+++ GDP DOWN 1.5% Q4 2008 +++

Recession is now official.

[…]

+ READ MORE +



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