tag:blogger.com,1999:blog-8212152.post4986533361362638231..comments2007-09-20T12:47:44.976+01:00Guido Fawkeshttp://www.blogger.com/profile/15091277669318213298noreply@blogger.comBlogger64125tag:blogger.com,1999:blog-8212152.post-63692385200722462382007-09-20T12:47:00.000+01:002007-09-20T12:47:00.000+01:00"By nature I am a libertarian, but by training a biologist."<BR/><BR/>Ah - an expert in computational geophysical fluid dynamics, then.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-11735945089972893932007-09-20T10:56:00.000+01:002007-09-20T10:56:00.000+01:00Robert Preston - I dont think I've ever heard anyone on radio/TV with such an idiotic way of speaking - is he on drugs?Browns Northern Frocknoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-82460488670172329552007-09-20T09:42:00.000+01:002007-09-20T09:42:00.000+01:00The orchestrated attempt by Gordon Brown to scapegoat Mervyn King over Northern Rock is disgraceful.<BR/><BR/>If anyone should be in the dock it's:<BR/><BR/>1. Hector Santi at the FSA who allowed NR to lower their lending standards last year,<BR/><BR/>2. The NR executives who caried out this reckless business model, <BR/><BR/>3 Gordon Brown, who's hand is behind everything. <BR/><BR/>King, quite rightly, didn't want to bale out a corrupt and failing bank with a blank cheque of taxpayers money but he was over-ruled by Brown who is now trying to destroy him.<BR/><BR/>Vince Cable of the LibDms has today spoken out in King's defence. Are we going to hear from George Osborne or has he gone back to sleep?city tradernoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-37318036017293719942007-09-20T09:39:00.000+01:002007-09-20T09:39:00.000+01:00BBC think the price of milk and a will he/won't he meeting with Mugabe in December is more important than the ongoing financial crisis.<BR/><BR/>Cnutsmitchnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-15826470466207947282007-09-20T09:31:00.000+01:002007-09-20T09:31:00.000+01:00NR share price was moving southwards today, no bidders in the offing. <BR/><BR/>How much lower will it go? Shares had become less than 183p not long ago. Could be fun watching the price when King starts his little chat with Treasury Select Commitee.<BR/><BR/>Was surprised to see that man Peston suddenly appear on Al Beeb's 6 O'Clock News to slate King, especially when there had been no headlines on NR or the Bank of England five mins earlier. I'm still puzzled by this.genghiz the kahnnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-68051394724646783342007-09-20T09:08:00.000+01:002007-09-20T09:08:00.000+01:00Of course King is at least partly to blame he's been printing fiat currency and dishing it out to certain groups; and so the great inflation goes on; because we don't have a true free market but socialism for finance capital.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-84282227225016281382007-09-20T08:15:00.000+01:002007-09-20T08:15:00.000+01:00id & atlas<BR/><BR/>I have no particular fondness for green fascism, or the opportunism of politicians in using worries about the ecosystem as a means of raising tax. By nature I am a libertarian, but by training a biologist. It is true that no one knows exactly what is going to happen long-term. That something <I>is</I> beginning to happen is beyond dispute -- except for heads-in-the-sand loonies who deny the value of the scientific tradition and indeed the Enlightenment.<BR/><BR/>If you choose to believe it's all a conspiracy by doom-mongers, go ahead. Nature don't give a shit about your opinions, or anyone's opinions, or indeed about our welfare.Dennishttp://www.blogger.com/profile/15984396354633891857noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-43953099904696086092007-09-20T02:49:00.000+01:002007-09-20T02:49:00.000+01:00Id<BR/>It seems we had a coming together of minds there. Lets try not to repeat the experience its bad for our libertarian credentials.Atlas Shrugnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-35510422019954628092007-09-20T02:25:00.001+01:002007-09-20T02:25:00.001+01:00Dennis<BR/>Apart from being very sexy to a blind bulldog, is there any amount of common sense that you can lay claim to?<BR/><BR/>If what some climate change so called scientists say is true about the coming whether, then the best thing to do is buy some stronger sun cream.<BR/><BR/>No really believe me and take back full control of your reasoning. Because it really is the ONLY practical thing you or me or anyone else can do.<BR/><BR/>Lay back, enjoy the sunshine and cope with the practical effects as they arise.<BR/><BR/>However as MMGW is sky is falling down Fascist propaganda of the most obvious to an ameoba type, on this issue I sleep very well indeed.Atlas Shrugnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-33572295525443209172007-09-20T02:25:00.000+01:002007-09-20T02:25:00.000+01:00Said collateral being, quite possibly, not worth the paper its written on, Tim. That's the point. NR's balance sheet doesn't support the level of borrowing that the BoE has underwritten (or rather Darling and Brown have committed it to underwriting).<BR/><BR/>As for Climate Change, Dennis, give it a break. It's absolute crap, it's not caused by human activity and we're trying to change the wrong things if we blame CO2 emissions. The market will adjust when the perfectly natural changes in the environment occur as a result of changes in solar radiation as the market always does...by changing, moving, redesigning business models as required and that includes food production.<BR/><BR/>As for how it impacts us as people, well, we'll have to wait and see and move as necessary. There's nothing else we can do.Idnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-81151866250084525072007-09-20T02:24:00.000+01:002007-09-20T02:24:00.000+01:00and the collateral is what , a bunch of 4 year old mortgages that will be devalued by 40% if the housing bubble bursts and most go to auction.<BR/><BR/>sounds to me like a risky venture of tax payers money especially being as housing could blow.<BR/><BR/>merv said no and he was right to all this has done is improve takeover chances.<BR/><BR/>the rock is not a victim of circumstance , its a victim of nu labour ecnomic policies , BOE get very detailed information on building societies and banks i think every week , do you seriously think the chancellor doesnt get weekly summaries that highlight areas of concern.<BR/><BR/>the question is was when did gordo and alistair know about the liabilities of certain banks , this has beeen going on for a while , theres no way they didnt know the risks to the banks that have been named .<BR/><BR/>the other question is how come so much nulab involvement and links in northern rock, perhaps someones got a currency hedge fund going and they are going to cash in on the disater .<BR/><BR/>thanks<BR/>pig farmerpig farmernoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-66746716216397496482007-09-20T02:07:00.000+01:002007-09-20T02:07:00.000+01:00The BoE has created this situation. Time to start spread-betting on the number of days Mervyn King has left in office. <BR/><BR/>The key point is the difference between risk (as for loans) and liquidity. Rock has not gone under because it was lending too riskily, but because there was no new money to borrow as its existing own loans matured. If the Rock didn't exist, the same thing would be happening to the next most vulnerable bank - A&L or B&B. It seems Mervyn "The Daddy" King needed a major bank to fail before he realised the Old Lady's naughty children had had enough "punishment". <BR/><BR/>I understand that Rock was following the rules on capital adequacy - the FSA said it was "solvent". In return, therefore, the BoE should therefore have kept its side of the bargain and ensured the capital markets were functioning. <BR/><BR/>The Rock is also arguably a victim of unfair competition. Had it been able to access Fed or ECB short-term funds as many of its international competitors could, it would have been far less vulnerable. The BoE has really screwed up by not staying in line with the other central banks. Maybe Rock shareholders should be compensated. <BR/><BR/>It's also bad for competition and hence the consumer for banks to fail unnecessarily. It's now going to be that much more difficult and/or expensive to get a mortgage, or, more to the point, roll one over at the end of its fixed rate period. Blame AA and DW if you like, but it doesn't look like they're going to be able to help you out now. <BR/><BR/>Btw, the BoE is not spending £10Bn of taxpayers' money, as quite a few people seem to believe. It's loaning it for interest and will require collateral.Timhttp://www.blogger.com/profile/08996866024802202306noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-37099300186335459632007-09-20T01:55:00.000+01:002007-09-20T01:55:00.000+01:00They may have done for the fuel protesters with the Civil Contingencies Act, but this ones a bit more difficult to criminalise. Although I am sure Gordon's got an evil authoritarian plan not to long in the showing.<BR/><BR/>Is it possible that the middle classes have discovered a secret weapon that could destroy Master Plan, before his aristocratic reptilian balls have fully dropped?<BR/><BR/>Voting with your feet now becomes voting with your feet and savings accounts.<BR/><BR/>Grasping at straws perhaps. However hope is such a basic human need that old habits do die hard sometimes.Atlas Shrugnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-40241128598216186782007-09-20T00:35:00.000+01:002007-09-20T00:35:00.000+01:00............<BR/>and now Jose Mourinho has started a run (from) The Chelsea.Tone made me do it - he's a bad influencehttp://www.blogger.com/profile/04811519612440901811noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-31069993879612556102007-09-20T00:33:00.000+01:002007-09-20T00:33:00.000+01:00Anonymous 6.30PM said... <BR/>"So a bank based in Newcastle in an area with all those Labour ministers gets bailed out! Bet they wouldn't have done it had it been based in the middle of Tory Bucks!"<BR/><BR/>Hush child - your bust The CheshamTone made me do it - he's a bad influencehttp://www.blogger.com/profile/04811519612440901811noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-62922951261885969952007-09-20T00:12:00.000+01:002007-09-20T00:12:00.000+01:00anon "Everyone knows that N Rock is the 'Banker' for the North East and there are too many votes and seats for Labour at stake here."<BR/><BR/>Yes, they are so delighted up there about Darling's ton of cash hand-out, they might just name a town after him....MArquee Marknoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-4184535655202924022007-09-19T23:47:00.000+01:002007-09-19T23:47:00.000+01:00Luckily the climate "models" predictions are nonsense, and can be nothing but nonsense(imperfect data+imperfect model^ recursion=JUNK).<BR/><BR/>I hope everyone still remembers that the Gaiantists predicted a record hot summer this year. Only 180 degrees wrong eh?AntiCitizenOnehttp://www.blogger.com/profile/00017073518049848696noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-67090430959605598262007-09-19T23:37:00.000+01:002007-09-19T23:37:00.000+01:00Enjoying your thoughts on the unfolding story. Thanks, it's helped me with todays cartoon at:<BR/>http://www.iimage.co.uk/blog/<BR/><BR/>I'll be reading with interest to see how things progress.Paul Tonerhttp://www.blogger.com/profile/08202974176598018143noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-12409391922912940522007-09-19T22:50:00.000+01:002007-09-19T22:50:00.000+01:00dennis said...<BR/><BR/>We're all doomed, DOOMED I tell you!Astro-Turf Lawnmowerhttp://www.blogger.com/profile/09131914904410009882noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-70183087880099067932007-09-19T22:32:00.000+01:002007-09-19T22:32:00.000+01:00If you think this debacle is bad, just wait till climate change really starts to motor. I know most of the commenters on here are rabidly anti-Green, but pause to consider this: if the planet really is doing what science says it is, then the regions in the northern hemisphere which currently provide the carbohydrates (mainly wheat & rice) upon which the human population now depends for sustenance will become unsuitable for growing those foods. The "Wheat Belt" will move north ... into regions which are geologically unsuitable for growing wheat and rice. Net result: famine, mass migration, civil unrest, of which the collapse of the banking system worldwide will be only a minor byproduct.<BR/><BR/>Oh and by the way, the latest news is that past predictions of temperature rise have been much too conservative.Dennishttp://www.blogger.com/profile/15984396354633891857noreply@blogger.comtag:blogger.com,1999:blog-8212152.post-8382115479727128892007-09-19T21:43:00.000+01:002007-09-19T21:43:00.000+01:00Everyone knows that N Rock is the 'Banker' for the North East and there are too many votes and seats for Labour at stake here. It is a scandal that Brown has had to lean on Darling to protect this fiefdom.......bet he would have ignored any problems with The Bristol & West !<BR/><BR/>But this is all peanuts when compared with Brown's sell off OUR Gold Reserves for 'a song'. <BR/><BR/>UK PLC is now totally in debt. Not just within the the personal sector with mortgages and cards but externally too. Brown signed the cheques and it is time to 'REFER TO DRAWER'.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-59411131302396713722007-09-19T21:21:00.000+01:002007-09-19T21:21:00.000+01:00Ah, yes, but how would we agree WHICH bank to target in any given week ?? <BR/><BR/>I know, Guido could do one of those cunning 'polls' on a Friday afternoon instead of a caption contestAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-18797405504829402512007-09-19T21:15:00.000+01:002007-09-19T21:15:00.000+01:00Actually, this whole debacle has handed a wonderful political weapon to the people.<BR/><BR/>If we don't like the political elite fucking us about, all we have to do is go down to our bank and withdraw our cash. Any bank - it doesn't matter which.<BR/><BR/>If only 10 per cent of us did it next week the government would be completely destroyed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-80054927302083986072007-09-19T21:00:00.000+01:002007-09-19T21:00:00.000+01:00If a bank cocks up it should be allowed to go under. It's time the BOE was shut down, it's just another form of government-backede central planning albeit by capitalists rather than socialists.no longer anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8212152.post-40610065994595682802007-09-19T19:35:00.000+01:002007-09-19T19:35:00.000+01:00Look on the bright side - if Mervyn is shafted he may end up doing a canary before he is Soprano'd....Anonymousnoreply@blogger.com