Oh dear – on the day that Prudence Brown decides to buy the toxic debt of the Bradford & Bingley and manages to crash the UK banking shares market comes the news that the lower house of the US congress has rejected the Bush bail out of Wall St toxic debt! Looking forward to the BBC now pleading for everyone to support Bush!
WAITING FOR THE END OF THE WORLD.
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I can understand how the US is in a financial pickle – the BBC has told me it’s been led by a moron for 8 years. But why are we? The BBC’s told me how prudent Brown has been for 11 years.
Well, Pete, it’s obvious isn’t- BlameBush. Actually, that’s what the Webbmeister has already led the way in doing:
“President Bush is now confirmed as the weakest Commander-in-Chief in modern history.”
Instant genius historian, that Justin Webb.
http://www.bbc.co.uk/blogs/thereporters/justinwebb/2008/09/bailout_failure_shows_bushs_we.html
Well, at least America still has some sort of functioning democracy.
I see the Would-be is quick to try to make political capital out of it, but fatuously declares that he will review it on his first day in office! Er….how about reviewing it now and getting it right in the first place?
The BBC can try to blame the Conservatives on the present crises – but they seem to overlook this:
“Fannie Mae and Freddie Mac, even into the early 1990s, weren’t the juggernauts they’d later be.
While President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, it was Clinton who supercharged the process. After entering office in 1993, he extensively rewrote Fannie’s and Freddie’s rules.
In so doing, he turned the two quasi-private, mortgage-funding firms into a semi-nationalized monopoly that dispensed cash to markets, made loans to large Democratic voting blocs and handed favors, jobs and money to political allies. This potent mix led inevitably to corruption and the Fannie-Freddie collapse”
http://news.yahoo.com/s/ibd/20080924/bs_ibd_ibd/20080924general01
Jon,
Correct. This is a crisis that Carter and Clinton have their fingerprints ALL over yet the BBC refuse to even go near that aspect. Any chance to run down capitalism gratefully received by the comrades. Balance irrelevant.
Pete: I’ve been pointing this out for weeks. George Bush took over in 2000, but the Fannie Mae and Freddic Mac debacle was already in full swing from the Clinton years.
However, the fat one eyed jock had been running the UK economy since 1997 (a very good economy left by the Tories), but somehow the BBC seem to think that the problems of the City stem form the Tories days (as noted by Peter Allen’s comments on 5 live this evening)
Just how thick does the BBC think we are?
Clearly the American public are smart and can see a con. So can we BBC, so can we.
The BBC won’t be telling us that Prudence was happy for the Can’t Afford but Gimme (aka Bradford & Bingley) to keep handing money out like sweets so long as he kept getting more and more money from the unfair house-buying transaction tax, from VAT on associated works and purchases and from income tax, well, at least those relatively few who paid any on their buy-to-let income along with that of the lawyers, accountants and the like.
Ah! The BBC are calling it the “Bush Rescue Plan”, but the takeover of the B&S is called the “Government takeover”
Can’t have the fat one eyed one linked to failure can we?
I thought the US plan was the work of the Democrats who had refused the Bush one?
Why wasn’t the B and B bailout not put to a vote in the House of Commons ?
That should read ” why wasn’t the B and B bailout put to a vote in the House of Commons ? ” !
Just looked in love the blog and the bit about BBC comedy soi disant was magnificent.
I shall seek further reinforcement of my already strongly held opinion of the damned BBC
Grant – Quite – democracy is working in the US, but meanwhile in the Soviet Socialist Republic of Britain.
“The fundamental difference, though, is that whereas the taxpayers have been heavily involved in the American negotiations through their elected representatives, here in Britain everything has been done behind closed doors. Clearly, some of these negotiations are sensitive; but the lack of any transparency, or of any political input beyond that of the executive, is deeply worrying.
It was only when Congress became involved in negotiating the package proposed by Hank Paulson, the US treasury secretary, that awkward questions were asked and an element of proper accountability injected into the final deal.
Who is representing the taxpayer here? Why has Parliament not been recalled to discuss the matters before billions of pounds are committed? ”
http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/09/29/dl2901.xml
Grant: That was asked the other ay. According to that wanker Darling he doesn’t need to, some legislation was passed for northern Cock that means they can takeover any failed back and you and I pick up the tab.
I just wonder how many millions Nu Liebour will get from the City slickers for helping them out at the next election?
ROFLMAO
Newsnight just misreported the Dow Jones’ fall (stated just over 5% and 500 points). The chart stated 4pm, of course Wall Street closes at 4:30, doh!
What utter idiots.
More bollocks on Newsnight. The fat one eyed jock spouting on about “we will take whatever action…” and Paul Mason sticking up for him.
What he means of course is “I will borrow billions of pounds from China to prop up corrupt failed banks as I can’t let them go down the pan as I’m responsible for the system that let them lend money in and uncontrolled way”
moonbat nibbler: Please, don’t insult idiots by comparing them to the BBC!!!!
To be fair, Newsnight’s Mason has just pinned the blame for NR, Brad and Bing etc, firmly on the govt.
What a joke. Newsnight just can’t bring themselve sto blame the fat one eyed jock for the fuck up over the FSA not doing their job.
Everything was fine when the Bank of England ran things.
The BBC are such wankstains. Admit it BBC, the fat one eyed jock fucked up big time!!!!!
bodo: yes, but they don’t mention this was ALL the work of the fat one eyed jock. nothing to do with Bliar. The fat McBean ran the economy all by himself and it was HIS decision alone to take the control away from the BoE.
Why can’t the BBC admit it and say to fatso, “Why should we trust YOU to sort it out, when you created the mess in the first place?”
Interesting comment by Nick Robinson on the 10 O’Clock News to the effect that our politicians now realise how powerless they are.
I suspect they must have already realised how powerless they are given they need EU permission to “save” Bradford & Bingley. But we musn’t mention that on the BBC must we.
Martin, yes, Paxo has just let the fsa and govt off the hook.
Paxo and the idiot in charge of the FSA. Not once did Paxo suggest the fat one eyed jock wa to blame for them not doing their job.
Perhaps it’s the fault of Maggie Thatcher?
Oh god now Mandleson is on.
bodo: That whole piece was a total joke with Paxo.
The BBC agenda, reflective of Labour’s agenda, is to use this to suggest ONLY the mighty State can save us from wicked international capitalism.
Paxman’s problem is that, for all his lofty pseudo-intellectualism (or maybe because of it), he simply doesn’t understand finance, business or economics.
He simply isn’t intellectually equipped to interview anyone who can count.
Meanwhile, Crick has the bare-faced cheek to open his Newsnight assault on Osborne’s speech at the Conservative conference by saying the the Tories are financed by ‘hedge fund managers’ and City types.
The fact of the matter is that an entire generation of younger city spivs and wideboys bankrolled the ZaNuLabour ‘project’, having spotted the bandwagon rolling in the late ’90s and merrily jumped on board.
Crick should get the sack for that. It wasn’t even bias – it was mendacity of the highest order.
BBC flat-out bullshitting about the numbers of people who voted against the bill.
http://news.bbc.co.uk/1/hi/business/7641733.stm
“Two-thirds of Republicans”
110 out of 199 – that is 55%, not two-thirds.
“95 Democrats”
40% of their 235 members.
Make the Republican number sound larger than it really is, and the Democrat one smaller.
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
from euref
GCooper: True. But it wouldn’t be hard to simply point out that up until 1997 City regulation under control of the BoE worked well, or did I miss banks collapsing under John Major?
The BBC just don’t want to tie the fat one eyed jocks name to anything bad.
We all know that when the grininng twat and the fat one eyed jock took over in 1997 that it was agreed that McFatso would run the economy on his own. I mean he even refused to tell Blair what was in the budget until he announced it.
So it’s a bit rich now of the BBC to try to pretend that somehow his sticky little tartan paws are not all over this mess. They are.
It’s the same that when Alistair Darling claimed the £10 a month we all got back this month was there to “boost the economy” that was a lie. It was done as a panic meaure as the fat one eyed jock fucked up getting rid of the 10p tax band as he wanted to make a big announcement for his Royal crowning.
Ignore my last comment – it seems I can’t read and mixed the numbers up.
They’re still bastards though 😉
And still on Newsnight, Maitlis is currently doing her best to savage Osborne (she’s not up to it, but that’s Newsnight for you).
Does anyone else remember the very different tone at the ZaNuLab conference so long, long ago… ?
Lurker: Nice link.
GCooper: You mean Emily “have my tits fallen out of my dress again” Maitlis?
Talk about mutton dressed up as lamb.
She reminds me of that Kenny Everett character who used to flash her undies off all the time “but all in the best possible taste”
David – I was reading the BBC headlines to a friend in the States a few hours ago and we both remarked on that tactic.
They gave a percentage (an inaccurate one) for the Republicans and a number for the Democrats. There can only have been one reason for that – to make a comparison difficult without doing the sums and to implant the idea in peoples’ minds it was the Republicans who scuppered the deal.
Beeboids tend not to be good at math. Art and taking drugs is more their thing.
Congratulations to the Newsnight team for getting the financial info at the end of the show correct!
GCooper | 29.09.08 – 11:18 pm |
So Crick didn’t mention this:
“Gordon Brown’s Millions from Hedge Fund Shorters”
http://www.order-order.com/2008/09/gordon-browns-millions-from-hedge-fund.html
It seems the BBC are really desperate to smaer the Conservatives.
From what I’ve read, this Fannie Mae stuff can be laid squarely at the door of Clinton, and of Jimmy Carter before them. Bush, then McCain both tried to do something about it, but were rebuffed by the Democrats.
That’s not a partial claim, it’s the bare facts. There is no doubt whatsoever that the BBC and much of the US liberal media will obfuscate and try to steer the viewer away from the facts, but with the elections so close, and with a greater range of views in the US media (e.g. Fox won’t be so quiet on this one) you’d think that at least some of the truth will out.
The allegedly close ties between Obama, the Dems and Fannie Mae are interesting ammo for the Republicans as well.
So far the financial crisis has benefited the Dems in an electoral sense. With the facts as they are, it’s sure going to be interesting how this pans out over there. The facts back up both Bush and McCain, and look grim for the Dems and Obama. But will it go down that way with the voters?
“that Kenny Everett character”
she was Cupid Stunt, I, and the Rev Spooner, think of her when we see Gordon Brown
Fact is: The DemocRats could have passed the bill because they have the majority. Did Al Beeb tell you that?
laughable listening to the beeb coverage. You can tell the beeb are very dissapointed.
we have Gordons moaning, 3 to 1 in favour vox pop of congress and beebs washington correspondant claiming that there is overwhelming consensus that something must be done. The studio talking head calling it a major set back.
i am delighted to see it rejected
adam | 30.09.08 – 12:20 am |
I consider myself to be a “fiscal conservative” and I enjoyed listening to Donald Trump on Neil Cavuto. He suggested the current economic “crisis” will put oil prices down no end because “there’s nothing OPEC can do about it”.
For the average tax payer the rescue package is a catastrophe. I would like to see these fat cats put behind bars, by the way. What I don’t want to see is socialism because if the Americans start doing it the likes of Al Beeb will feel vindicated.
Cheers…
From listening to liberals here in New York, reading liberal blogs and observing threads on forums all over the place, I’m struck by one thing.
The left screamed blue thunder at this bailout, calling it a ploy by the Republicans to line the pockets of their cronies. Stop the bailout, they cried! We should not pay one cent!
But now that Republicans have basically nipped it in the bud, they’re all for it – and Republicans are heartless, evil bastards for not voting it through. They’re going let the economy implode, they’re crying! The poor are going to be the first to suffer!
I learned a long time ago that the left doesn’t really care about issues, they only care about hating and attacking the “other side”.
For example – before the price of oil skyrocketed, the left spent years complaining that the price of gasoline in America was far too low and that it encouraged overuse. “We use our cars too much! We should follow the European example and pay more for our gas! All the right cares about is greed and selfishness and excess!”
Now that gas prices are through the roof, they’ve changed their tune. “Those evil greedy capitalists! They’re screwing the working man! We can’t even drive our cars as much as we used to! We’re vacationing at home now!”
With genuine apologies to any females reading this, I have to say: the left are like a woman during rag-week. There, I’ve said it.
Incidentally, for those interested in the Austrian school of free market economics, here is a great resource of articles which explain the crash and the bailout in great detail and basically show why this whole crisis offers “an illustration of the soundness of the Austrian theory of money, banking, and credit cycles”
Jason,
You are right to apologise but wrong to go on to make the slur anyway and wrong again because the “left” is fundamentally male and masculine and always has been. The BBC is a good example; so is our Labour party (or Democrat party in America); so is the black power movement that brings us the Would-be messiah. Never mind the window dressing.
Politics in general, left or right, has always been male dominated.
It was only supposed to be a very loose analogy after all. A little slack-jawed maybe, but come on. I’m not saying that leftism is a female trait whatsoever. It’s just that, well, during that “time of the month”….I hope we’re not denying that some women can turn a little…how shall I put it…emotional?
I’m not being sexist, just pseudo-scientific. And speaking as someone who has been…
1) Stabbed in the neck with a fork
2) Had a plate smashed over his head
…during said “week”, as well as countless other crises too numerous to mention, I feel that there’s no reason the whole subject should be taboo, even in polite company. We can all have a good laugh about it later. In the words of Hank Hill…
“Now, every month, a woman has this time when she gets very angry at everything. And usually, men are the everything. It’s like a tire fire. Trying to put it out just makes it worse. You just gotta let it burn. Grab a beer, and let it burn. “
I mean come on that was on prime time TV so it can’t be sexist, can it?
Oh and by the way Mille, if you think the black power movement has always been “male dominated”, you should go and Google one Miss Elaine Brown. Of particular interest in her case is the death of one Betty Van Patter, the Panther’s white accountant who “saw too much”.
Oh and of course, let’s not which leftist laid the paving for the current economic crisis, one Madeline Talbott…
In a way, it’s already been said. But on the morning after the night before, Newsnight’s coverage of the Conservative conference was absolutely, totally biased. Every element of it showed its utter contempt for Conservative values. Crick fingered thet hedge fund managers who had bankrolled the Tories as the root of all the UK’s problems; Maitlis could not disguise her disdain and spite when she interviewed George Osbourne; and Paxman was completely out of his depth in supposedly trying to nail the had of the FSA. His heart was not in it.
Robin,
Read Guido’s blog, seems it’s not just the nasty toreez that hedge dund managers have been sponsoring. Not that the BBC will mention it of course.
emil 8:10
Good point. Some of the biggest donations to Labour have come from Paul Myners, er, a hedge fund manager.
Cant’t wait for the Panorama expose !
More BBC crap. On BBC Breakfast they did a vox pop of Americans about the deal being sunk. No one they interviewed seemed to be in support of the rebels, yet on the News we hear the politicians saying that most of the voters that ring, write or email oppose the bill.
BBC not telling the truth again?