Did you see Newsnight shilling for the complete nationalisation of British banking? It strikes me that as this financial crisis deepens, those such as the BBC are taking the opportunity to advance their own agenda that the State should own everything, just as it owns the BBC. That way, the BBC secures its own parasitic position. Also, is it just me or is John McFall omnipresent on the BBC these days since he espouses the Statist values the BBC places such value upon.
SOCIALISE BRITISH BANKING NOW.
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A snippet from Rudi on Fox a moment ago: he cites “prudent” Gordon Brown as the chap who’s idea to nationalise the banks subverted the will of the Congress to carry out the original bail-out plan. I recall at the time Brown was hailed by the Beeb as the Saviour of the World banking system. Billions of dollars later the original plan is back on the desk.
At least today’s PM interviewed Jim Rogers but CQ sounded so uncomfortable and eager to move Jim along, the interview sounded incoherent. And over on zany 5live in their 6pm headlines they did not mention the jobless figures (10 yr high) or sterling (20 yr low) or govt. borrowing (record high), eager to get onto football, after all it is the peoples game. I was pleased that they let Campbell do a decent phone in at 9am today.
Sitting back you just imagine Campbell and his stooges phoning the beeb big wigs at any opportunity. Scary stuff really for a democratic country.
First Campbell is Nicky and 2nd Campbell is Alastair, as if you need to be told (oh and they are both Scots). Not related though!
I noticed that the official opposition seemed to be totally written out of tonight’s programme. Having said that NO VINCE CABLE!!! Is he ill?
The BBC are happy for the Government to be wasting billions on nothing, it makes their ‘3.5 billion a year bung’ look cheap.
I can’t wait for the last 1/4 economic figures to come out and we are ‘officially’ in recession.
I just wonder if the BBC will stick to ‘downturn’
30 years on from 1979 probably our darkest hour or recent times and I’m reminded that it was a Labour Government that trashed the economy last time around.
Speaking of Newsnight, did anyone else see the Alistair Leithhead report from Afghanistan? Why why why does the BBC take what these idiots say at face value? “I was shot by British soldiers for no reason”. Of course because that’s what our soldiers do, just like those evil Jews.
No one shot is ever thought of as being a criminal, Taliban or Al Qaeda. The only time the BBC is ‘sceptical of claims’ is when it’s from the American, British or Israeli forces’
As indeed all Palestinians tell the truth and Israelis lie –seems pretty simple to me as well
‘Telegraph’
Iain Martin (a ‘free marketeer’) argues that such is the nature and scale of the UK economic crisis, that he reluectantly sees nationalisation of the banks as necessary, but he puts it in the following context, (unlike Labour and the BBC preference for ‘statism’):
‘Nationalise RBS, then rebuild capitalism’ (Iain Martin)-
[Extract]:
“At this rate, the Prime Minister is going to need a helicopter to get him off the roof of Number 10. He should plan for a quick getaway as economic disaster is overtaking his government fast.
…”nothing less than a co-ordinated attempt to rebuild British capitalism is called for. It should contain three elements:
“1) The banking system needs to be regulated to make it more old-fashioned. Bankers should not trade in complex instruments they do not understand. Their job is to take in deposits, encourage saving and help fund sensible property purchases…
“2) The public sector needs to shrink as the facts of life mean we cannot continue to spend in the current fashion….
“3) The government must pay down debt and when it can cut taxes to encourage hard work.”
“None of this can possibly be delivered by the current PM and Chancellor. Are the Tories prepared to be bolder? Perhaps they hope to win by default and indeed that may be enough for an election victory. But this is an emergency and radical surgery requires voters to be persuaded to grant a clear mandate. Now is the time to start fighting for it.”
http://www.telegraph.co.uk/comment/columnists/iainmartin/4308950/Nationalise-RBS-then-rebuild-capitalism.html
Guys, RBS is already nationalised.
However, I dont believe this government is competent enough to be able to run a bank!
Having said that, no matter how much we hate our bank because of bullshit bank charges…there is no way in hell the banks should be left to fall over in a screaming heap.
If RBS collapsed that would spell the end of England. As soon as RBS falls, Lloyds will go, followed by a lot of other banks.
The impact this will have on the economy will be catastrophic. A million people put out of work directly because banks have fallen.
Not to mention the impact of all those unemployed sucking money out of their local economies.
Essentially the banks going under would be a self fulfilling prophesy.
Mailman
The worst of all worlds. We have allowed the bankers to land us with a system of nationalised losses that we as a nation have to pay for.
And this government fell for it.
The dimmest of Beeboids if watching PM’s questions Wednesday must by now realise the game is up for Brown.
He looked ill and out of it.
Cameron was just toying with him. I nearly felt sorry for him until remebering that he is largely to blame.
Brown and his bunch call to mind the Jacobites after the failed rebellion of 1745. Nowhere to run to nowhere to hide.
How long before the BBC switches sides , starts sucking up to Cameron and leaves Brown to his fate. I give it a month at the most.
Hitler did not nationalise banks he simply brought them under State direction as he did with most industries. We are entering The New Fascism brought to us by NuLabour just as the former Labour Minister Oswald Mosley wanted in the 1930s.
They will not nationalise banks. To give Russian bilionaires a taxpayer guarantee against them defaulting is hard to explain to voters….and the simple fact is that the RBS liabilities will NEVER be purged if the State intervenes by taking 100% ownership because NOONE will have an incentive to look for profit or dividends.
The BBC should have its licence fee revoked. Why guarantee 5 years income to a broadcaster when TV sales are falling off a cliff ?
David doesn’t tell you that alongside mcfall in that newsnight piece was irwin stelzer.
Balance?
I think so.
“1) The banking system needs to be regulated to make it more old-fashioned. Bankers should not trade in complex instruments they do not understand. Their job is to take in deposits, encourage saving and help fund sensible property purchases…
“2) The public sector needs to shrink as the facts of life mean we cannot continue to spend in the current fashion….
“3) The government must pay down debt and when it can cut taxes to encourage hard work.”
“None of this can possibly be delivered by the current PM and Chancellor. Are the Tories prepared to be bolder? Perhaps they hope to win by default and indeed that may be enough for an election victory. But this is an emergency and radical surgery requires voters to be persuaded to grant a clear mandate. Now is the time to start fighting for it.”
These were approx the policies followed by Ken Clarke, perhaps he will be more influencial
I’m left wondering if there’s method in this madness. Who wants to make odds on the UK adopting the Euro as an “emergency measure” WITHOUT a referendum?
This government is just too damn keen to get what it wants without consulting the House of Commons. It’s been by-passing and chipping away at our democratic process because of the stupid Fabian instinct that they know best and by God they are going to deliver it. And we, like the sheeple they think we are, pay through the nose for the priviledge.
The housing market has been stomped on. It seems the State despises the idea that people should have the right to own property. Despite the promises to protect peoples homes during the, ahem, downturn, more repossessions are being made than ever before. Northern Wreck are major proponents of repossession and who is a major stakeholder here? I forget…
The fact that RBS, the latest State acquisition, holds my own mortgage doesn’t sit easily with me.
I might be going barking mad but I think that devaluing the pound is a deliberate act. I also believe that Crash Gordon is a traitor. He’s so far advanced selling us down the EU river – a socialist super-state rife with corruption and not even pretending to be democratic anymore – without a mandate from the electorate that he doesn’t care about the next general election. Come the election it’s going to be too late to stop this. It’s already too late.
Seems more like the nationalisation of the Scottish banks, paid for by English taxpayers, holding Scottish voters to ransom against the threat of the SNP, ensuring the most Labour seats in Westminster. In everything he does you can trust Gordon to have assessed the political advantage to the faithful.
How is he going to operate against global banks like HSBC that have not taken the taxpayers shilling?
Don’t worry folks, the good times are on the way!
http://news.bbc.co.uk/1/hi/business/7831946.stm
Classic case of head up Crash Gordon’s bum syndrome if you ask me…
Andrew,
Well to be fair England has benefited more than Scotland from Scottish gas frields.
Mailman
I noticed that in Obama’s speech he made it clear that the US markets will need tougher regulation to watch over them.
Hmm. Don’t remember the BBC bigging that point up. Why not I wonder?
mikewine 7:32
Stelzer is a Labour supporter and former advisor to Gordon Brown, so it is not balance !
Andrew,
Well to be fair England has benefited more than Scotland from Scottish gas frields.
A debate in itself with the Barnett formula, preferential council tax distribution etc!!!
grant – He has impeccable right-wing credentials , and you know it. He was highly critical of the government.
mikewine 10:16
Not so. If you read Stelzer’s articles in the Daily Labourgraph over the past few years you will see what I mean. He may have changed sides in the last 6 months of so, but for many years he was a solid supporter of Brown.
In the pre-Labour years he supported the Tories, but switched sides when Labour got power.
He is not a serious commentator.
maybe not, but he seems with you chaps on some issues
http://www.telegraph.co.uk/comment/personal-view/3703785/Gordon-Brown-must-blame-himself-not-the-USA.html
Spot the ‘repossessions’ story here, hidden away? Surely not especially you can lead with gas bills down 10%
Good ol’ Labour eh?
http://news.bbc.co.uk/1/hi/business/default.stm
maybe not, but he seems with you chaps on some issues
http://www.telegraph.co.uk/comment/personal-view/3703785/Gordon-Brown-must-blame-himself-not-the-USA.html
BBC’s former Economic Editor, Evan Davis, yesterday on “Today” “interviewed” the future boss of the Socialist Bank (Britannia/Co-op). The interview consisted of asking the banker to tell the audience how marvellous it all was. I thought at the time, wasn’t there any probing that could be done by Davis. What about
Within hours of a merger being announced between the Co-operative’s financial services division and Britannia, the building society with £70billion of assets, Fitch, the ratings agency, put the Co-op Bank’s debt on “rating watch negative”. It said that its “credit and funding risk profile will weaken as a result of the merger”.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5562981.ece
Even a pro EUrophile says that the EU is “only” £330 a year each (he compared it to his council tax of £1500, which is so high because of EU regulations).
Now if the BBC asked the Chancellor whether a £330 windfall to everyone would benefit the economy, without changing tax rates ….
Robert Peston continues his backtracking in order to support Mr. Brown.
In his latest post, he says that this latest scheme (or, as John Bosworth points out at the top of this thread, the original scheme come back around again) really, really, isn’t nationalizing the banks:
Insurance, not nationalisation
Yet, last October when this scheme went down the first time, Peston was saying the opposite:
Nationalisation by stealth
Typical. Peston really does understand the workings of the financial world, and can occasionally give a coherent explanation of very difficult concepts. Yet, even if he warns against certain things (like nationalisation of the banks), he ends up shilling for his boy. And the BBC continues to keep him on as business editor, pretending that he’s impartial.
How can anyone expect to trust him or the BBC on these issues?
Be fair though, Robert Peston is the most entertaining figure at BBC News. He loves a good crisis; nothing excites him more than a huge FTSE drop or a new banking collapse. I imagine Gordon Brown actually dreads seeing his cheery face on the news.
mikewine 12:27
Got your post the first time, actually !
I have followed Stelzer’s “career” for almost 25 years now and he will always blow with what he sees as the prevailing wind , lubricated by the prevailing money !
As I say, he is not a serious person.
With any luck the IMF will eventually be called in to sort out UK PLC and will demand a stripdown of public services to the bare minimum – the BBC can kiss most of their 3 BILLION goodbye!
Nationalisation is cheaper for the taxpayer. If I pay for it, I should own it.
Most voters believe they should have ultimate power over the banks they save. They should become the slaves of the taxpayer.
The banks don’t need these bailouts as they are still giving bonuses to their CEOs, so things must be just fine and dandy.
IMHO If you believe in capitalism you must oppose socialism for the rich.
These bailouts are about oppressing the working man and protecting the rich.
The banks are in no trouble, they are just trying to sponge welfare off the taxpayer.
Any bank that is bailed out, I would suggest all its employees have to accept working for the minimum wage.
Brown destroying the pound.
The Federal Reserve destroying the dollar.
The Euro and Amero will be forced down the throats of the British and American people by the Rothschilds and Bilderbergers.
Zev,
mate, when did you get off planet laalaa?
The simple fact is your idiotic suggestions would hit those who can least afford it (ie, the real workers, not the guys at the top).
Meh, why am I even wasting my time talking at a moron?
Mailman
“The Euro and Amero will be forced down the throats of the British and American people by the Rothschilds and Bilderbergers.”
And the lizards. Don’t forget the lizards.
I noticed that in Wark’s introduction for McFall she said he was in Brussels.
Could it be that, as with the original bailout, it is really the EU making the decisions not our own MPs.