Wednesday, 17 June 2009

Darling, to the City; Que Paso?

As usual, the mansion house speech by the Chancellor is being leaked to friends this morning. So after dinner this evening it will be an even more riveting listen for the audience. Hearing Darling say something you have already heard about, in that wonderful voice of his.....I hope they are serving black coffee!
Worse, the UK Government proposes to do nothing of any import, as posted here Monday. The FSA is fine, the Bank of England is fine and so on. Minor changes needed, biff those nasty hedgies etc.

No mention that the Labour Government might cave into Europe and see the City (and thereby the Country it supports, like it or not) ruined. No mention that Obama and the Tories think radical change is needed.

No mention that the Banks themselves are in favour of an overhaul to Basle 2 regulations and the imposition of rules for pro-cycliality (that is, fixing the roof while the sun is shining in bank lending terms).

Nope, we have finger in the ears government today. After all none of this is our fault, it all started in America.

14 comments:

Bill Quango MP said...

Its the Elvis recession.
It started in America and is going to go on and for ever..

Chris Roland said...

I can't believe our reaction to this is one of shoulder-shrugging. Obama is out there, fighting for a new banking system for America, which desperately needs reworking, while we stick our head in the sand. Disappointing.

Anonymous said...

Anyway of contacting CityUnslicker?

Anonymous said...

Anon@:

click on the email CU just below the message space adds.

CityUnslicker said...

CR - lame duck government on this side of the pond.

anon - yep - reach out to a capitalist tab in the sidebar.

Tuscan Tony said...

brown and Darling are hard-wired socialists: not a great background for an understanding of the City ways and means, and their bile-filled hate speeches about anyone who makes money for a living is hardly encouraging.

Still, on the plus side there's only another 11 months of these goons, max.

roym said...

"bile-filled hate speeches about anyone who makes money for a living"

how does this tally with throwing several hundreds of billions of pounds after failed bank(ers)? seems to me that financiers made hay, torched the barn, then effed off to the bahamas/cotswolds/monaco etc

Anonymous said...

... seems to me that financiers made hay, torched the barn, then effed off to the bahamas/cotswolds/monaco etc

Nearly..Made hay, torched barn, claimed for cost of new barn.. merged farms.. fired labourers, got a barn rebuilding subsidy.. invested profits in more barns..

James Higham said...

No mention? Well, of course.

Anonymous said...

Mervyn has had a bit of a snipe at Badger.
"It is not entirely clear how the Bank will be able to
discharge its new statutory responsibility if we can do no more than issue sermons or organise burials."

In city terms he just told Gordon the FSA as is, is a crock of sh+t.
Real bloodbath.
+ Peston is going on about to big too fail. Has he been reading C@W ?

Tuscan Tony said...

roym, it doesn't, which is my point. Say one thing, do another. The words are for the Labour voters, the actions, for their backers and funders and (in many cases) future employers.

mutleythedog said...

I cant think of anything to say anymore....

Elby the Beserk said...

You have to admire the Iranians. We should all be in Parliament Square howling like wolves for blood until these bastards are carted off in tumbrils.

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