I suspect it will still have some teething problems, but hopefully those will get ironed out soon too.
Tuscan redistributionist friend of the down-trodden, the three-house-owning, multi-millionairess toffI disagree with him, though, where he writes:
With the colourful prose that earns her £117,000 basicIt's not her prose that's making her the money. It's that her columns 'provoke'. One reason is she is unselfconsciously hypocritical beyond the dreams of Anthony 'Tony' Wedgewood Benn (formerly 2nd Viscount Stansgate).
Second, the old sell-mortgages-to-investors trick that caused the credit boom and subsequent credit crash is being reborn with Brown's own version of the US's Freddie Mac, where the Bank of England will swap these mortgages for Government bonds, created by printing money, which it will then sell on. It will also insure against losses - in return for banks agreeing to Government targets on the amount they lend out.So we know how well the Freddie Mac trick worked, we know how well Government targets work and we know how well Government run things. And we know how well printing money worked out for the Weimar and Zimbabwe.
...Give it a few months and full nationalision of RBS and Lloyds - and potentally Barclays seems inevitable now.......Now Vince. Vince isn't as worried about this. In fact, he thinks Brown isn't going far enough and should Nationalise the banks now.
London does not have a single local authority where prices are low enough to enable a purchase at the 4:1 ratio.Credit was so easily available that UK personal debt is allegedly £1.4 trillion (this always seems an unreasonably large sum). This is equivalent to £23,000 per person.
It’s horrendous. Everywhere you look, women are juggling careers and children and renovating their houses, all while looking like their hair has been glazed with honey and their bodies toned by Madonna’s personal trainer.And the good people of Grimsby won't be alone. Most Londoners will look out of their window this morning and see women whose hair has been coated with honey by an overenthusiastic toddler wearing personal trainers.
Most of the losses occurred in the last hour of trading. The City is awash with rumours as to why.The price of Barclays shares fell dramatically on Friday evening just before the Stock Exchange closed for the weekend. (It went back up again during trading in New York after the London markets closed). There wasn't any obvious piece of published information which explained this, so traders in their pubs and wine bars after a hard week's work speculated about what was really happening.
With the Treasury looking at a second round of bank bail-outs it looks like the taxpayer is going to need a lot of lube for another big shafting.The simple and obvious explanation is that rumours of this government bailout plan announced near midnight, but presumably agreed earlier (you think that they work late on Friday nights in the Treasury?) had spread to some savvy traders. Given that Barclays took dodgy Middle Eastern money rather than accepting a taxpayer bailout last time round, it is likely that they won't do too well out of another round of bailouts.
Admittedly it could just be an old-fashioned bear ambush now shorting financial stocks is permitted again...Short selling is borrowing a share, selling it, and hoping to buy it back at a lower price before you need to return it. Basically, it is a way to bet on a share going down in price. Short selling bank shares was banned for the last three months for two reasons:
*Guido covered his gilt short anyway. when fear grips the markets government bonds tend to rally. Will short gilts again later...Guido has been short selling UK government bonds. Because the UK government can't go bust (it can just print money) the price of government bonds is driven by long term interest rates. Basically, Guido was betting that UK interest rates will go up a lot at some point in the next 10 years or so - presumably because he expects to see massive inflation. He is temporarily taking this bet off because he thinks investors will panic and buy government bonds (the safest possible asset). Even though government bond prices are driven by long term interest rates in the long run, they are driven by supply and demand in the short run, and he thinks that there will be a temporary increase (rally) in bond prices which does not affect the long-term downward trend.
"All content is the copyright of LabourList but we give permission for its use, unless otherwise stated."Is there anything Labourlist can argue, which would allow it to shut Labourist down now? I bet I'm not the only person asking this question today.
Kept in a bird-coop by his parents, Sunny McCreary endured a childhood of neglect, abuse and being bullied by pigeons, only to find it was all downhill from there. In the course of the most painful life ever, he survived tragedy and maiming, a savage convent school education, being pimped out in pink-satin hot pants, a degrading addiction to helium, and having a baboon's arse grafted onto his face. Then things got really bad.
'These are for you,' says Luis Eduardo, handing over a bundle of photocopied death threats. Not a traditional parting by any means, but I don't think he had time to get me a presentation tin of regional quality biscuits.A must-read [he's not paying me or anything - I like the book that much].
'Dinner parties were obviously right-wing. Apart from being right-wing in themselves they featured a number of right-wing guest appearances such as wine, suits and mangetouts. And concepts like dessert wine and profiteroles were just off the political scale'Perhaps LabourList could recruit a left-wing comedian to blog. I visited the site this morning and the content remains worthy, turgid and contributes nothing to what's already in the mainstream media.
“not a single member of the Cabinet has ever occupied a wealth-creating job.”I did a similar exercise just a few days ago when I estimated that around one-third of contributors to LabourList had worked in something besides PR, journalism, think tanks or for the Labour Party.
I had done two years of my three-year contract and they let me off the last year. They still paid me the money to go. I had got a £300,000-a-year contract; I went for a footballer's contract. I was totally taking the piss.Bloggers aren't going to kill newspapers because most bloggers are part-time pundits. They don't have the resources to do newsgathering journalism and, if they do, it's sparse and specialist. Guido may boast about breaking national news, but he can't match the 15 or so exclusives a local newspaper will find each week.
I am so excited about fronting the new Technology Board for the Party. Clever move by Nick Clegg I think as I think / hope this will be a good match between me and the need for a non-geek, non-nerdy human being to lead the way (vital and lovable though geeks and nerds are!).Malcolm Redfellow commenting on Iain Dale's blog seems to take exception to this, writing:
How unfluffy and non-chick-lit of her.I agree with him... Mainly because I'm a nerd and LibertyCat is a geeky nerd. Lynne sounds like she believes we need a liaison officer to communicate with the outside world (Lynne: give me a shout if that's not what you meant! :))