tag:blogger.com,1999:blog-6214838.post1263898691076942928..comments2024-03-04T17:54:32.559+00:00Comments on Iain Dale's Diary: RBS Will Be Effectively Nationalised TomorrowIain Dalehttp://www.blogger.com/profile/03270146219458384372noreply@blogger.comBlogger89125tag:blogger.com,1999:blog-6214838.post-18252448165085623802008-10-13T18:01:00.000+01:002008-10-13T18:01:00.000+01:00Not only national sovereignty, but also the United...Not only national sovereignty, but also the United Kingdom as such, have been significantly secured today.<BR/><BR/>The Bank of Scotland, 1695's definitive break with usury and entry into modern economics, the last institution to have been created by the old Scottish Parliament and to survive down to the present day, the pioneer of overdrafts and bank notes, is today effectively under the control of the British Government.<BR/><BR/>So too is its great historic rival, the Hanoverian Royal Bank of Scotland, set up to counteract the Bank of Scotland's Jacobitism, a rivalry which long extended to hording each other's notes in order to turn up with them, annually, at each others headquarters, there to demand, as "the bearer", to be paid "on demand the sum" stated on each of them.<BR/><BR/>The circumstances giving rise to the Union of 1707 have effectively arisen again, and have been addressed in pretty much exactly the same way.<BR/><BR/>Much the same people in Scotland overreached themselves, and that for the very same reason (the desire to be world players), so they have had to be rescued from London, itself acting under the direction of London-based Scots, but with everything that being rescued entails in terms of future control.<BR/><BR/>And why not? Remember, oh Scotland, that while there is the Union, neither the Bank of Scotland nor the Royal Bank of Scotland will ever go bust, just as you will always have a National Health Service, old age pensions, and all the rest of it.<BR/><BR/>Effective central government control of the Bank of Scotland, and outright central government ownership of the Royal Bank of Scotland, are very clear reminders of that.<BR/><BR/>More than that, they are constitutional safeguards of it, from today an integral part of the constitutional settlement that is the United Kingdom, a settlement now significantly stronger, safer and more secure than it was even yesterday.<BR/><BR/>How could any conservative and Unionist be anything other than delighted?David Lindsayhttps://www.blogger.com/profile/06839882674758833524noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-50446741312123578842008-10-13T14:28:00.000+01:002008-10-13T14:28:00.000+01:00Hey RBS is no longer just about english, scot, or ...Hey RBS is no longer just about english, scot, or brit.. anything bad happens to it affect more than 170K folks AROUND THE WORLD!!! Think of the ABN AMRO folks in the fast east now wondering what going to happen to them all once the UK government begins their cost cutting measures if there are no takers. It's likely to be "bloody" outside of UK (or Europe for the matter)now that the RBS jobs in UK are secured by the state....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-30036830881306698822008-10-13T09:51:00.000+01:002008-10-13T09:51:00.000+01:00privatisation of hospital cleaning has worked well...privatisation of hospital cleaning has worked well<BR/><BR/>many more dead patients for students to practice on<BR/><BR/>a big thank you to deregulationAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-14602004909787178142008-10-13T09:49:00.000+01:002008-10-13T09:49:00.000+01:00now for the energy companiesnow for the energy companiesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-58948623693731399972008-10-13T01:38:00.000+01:002008-10-13T01:38:00.000+01:00Molesworth 1 - genuis - good man. jeez my cough is...Molesworth 1 - genuis - good man. jeez my cough is getting worse 'gghhuukkyy, ghhhuuckky gghhiitt' - seriously duse, that crash at 1st corner could be serious. He is very young, very young. He's in a good place though - heard him talking about Fuji before hand and it was a bit, you know, drivel. Game on.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-22443069641026823632008-10-13T01:33:00.000+01:002008-10-13T01:33:00.000+01:00Iain bud - I got the wrong thread below; seriously...Iain bud - I got the wrong thread below; seriously dude - delete Don Tully. Africanmum hit nail - I dare say you set stuff like that but you've got a popular blog - don't mean your punters have to put up with it Landlord.<BR/><BR/>Australia up 5% - what's that? £20? Ah, that's a chuckleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-10560544325061833462008-10-13T01:28:00.000+01:002008-10-13T01:28:00.000+01:00Dick the Prick @8:54Both astute and lucky... but @...Dick the Prick @8:54<BR/>Both astute <I>and</I> lucky... but @ 16/1, irresistible!@molesworth_1https://www.blogger.com/profile/12278870362360637173noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-47721230958295926052008-10-13T00:04:00.000+01:002008-10-13T00:04:00.000+01:00RBS and HBOS should be allowed to go broke. I rea...RBS and HBOS should be allowed to go broke. I really couldn't care less if these Scottish banks go broke.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-70310902545650311822008-10-12T22:28:00.000+01:002008-10-12T22:28:00.000+01:00trevorsdenYou are George Osborne's mum and I claim...trevorsden<BR/><BR/>You are George Osborne's mum and I claim my five pounds!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-37100113941935448832008-10-12T22:17:00.000+01:002008-10-12T22:17:00.000+01:00Yes there is an simple and workable alternative.It...Yes there is an simple and workable alternative.<BR/><BR/>It is not the banks which need to be nationalized it is the issuing and printing of money which does. However there is no point whatsoever of having democratic control over anything. If the bankers control democracy or you no longer have a national democracy left.<BR/><BR/>Although a policy of publicly castrating top central bankers who lend too much to the wrong people, would be a highly motivating positive move in the right direction. <BR/><BR/>Perhaps if the banker spills the whole beans and repents of his sins, we could reduce the sentence to 100 lashes and banishment to Iceland. <BR/><BR/>No sorry; I am getting bored trying to be nice to these animals.<BR/><BR/>Perhaps it is just best to put the evil sods to death using the most painful methods yet known to man? After all it is usually best to make the punishment fit the true scale of the crime.<BR/><BR/>Atlas shruggedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-36516381117823936832008-10-12T22:12:00.000+01:002008-10-12T22:12:00.000+01:00Things move full circle, don't they?Things move full circle, don't they?James Highamhttps://www.blogger.com/profile/14525082702330365464noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-16663538212707435962008-10-12T22:00:00.000+01:002008-10-12T22:00:00.000+01:00I hate to be boring ... I realise I am talking far...I hate to be boring ... I realise I am talking far too much ... but really we do need to look at the reason for disastrous turn this crisis has taken and here it is.<BR/><BR/>After slagging off one telegraph columnist I am happy to promote another. Christopher Booker<BR/>It is of course our old friend the EU.<BR/>http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml<BR/><BR/>"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived."<BR/><BR/>He too mentions Cameron - "When Mr Cameron admitted last week that a "new international regulation" which "automatically downgrades the value of banks" was "making the financial crisis worse than in previous downturns", he did not dare risk inflaming his party's Eurosceptics by referring to the EU directly. He merely coyly suggested that "our regulatory authorities" should get together with "the European regulators" to "address this difficult issue"." <BR/>A backhanded complement - but a complement.<BR/><BR/>The EU makes dissemblers of us all.<BR/><BR/>'EU Referendum' lay into the EU for having known about these problems for a very long time and are now trying to hide their laxness <BR/>http://eureferendum.blogspot.com/2008/10/theyve-known-it-all-along.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-19329513926579459892008-10-12T21:53:00.000+01:002008-10-12T21:53:00.000+01:00The Beeb quote the following stat from the Sunday ...The <A HREF="http://news.bbc.co.uk/1/hi/uk_politics/7665645.stm" REL="nofollow">Beeb</A> quote the following stat from the <A HREF="http://www.timesonline.co.uk/tol/news/politics/article4926891.ece" REL="nofollow">Sunday Times YouGov survey</A>:<BR/><BR/>Mr Brown and Mr Darling are more trusted by the public to the run the economy than their Conservative opposite numbers by a margin of 33% to 27%.<BR/><BR/>They seem to have forgotten the following <A HREF="http://ukpollingreport.co.uk/blog/archives/1504" REL="nofollow">other findings</A> on the financial crisis:<BR/><BR/>53% of people thought that the goverment were too slow in acting<BR/><BR/>29% think Brown is handling things well, 37% think he is handling things badly.<BR/><BR/>People continue to favour Cameron and Osborne over Brown and Darling by 34% to 25% to improve their standard of living<BR/><BR/>67% of people expect that taxpayers will end up losing at least some of the money spent proping up banks (including 39% who expect them to lose “a lot”)<BR/><BR/>90% of people think the economy is in bad shape<BR/><BR/>75% of people expect house prices to fall next year (4% expect them to rise)<BR/><BR/>86% of people expect a recession in the next few years (including 20% who expect a 1930s style depression)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-90811869250781442832008-10-12T21:43:00.000+01:002008-10-12T21:43:00.000+01:00I am sure I am going to bore the lefty anti conser...I am sure I am going to bore the lefty anti conservative (pro Heffer) rapid rebuttal clique that lurk the nether regions of this blog -<BR/><BR/>... but sod you - here is another (YES ANOTHER) clear enunciation (and from a well known critical source) which points out the sense which has been talked by Cameron and Osborne on the unfolding crisis.<BR/><BR/>http://eureferendum.blogspot.com/2008/10/unfair-to-tories.html<BR/><BR/>Both Osborne and Cameron have mentioned problem with the 'market to market' rules and the 'Basel problem' amongst other things.<BR/><BR/>Sadly the media are too ignorant to listen.<BR/><BR/>The point is the Tories are were ahead of the game are behaving sensibly and responsibly. <BR/><BR/>I am glad to se someone swat Heffer - he is an odious pr*ck.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-41546276455414771032008-10-12T21:29:00.000+01:002008-10-12T21:29:00.000+01:00I already know how i'm gonna die - being run over ...I already know how i'm gonna die - being run over by an ostrich - with my last word (told to all my family to have on my gravestone) being 'typical'.<BR/><BR/> I wish I was making this up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-17671676488963603322008-10-12T21:24:00.000+01:002008-10-12T21:24:00.000+01:00I'm sorry you are being subjected to awful comment...I'm sorry you are being subjected to awful comments Iain. The words chosen by this individual reveals more about them than anyone else ever could.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-51442614054199566752008-10-12T20:54:00.000+01:002008-10-12T20:54:00.000+01:00Africanmum - yup, fully agree - wanted to throw up...Africanmum - yup, fully agree - wanted to throw up.<BR/><BR/> Molesworth 1 - you bet on Alonso??? Unbelievably (lucky!!) estute gambling.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-41394020500873705882008-10-12T20:48:00.000+01:002008-10-12T20:48:00.000+01:00Anon at 5.10pm is spot on. This is being orchestra...Anon at 5.10pm is spot on. This is being orchestrated surely.<BR/><BR/>Meanwhile, deleting cretinous comments from Don Tully isn't censorship. This is a family blog and we don't need to read such rubbish. Perhaps it got rather boring in Tully's psychiatric ward today.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-19349513607528596192008-10-12T19:10:00.000+01:002008-10-12T19:10:00.000+01:00And just to really lay the lie to its all just 'me...And just to really lay the lie to its all just 'me too' from the Conservatives - these were the words spoken by George Osborne on Andrew Marr's programme on the Sunday BEFORE Darlings disastrous and incompetent non-statement<BR/><BR/>"Well I think the answer is around recapitalisation. These banks are incredibly weak, their balance sheets are weak. You can deal with the symptoms, which is the liquidity problems - and I spoke to Mervyn King last week about that and I know the Governor of the Bank is doing everything he can - but I think there will be a role for creditors, for existing shareholders in recapitalising these banks, but also potentially for the government."<BR/><BR/>In terms of political ideology Osborne also pointed out<BR/>"You know a Conservative government in Sweden did that fifteen years ago and it may well be the case that the Labour government here will need Conservative support and involvement in some very big steps."<BR/><BR/>An with great perception Osborne also said<BR/>"but at the moment Gordon Brown's approach which is 'look, I'm going to deal with this case by case', I think is probably running out of road. "<BR/><BR/>Oh and in the same interview the saintly Vince Cable said<BR/>"I mean the kind of measure I was talking about would involve the government taking a stake in those banks that need to raise more capital -"<BR/><BR/>So none of what is happening (the remedy that is) is specifically and clearly Brown inspired.<BR/><BR/>The only thing inspiring Brown is to see if he can turn this crisis, this massive disaster facing, us to his own advantage.<BR/><BR/>Meantime the Conservatives have done absolutely the right thing - they have identified a sensible solution (one with a right wing history) and are supporting its implementation.<BR/><BR/>If the government make a cock up of it that is their problem, and our legacy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-29507843026696544592008-10-12T18:44:00.000+01:002008-10-12T18:44:00.000+01:00If we could nationalise this blog we could stop yo...If we could nationalise this blog we could stop you writing all those f*$k!ng lists!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-85347425660093145512008-10-12T18:36:00.000+01:002008-10-12T18:36:00.000+01:00Mr Anonymous, 5.51 really is digging his own grave...Mr Anonymous, 5.51 really is digging his own grave.<BR/><BR/>Osborne was criticised by Darling for suggesting bank recapitalisation when he responded to Darlings disastrous non-statement on Monday.<BR/>http://www.thisislondon.co.uk/standard/article-23564249-details/Shares+tumble+after+weekend+of+turmoil/article.do<BR/>"The Chancellor is angry that Mr Osborne has talked up a proposed recapitalisation plan for banks after a recent meeting with Bank of England governor Mervyn King and himself.<BR/>Stressing that all options were being examined, Mr Darling told MPs: "But it would be irresponsible to speculate on the specifics of future responses. "<BR/><BR/>So<BR/>1. Osborne was suggesting and supporting this plan long before Darling<BR/>2. Darling was dithering whilst Rome was burning all around him<BR/>and<BR/>3. The plan was a BoE plan not a specific Labour govt one.<BR/><BR/>Either way its not a question of this plan being wonderful - it has to be supported because its the only plan, the best of a bad bunch that is needed to sort out a disastrously lax regulatory regime implemented by one Gordon Brown.<BR/><BR/>Meantime its interesting to see lefties using this mess to play politics and help themselves whilst the opposition tries to be bipartisan in an effort to help the nation.<BR/><BR/>My view after watching Brown grin his way round a few marginals is to say 'enough', since you have stuffed us all for long enough its time to stuff you good and proper with the truth about your shambolic management of our economy.<BR/><BR/>I am sure that anyone who has read the link I posted earlier will realise what an incompetent mess Brown made of pour financial regulationAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-22506533163601496732008-10-12T18:26:00.000+01:002008-10-12T18:26:00.000+01:00Does the short term impact not depend on the under...Does the short term impact not depend on the underwritten price of the rights issue? For the longer term I wouldn't invest a penny in anything this lot were involved in running.<BR/><BR/>But why are we yet again finding market sensitive information on Government intentions apparently freely available via the BBC to allow wild speculation?<BR/><BR/>And why do we seem to have different Labour Ministers again speaking on the media giving contradictory answers on what role the Government intends to play in running the banks? Is there an internal battle going on? And do they care the damage to confidence is doing in the meantime?<BR/><BR/>Yeah Gordon, you are working tirelessly to ensure stability. Honest. We believe you. <BR/><BR/>By the way, did you see that, without a hint of irony, HMT is advertising this week for a "Deputy Director of Financial Stability". A little late perhaps?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-66334737596182564222008-10-12T18:09:00.000+01:002008-10-12T18:09:00.000+01:00Perhaps you should tell your sources or their sour...Perhaps you should tell your sources or their sources to keep their mouths shut - my guess is that someone down the line is almost certainly committing a crime. Insider dealing and putting out false market information are both criminal offences. Sadly they are very difficult to prosecute and identfify - but is something of a travesty that there have not been more prosecutions. <BR/> <BR/>And before you all claim that this is a New Labour Law which you feel free to ignore - the first Insider Dealing legislation was introduced in 1980 - and I thought all you Tories are now converts to dealing with market excess.tory boys never grow uphttps://www.blogger.com/profile/11172736984147732661noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-13235025770064328362008-10-12T17:51:00.000+01:002008-10-12T17:51:00.000+01:00looks like the Tories have given up on, 'Burying' ...looks like the Tories have given up on, 'Burying' GB they seem to be lining up to, 'Praise' him<BR/><BR/>Tory business chief backs Brown bail-out plan<BR/> <BR/><BR/>Those are not words I would normally expect to write, but Simon Wolfson (chief executive of Next) did just that on the Andrew Marr prog today.<BR/><BR/>Sitting alongside the wonderfully dour Jon Moulton on the Marr sofa, I fully expected retail whizzkid Wolfson to stick the boot into the Government for its handling of the economy. <BR/><BR/>Why? Well, for one thing he co-chaired (with John Redwood) the Conservatives' Economic Competitiveness policy group last year. The report won lavish praise from George Osborne for its insight and tax-cutting zeal (though the leadership stopped short of endorsing all of its proposals).<BR/><BR/>For another, Wolfson donated £10,000 of his own readies to Dave Cameron's leadership campaign and has remained close to the Tory leader ever since.<BR/><BR/>But instead of going on the offensive, Wolfson proceeded to defend the Government's £500 billion bail-out plan.<BR/><BR/>"What we have to recognise and what's really important is that the money that is going into the banking system from the Government isn't money that is being spent. It's money that is being invested. There's a lot of nonsense being talked about it and my biggest concern is that actually we worry everyone to death and we worry the market to death.<BR/><BR/>"And actually when you look at what the Government's been doing, it's the quickest plan put together by any government across the world. We've had Opposition and Government working together. We've had the FSA, the Bank of England and the Treasury all working together to deliver what is in fact a very good plan - and will probably make money for taxpayers."<BR/><BR/>Now I know Wolfson is a smart guy who is probably more interested in shoring up consumer confidence to protect his own retail business than praising G Brown and A Darling. But still, they were words that may well come to be quoted by Labour.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-54043150204476353752008-10-12T17:34:00.000+01:002008-10-12T17:34:00.000+01:00Auntie Flo' said... "If Brown trusts the British p...Auntie Flo' said... "If Brown trusts the British people as he claims to do:<BR/>...Why has he made us the most surveillanced people in the western world?"<BR/><BR/><BR/>We became that under the Major government. Labour simply carried on the Major policies with regard to surveillance.Anonymousnoreply@blogger.com