tag:blogger.com,1999:blog-6214838.post1578535320750606053..comments2024-03-04T17:54:32.559+00:00Comments on Iain Dale's Diary: The Logic of Labour's ArgumentIain Dalehttp://www.blogger.com/profile/03270146219458384372noreply@blogger.comBlogger33125tag:blogger.com,1999:blog-6214838.post-66771476224683305822008-09-24T10:52:00.000+01:002008-09-24T10:52:00.000+01:00Lola said... "Why do lefties behave like spoilt ch...<B>Lola said...</B> <BR/><BR/>"Why do lefties behave like spoilt children when the argument is going against them?"<BR/><BR/>Says the Guido hypocrite.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-35278502849417879592008-09-22T12:21:00.000+01:002008-09-22T12:21:00.000+01:00Anon 3.07 21/09/08 - posted the quote with comment...Anon 3.07 21/09/08 - posted the quote with comment - <BR/><BR/>"Banks (in particular) established compliance departments which effectively ended up running the business.<BR/><BR/>...<BR/><BR/>The regulatory system increased risk by killing common sense and responsibility.<BR/><BR/>...<BR/><BR/>Socialism just does not work."<BR/><BR/>Alternatively, the twat tory thickos who run banks only employ twat tory thickos.<BR/><BR/>Now Now. Think. That's not a relevant or logical comment. It's pure prejudice. A lot of the bankers/complianec people may have been NL voters for all you know.<BR/><BR/>So have a go at my analysis by all means but resorting to childish name calling is not going to help your argument is it?<BR/><BR/>(Why do lefties behave like spoilt children when the argument is going against them?)Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-32963223636848279442008-09-21T15:07:00.000+01:002008-09-21T15:07:00.000+01:00Lola said... "Banks (in particular) established co...<B>Lola said...</B> <BR/><BR/>"Banks (in particular) established compliance departments which effectively ended up running the business.<BR/><BR/>...<BR/><BR/>The regulatory system increased risk by killing common sense and responsibility.<BR/><BR/>...<BR/><BR/>Socialism just does not work."<BR/><BR/>Alternatively, the twat tory thickos who run banks only employ twat tory thickos.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-81129401818421055422008-09-21T10:45:00.000+01:002008-09-21T10:45:00.000+01:00Really, Ian?Whatever happened to "You can't buck t...Really, Ian?<BR/><BR/>Whatever happened to "You can't buck the markets" (c) M Thatcher c.1988 ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-48483323464550800972008-09-20T23:12:00.000+01:002008-09-20T23:12:00.000+01:00It's a bit like musical chairs, the music has stop...It's a bit like musical chairs, the music has stopped, and some of the players can't find a chair.<BR/><BR/>The cause of sub prime mortgages was exposed back in March on Iain Dale's blog <B><A HREF="http://iaindale.blogspot.com/2008/03/how-political-correctness-caused-credit.html" REL="nofollow">Here</A></B><BR/><BR/>So they ban short selling, that'll do it - right? So when a trader sees a grossly overvalued business there is now nothing they can do to correct it.<BR/><BR/>Does the <A HREF="http://en.wikipedia.org/wiki/Tulip_mania" REL="nofollow">Great Tulip Bubble </A>ring any bells?<BR/><BR/>The bubble can now resume it's expansion and no one can pop it.Twighttps://www.blogger.com/profile/16698620636313191152noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-15767852218052596092008-09-20T22:13:00.000+01:002008-09-20T22:13:00.000+01:00Spot on Iain.Spot on Iain.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-33114771984120845372008-09-20T21:20:00.000+01:002008-09-20T21:20:00.000+01:00I work with financial regulation every day and I k...I work with financial regulation every day and I know that the current system is useless. It prescriptive, box ticking, responsibility killing and acts as nationalisation lite. The problem is too much of the wrong sort of regulation.<BR/><BR/>Regulators were set up by the Tories to ensure competition in privatised state industries. Over time the regulator mandate morphed into setting out how these industries should be run. THis is manner to socialists who want to control everything and on coming to power this is exactly what they did. The FSMA 2000 established a prescriptve system of FS regulation that tried to set out rules for the whole of the industry should work. To put it bluntly that was effing stupid.<BR/><BR/>Banks (in particular) established compliance departments which effectively ended up running the business. If a product or marketing idea passed compliance it was OK. Bugger common sense. The compliance tick boxers rated it as OK so that was OK then. The regulatory system increased risk by killing common sense and responsibility.<BR/><BR/>Now we do need decent and effective 'regulation' but structured more as informed and effective supervision that does not stifle innovation but encourages responsibility in the innovator. QED we need LESS regulation.<BR/><BR/>Socialism just does not work. This regulatory system is socialism lite. It has failed as socialism has always failed.Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-24083334125363517502008-09-20T21:01:00.000+01:002008-09-20T21:01:00.000+01:00Banks are being nationalised and rescued in Britai...Banks are being nationalised and rescued in Britain and the US only, thanks to Brown's weedy Financial Services authority, which couldn't say boo to a goose. I'm not seeing French, German, even Italian banks having to be nationalised. Even the Spanish banks are hit by a property collapse but well beyond the institutional weakness seen in Britain.<BR/><BR/>So blame the ill wind from the US but funny how we have a hurricane the rest of the world is just getting a gust.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-17238903388745100122008-09-20T20:06:00.000+01:002008-09-20T20:06:00.000+01:00Democratic-Centre Actually the Tories have been th...Democratic-Centre <BR/><BR/>Actually the Tories have been the most consistent in terms of ideology and Economics. It is Labour and the LD's who have behaved like a tacking yacht!<BR/><BR/>I must say i am looking forward to the defeat of many LD MP's, I will enjoy that more than Labour MP's being defeated for some perverse reason.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-38643816404432841842008-09-20T18:59:00.000+01:002008-09-20T18:59:00.000+01:00@The LD's are doomed - DOOMED!Really, I can see no...@The LD's are doomed - DOOMED!<BR/><BR/>Really, I can see no difference with Lib Dems and Tories except that the credibility gap with the Lib Dems is less so than with the Tories.<BR/><BR/>Cameron and Clegg - it really is that one big steroidal shot that will make the difference, who will provide it - the efforts of the party machines will see to that.<BR/><BR/>But there is now that baggage, the flotsam of the notion of those very free market principles.Democratic-Centrehttps://www.blogger.com/profile/09848866195325003502noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-7286376180342795832008-09-20T18:26:00.000+01:002008-09-20T18:26:00.000+01:00Ah, butler boy, one of the most despised men in th...Ah, butler boy, one of the most despised men in the Palace of Westminster.Jonny Machttps://www.blogger.com/profile/18440274325662944612noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-54827728022728143212008-09-20T18:08:00.000+01:002008-09-20T18:08:00.000+01:00moral high ground or perhaps clear ground rests wi...moral high ground or perhaps clear ground rests with the Lib Dems:<BR/><BR/>LOooooooooooooooooooooooooOL<BR/><BR/>The LD's are a joke party, they have been Labour stooges for the last 11 years. Indeed, the Labour party has treated the LD's like their private parts, exciting them with a dance of the severn vails around election time and then renouncing them afterwards. The LD's have much to be blamed for supporting higher taxes and actively advocating increases. LD's are split from top to bottom on this issue and many LD activists look likely to sit on their hands as the LD's will lose 2/3rds of their seats according to a LD seminar this week. <BR/><BR/>The electorate has had enough of duplicitous politicians and instead of the yellow Card - Nick Clegg will get the Yellow taxi come the next election! The BBC will in all likelyhood commision a video and the section dealing with the LD's will be phrased: Up for Clegg? As Nick Clegg succombs to the Tory surge! <BR/><BR/>The LD's are doomed - DOOMED!<BR/><BR/>Nick Clegg is like Neil Kinnock as well!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-1125930906563850472008-09-20T18:03:00.000+01:002008-09-20T18:03:00.000+01:00I think the main point is that Brown spent ten ye...I think the main point is that Brown spent ten years telling us that he had invented perpetual boomNewmaniahttps://www.blogger.com/profile/11922161971821380803noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-34064328865370565112008-09-20T18:00:00.000+01:002008-09-20T18:00:00.000+01:00Democratic Centre that is incomprehensible gibberi...Democratic Centre that is incomprehensible gibberish and the Liberal party are following after the Conservative Party like a lost dog on tax , Europe , immigration and just about everything else.Newmaniahttps://www.blogger.com/profile/11922161971821380803noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-32944238703871213652008-09-20T17:47:00.001+01:002008-09-20T17:47:00.001+01:00So? the answer from the conservatives in their eco...So? the answer from the conservatives in their economic competitiveness is less regulation, not more.<BR/><BR/>There is an inescapable fallacy to conservative policy in this area - the tools they suggest would have made the situation worse.<BR/><BR/>Fact.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-86466606177275917842008-09-20T17:47:00.000+01:002008-09-20T17:47:00.000+01:00Ha!I thought this was the laissez faire argument i...Ha!<BR/><BR/>I thought this was the laissez faire argument in a nutshell? Are you saying on the one hand that this Government CAN do something about the banking crisis, but then when there is a Tory Government, the Government SHOULD NOT do anything?<BR/><BR/>The alternative is a repudiation of Thatcherism, and when I see Iain Dale do that, well, hell and freezing over once more spring to mind!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-39652055036761268662008-09-20T17:15:00.000+01:002008-09-20T17:15:00.000+01:00He could apologise for not having foreseen it and ...He could apologise for not having foreseen it and taken the necessary precautions.<BR/><BR/>Makes you wonder though whether Woodward will be the one to knife Brown - after all, he's always been less interested in scruples than in power.The Half-Blood Welshmanhttps://www.blogger.com/profile/05072936624444891100noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-12052371373167364082008-09-20T17:08:00.000+01:002008-09-20T17:08:00.000+01:00Good point.Good point.Man in a Shedhttps://www.blogger.com/profile/00990902055642035293noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-78708838261787515852008-09-20T16:22:00.000+01:002008-09-20T16:22:00.000+01:00Thatcherite policy coming back to bite both New La...Thatcherite policy coming back to bite both New Labour and very much the Tories on the bum; moral high ground or perhaps clear ground rests with the Lib Dems, the Tories have been told that Thatcherite isn't right and Brown in power is culpable for not having enough socialist muscle to finesse ethical banking standards.<BR/><BR/>He removed housing costs from inflation and it skewed social justice benchmarking - Labour needs to come clean by letting Brown 'fix' this he must stand down and let a new leader lead reform under fairness - as Brown has had Thatcher round too much and is tarred with her.<BR/><BR/><B>But guess what the Tories are more damaged ideological by this shift as your party championed this and not only have the markets ruined it for the people but it has bucked out the very financiers in it.<BR/><BR/>If someone could give the Lib Dems a big steroidal shot in the arm Cameron would be finished.</B>Democratic-Centrehttps://www.blogger.com/profile/09848866195325003502noreply@blogger.comtag:blogger.com,1999:blog-6214838.post-34159762083940448112008-09-20T16:03:00.000+01:002008-09-20T16:03:00.000+01:00You can get a similar thing direct from McCavity h...You can get a similar thing direct from McCavity himself in this interview on Sky :<BR/><BR/>http://news.sky.com/skynews/Home/video/sky-news-video/Video/200809315102688<BR/><BR/>Explicitly mentions that it's bad to have billions in off-balance-sheet liabilities - if you're a company. Then despite Jeff Randall's best efforts, he does the whole "not me guv" routine. <BR/><BR/>And he was looking seriously rough - someone should tell him to get some kip.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-78876060802218916712008-09-20T15:57:00.000+01:002008-09-20T15:57:00.000+01:00And where are the Tories? Osborne is clearly out o...And where are the Tories? Osborne is clearly out of his depth - refusing to ban short selling<BR/>...........................................<BR/><BR/>Psst - the Tories aren't actually in government.<BR/><BR/>Yet.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-6649488134818990032008-09-20T15:48:00.000+01:002008-09-20T15:48:00.000+01:00Well, listening I thought he was a Weasel with a P...Well, listening I thought he was a Weasel with a PhD in weaseling, he did not concede a single element of guilt or responsibility, just that "Gordon fully recognizes it has happened on his watch". Yeah. We've noticed too. And the previous 10 years?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-62287813444049116952008-09-20T15:27:00.000+01:002008-09-20T15:27:00.000+01:00Of course - sitting back and fiddling while N Rock...Of course - sitting back and fiddling while N Rock was blowing out to a Loan - Deposit ratio of 600%, that was the current administration; no?<BR/><BR/>What blew up HBOS was a Loan Deposit ratio of 177% - that could have been prevented by regulation. As could the housing market bubble.<BR/><BR/>The reason that a few countries are so deeply in the mire is because those same few countries allowed lending standards to lapse and a credit bubble to appear. Britain so happens to be one of those countries - by no stretch of the imagination is it an innocent victim.<BR/><BR/>The bankers, The Bank, the regulators and the government all have their dabs all over this bust.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-61920669887025927912008-09-20T15:16:00.000+01:002008-09-20T15:16:00.000+01:00Well, i can agree there is patently a need for mor...Well, i can agree there is patently a need for more regulation as you state here and it is this lack of regulation that has led to this pickle...<BR/><BR/>It follows this is the result of years of thinking the market is capable and should be allowed to regulate itself does it not??Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6214838.post-24230779775652742302008-09-20T15:06:00.000+01:002008-09-20T15:06:00.000+01:00Iain - you write"The moment a government surrender...Iain - you write<BR/>"The moment a government surrenders to external forces and says it can do nothing is the moment it also surrenders the right to be called a government."<BR/><BR/>Which Government has said that?. It is patently absurd to suggest that is the case. The evidence is somewhat more complex than your analysis suggests:<BR/><BR/><BR/>The Government have to shoulder some of the responsibility - for allowing a light touch regulatory regime and for permitting the banks to lend to customers who could not afford to repay. This was a policy largely shared by the Conservatives.<BR/> <BR/><BR/>However that approach to regulation applies to goverments across the Capitalist World - and the US is the primary culprit for much of this excess. The sub prime crisis is not a particular issue in the UK - yet we are suffering from the irresponsible and under regulated US financial markets.<BR/><BR/>It is slightly ironic that we have a US Republican President using socialist soutions to this problem - the nationalisation of AIG and the buying out of bank's toxic debts is a state handout and public ownership. <BR/><BR/>Brown's banning of short selling, the buy out of Northern Rock and his personal involvement in saving HBOS from ruin - will be seen as more a more measured mainstream social democratic response to the mess of laissez faire conservative policies. And certainly not a case of "surrenderingto external forces"<BR/><BR/>And where are the Tories? Osborne is clearly out of his depth - refusing to ban short selling - even for a short time and having NO proposals other than to blame Brown. Cameron is worse - he has dissapeared from sight and left George to take the heat. The relations between Osborne and Cameron are reported to be "very tense".<BR/><BR/>I was at an awards ceremony for investment bankers Thursday and people were mocking the Tories non response. How ironic if this crisis started in the US by a Republican could be saviour of this labour government.Anonymousnoreply@blogger.com