Friday, November 28, 2008

A "tribute" to Marxism

nine principles of stasi-ing by Sir Ian Blair

The nine principles by Sir Ian Blair[1]

1. The basic mission for which the police exist is to prevent Labour losing elections.

2. The ability of the police to perform their duties is dependent upon ministerial approval of police actions.

3. Police must secure the subservience of the public in observance of Labour party needs to be able to secure and maintain the respect for the Leader.

4. The necessity of the threat and use of physical force ensures the compliance of the public.

5. Police seek and preserve party favour by catering to ministers and constantly demonstrating absolute service to the party.

6. Police use physical force to the maximum extent necessary to secure observance of the law or to restore order.

7. Police, at all times, should maintain a relationship with the public that gives reality to the historic tradition that the police are the Labour party and the Labour party are the police; the police being only members of the party who are paid to give full-time attention to party duties which are incumbent on every citizen in the interests of common purpose.

8. Police should always direct their action strictly towards improve their powers over the proles.

9. The test of police efficiency is the high support in polls for Labour.

Thursday, November 27, 2008

Panic of 1857, not great depression.

The recession ended a period of prosperity and speculation that had followed the Mexican-American War and the discovery of gold in California in the late 1840s. Gold pouring into the American economy played its part by helping inflate the currency. Changes in worldwide economic trade, caused by the Crimean War between Britain and Russia, had pushed American firms into a precarious worldwide market. (McPherson, p. 189) The immediate event that touched off the panic was the failure on August 24 of the New York City branch of the Ohio Life Insurance and Trust Co., a major financial force that collapsed following widespread embezzlement. In the wake of this event, a series of other setbacks shook the public's confidence, including:

* The decision of British investors to remove funds from U.S. banks, which raised questions about overall U.S. economic soundness
* The fall of grain prices, which spread economic misery into rural areas, because of the end of the Crimean War and Russian re-entry into global markets
* The collapse of land speculation programs that depended on new rail routes, ruining thousands of investors

These triggers lowered the value of stocks and bonds held by American banks, further reducing their investment assets.

Sound familiar???

Tuesday, November 18, 2008

Volcker issues dire warning on slump

Paul Volcker, the former chairman of the US Federal Reserve, has warned that the economic slump has begun to metastasise after a shocking collapse in output over the past two months, threatening to overwhelm the incoming Obama administration as it struggles to restore confidence.

Here's the interesting bit.

Even so, he said the arch-culprit was the bonus system that allowed bankers to draw forward "tremendous rewards" before the disastrous consequences of their actions became clear, as well as the new means of credit alchemy that let them slice and dice mortgage debt into packages that disguised risk.

I actually agree that allowing bankers to take bonuses before there are profits is silly.

Rents Fall As Houses Fail To Sell

See this old post for CityUnslicker getting it wrong


Thursday, November 13, 2008

CapitalgOne: What's in your Bailout? Apply Now!

I hope if you're American(, or maybe even if you're not) you'll take the opportunity to apply for a loan of just a few Billion at base rates to help with your finances during these troubled times.

Maybe your investments in a big car, massive plasma TV and McMansion have been affected by the markets current irrational pricing.

Have no fears the US treasury should be there to BAIL YOU OUT, even if you are not currently a Golf partner of the Hank Paulson!

Don't delay, Click the title link to apply NOW!

Thursday, November 06, 2008