Alistair Darling (of the City)'s Second Bank Bail Out

It's like deja vu and so very predictable. Having concealed the true extent of their gambling losses in the hope that there would be a resurgence in confidence the major banks have now, with results due to be published and the previously incompetent regulator taking a close interest, been forced to admit the real depth of the shit they are in and come to government (me and you) for more money.

This looks more and more like more than just incompetence and it is really time that the Serious Fraud (Farce) Office took a much greater interest, but that would damage confidence and confidence tricksters like New Labour and their big business cronies depend on confidence.

Capitalism is crumbling due largely to its own values of greed and inequality.

I've posted a link to The Red Banker in the Sidebar for a socialist analysis.

Nationalisation of Financial Institutions

Now that the UK has effectively nationalised Northern Rock (almost the first birthday of the nationalisation) and the USA has effectively nationalised both Fannie Mae and Freddie Mac, we can only applaud this new spirit of public ownership. It's just a pity that the taxpayer always seems to get lumbered with the losers rather than the shareholders who were paid large dividends rather than creating reserves to see their companies through financial crises. It's also a pity that the same spirit of providing a safety net for investors couldn't have been brought to bear on the problems of Farepak, but then their investors weren't already the rich so they don't count for much to Big Gordy.

Just a further comment on the global financial meltdown. Money doesn't just disappear, so if everyone is going to get poorer, who is going to get richer? Capitalists are fighting like ferrets in a sack each trying to save his own arse at the expense of the rest and, as usual, the poorest will pay the price and the rich will get richer. Banks are queueing up to buy each other at bargain basement prices and it's about time the national and international regulators stepped in and sorted out this fucking mess they have allowed to be created by pure greed.

Gordon Brown and Fuel Poverty

I must admit that, despite my severe misgivings, when Gordon (the big clunking fist) Brown followed Bliar I thought that there might be a slightly increased opportunity for some sort of anti-poverty measures. Today's announcement on measures to relieve fuel poverty show that he is as big a coward in the face of big business as ever Bliar was. Brown/Bliar, it's like a choice between the pox and the clap. Both are awful but one is worse.

Pensioners will die of booty capitalism this winter because power generation and distribution is in private hands and a toothless regulator can do nothing to control price increases. Shame!

Scottish Nationalists and the Millionaires Club 3

A bit in the front of the Herald today might throw some light on the attraction of the Nats for the millionaires club.
It reports that a leading financier, one Ben Thomson, chairman of the investment bank Noble Group, backs the Nats because a Nat win would rid the finance sector of 'over-regulation from London'.

He obviously sees an opportunity for the financial sector to benefit from a reduction in regulation, and while I support the independence cause I am not sure that the Nats., who seem to have some unsavoury friends, are the right people to take us there. I hope that this is just a coincidence and not another under the counter deal done in advance of an election (a 'Souter' ? )

Looking back over the recent past it might even appear, when we think about Farepak, illegal bank charges, endowment mis-selling, millions lost in tax avoidance schemes, and the general bolox the financial sector has made of pensions with the assistance of 'the big clunkin fist' that a lot more regulation and scrutiny is required, not a lot less irrespective of whether it comes from London or Edinburgh.