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Darling - Don't Panic Over Citigroup


Dylan
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Heard him on radio 4 this morning. Very unconvincing - kept stumbling over his words, couldn't really do much more than state the party line. Still thinks NR 's asset book is good. Good job no one lied on those fast track mortgages, or will have problems at 6x income or 125% loans in a falling market. Couldn't even bring himself to criticise NR management or their flawed business model. All in all zero credibility.

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http://news.bbc.co.uk/1/hi/uk_politics/7078487.stm

'Chancellor Alistair Darling has said he believes the UK economy's strength will "carry us through... an unparalleled period of financial uncertainty"'

How did someone with such a lack of understanding ever get the job of Chancellor?

"Mr Darling also defended the billions of pounds lent to Northern Rock, saying the bank still had assets of £100bn."

Correct me if I'm wrong <sarcasm> but isn't that the entire problem?

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Radio 4 interview was a shocker because humphries didn't understand the NR issue and was trying to be confrontational and shouty ultimately to little effect....Humphries could have kippered darling a couple of times if he had understood the answers Darling was giving or the wider subprime issue.

Humphries never mentioned NR in rrelation to subprime...as far as Radio 4 is concerned subprime is still a nasty american thing.

Darling was poor but won because the interviewer was poorer.

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Radio 4 interview was a shocker because humphries didn't understand the NR issue and was trying to be confrontational and shouty ultimately to little effect....Humphries could have kippered darling a couple of times if he had understood the answers Darling was giving or the wider subprime issue.

Humphries never mentioned NR in rrelation to subprime...as far as Radio 4 is concerned subprime is still a nasty american thing.

Darling was poor but won because the interviewer was poorer.

Worse than that if he had bothered to read the guardian or Telegraph over the weekend he could have asked:-

http://business.guardian.co.uk/story/0,,2204472,00.html

The BoE have loaned £23bn

Northern Rock has borrowed £18bn

Who is lying and where has the other £5bn gone?

The problem is that apart from Jeff Randall no journalist knows enough about this stuff to ask sensible questions about it.

Edited by eek
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..the suggestion was ..the BofE have more than one customer for this product.... :ph34r:
I'm off down to Barclays this morning to start a run....!

Yes but it won't be Barclays. Both Barclays and RBS have deals with the Fed that have been publicly announced and ignored.

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Didn't hear radio 4 this AM but mr Darling was quoted as saying this on the tiscali news page.

"We need to get to a far better situation where there is a great deal more transparency, more openness, so people understand the risks to which these banks have become exposed and they can avoid being so exposed in future."

He continued: "I do think we need to get it in perspective, but without doubt some of these big banks will see a reduction in profits as you have seen today."

Now I'm no economist but it would appear to me that the banks don't even know how exposed they are and I'm sure if 'people' understood these risks there would be pandamonium and queues at more high st banks.

As for the second line it fills you full of confidence to know the chancellor knows what the result of the recent turmoil is likely to lead to. :huh:

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http://news.bbc.co.uk/1/hi/uk_politics/7078487.stm

'Chancellor Alistair Darling has said he believes the UK economy's strength will "carry us through... an unparalleled period of financial uncertainty"'

How did someone with such a lack of understanding ever get the job of Chancellor?

Totally unparallelled - 1929, 1974 etc are just irrelevant aren't they? :angry:

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http://news.bbc.co.uk/1/hi/uk_politics/7078487.stm

'Chancellor Alistair Darling has said he believes the UK economy's strength will "carry us through... an unparalleled period of financial uncertainty"'

How did someone with such a lack of understanding ever get the job of Chancellor?

Didn't Gordon Brown admit recently that "he didn't do numbers"? I think that encapsulates nicely how well qualified Chancellors need to be.

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Barclays now trading at 519p. That's a drop of 14% since last Wednesday (closed at 604p). :blink:

Is it time for those who have been shorting Barclays to close their positions? ;)

Or this just the beginning (after all someone apart from NR has had a few billion from the BoE)? :ph34r:

Not forgetting that Barclays has already lined up some credit from the FED through their US arm. :o

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http://news.bbc.co.uk/1/hi/uk_politics/7078487.stm

'Chancellor Alistair Darling has said he believes the UK economy's strength will "carry us through... an unparalleled period of financial uncertainty"'

How did someone with such a lack of understanding ever get the job of Chancellor?

One can only suppose that Darling is a frontman and GB remains as Chancellor and PM. Imagine Darling's reasons for accepting the job? "What do I have to do?" to which Brown replies, "...repeat after me".

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