Friday, January 4, 2008

Darling finds his spine?

Bank watchdog 'to get more power'

Looks like Dear Alistair isn't happy in his interview with the FT (http://www.ft.com/cms/s/0/ec63ba08-ba27-11dc-abcb-0000779fd2ac.html)... "I do think that the COBRA model which we use for other difficulties is one that has a great deal of attraction." ...seems he want's to give the FSA bigger teeth and (without even having to read between the lines) be able to cease a banks assets and take control on behalf of the public. Not sure how the banks will react but I can see the weekend cartoon in the Guardian of "Crash Gordon" and his trusty side-kick Darling bursting through the doors of Northern Crock in a "Batman"/SAS style entrance ;^)

Posted by root @ 09:01 PM (774 views)
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6 thoughts on “Darling finds his spine?

  • voiceofreason says:

    Rearrange these words:
    Horse, Stable, Bolted, Door.

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  • crash bandicoot says:

    Fantastic. All he needs to do now is pass a law that limits banks to only lending what a customer can afford to pay back.

    Voiceofreason is it Horse Bolted Stable Door? I believe that is how the current system of regulation works.

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  • I’m a bit wary of giving this government a ‘Cobra-style response unit – based on the civil emergencies committee ‘. The current incumbents are far too fond of control freak legislation.

    “What he’s saying is if a bank requested emergency funds in that way, broadly speaking the power of the board and its shareholders would, at a stroke, go, and the chancellor and the FSA and Bank of England would at that point be in charge and would have much greater power to control the destiny of the bank.”

    In reality, the chancellor will be the one in charge, I suspect. If you wanted to be able to nationalise banks, this would be a good start. Instead of reforming our banking system, the government are giving themselves new powers. Considering their track record, this is not good.

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  • The problem with idiots is that they like to group together and do each other favours. Darling’s self esteem is so low now that he has decided to take what power the BoE have (since they never agree with school boy economic theories) and give what power he can to those spineless yes men at the FSA. The UK is truly being run by a group of self interested and intellectually challenged politicians who’s meddling is in danger of turning the UK into a third world nation. Government by headlines means lots of short term knee jerk policies which do away with whatever has previously worked for the UK. How do these bunch of simpletons have the cheek to think they are actually helping the UK. It’s like we’ve turned the country over to a bunch of school children and told them they can do what ever they please (because of course, it could potential damage their confidence if someone were to tell them they are wrong.)

    The best thing Labour could do now would be to U turn on every one of their policy decisions they have made since 1997. New Labour has been an experiment that should never again been repeated. Don’t get me wrong, I’m not against Labour per say, I thing David Cameron is far too like Tony Blair for my comfort. If I had to choose, I’d rather Mervyn King than the whole lot of them.

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  • FASCINATING! This sums up the whole situation for me perfectly. Liebour feel it necessary to create the financial equivalent of the COBR (Cabinet Office Briefing Rooms) group which is called upon at times of threat to national security/national emergency (terrorism, foot and mouth etc etc).

    Now if that doesn’t reveal the nature of the situation we are in then nothing does. Reading between the lines myself I think Liebour are soiling themselves at the moment. They must know of other financial institutions that are tettering on the edge of solvency. They’ve been well and truly exposed as ‘flying-by-the-seat-of-their-pants’ by the Northern Rock fiasco and they can’t afford (neither financially or from a public relations perspective) for another similar situation to occur (let alone several dozen?????).

    Seriously folks, strap yourselves in because we are in for a hell of a ride.

    Maybe there’ll be Martial Law at the banks. “ATTENTION!!! Anyone approaching the cash-point will be met with lethal force. Please disperse and return to your homes (those of you not already repossessed!).”

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  • @ root,
    I guess that you had a Chris Ryan or Andy Mc Nab action novel for Christmas, too. I think it’s a very funny analogy of Brown and Darling bustin’ through doors. But the the voters seem to want that type of “Action hero” approach – too many Hollywood blockbusters, that’s the trouble.

    IMHO, the way to manage the economy is more about dozens of small things done right, well in advance of panic measures. I guess you’ve seen Chris Parker’s movies featured on the homepage – newcomers please give these a look to see where the UK went wrong!

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