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chelyabinsk

Listed below are comments made by chelyabinsk between Thursday, 25th December 2008 and Monday, 9th February 2009.

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The case for bonuses 7:04pm on 09 Feb 2009 "The end is nigh" writes Robert Peston about bank bonuses.

A dead duck issue after this economic debacle if ever there was one. It won't be bonuses these bankers will be getting but P45's.

The real issue today (surprised Robert Peston hasn't mentioned it) is the news that THE ANGLO-SAXON MODEL HAS FAILED says Professor Roubini. "Self-regulation meant no regulation" says the Professor in the Financial Times today.

The end is not nigh for this economic model of capitalism it has already been declared stone dead. This is a much more weighty issue than the avariciousness of a few, about to be redundant bankers.

Those bankers who are left will be put on civil service pay grades. No bonuses there!

Going on about bankers bonuses is like beating a corpse with a stick.

RIP
The Anglo Saxon model of capitalism
Known as Big Bang
Born to Margaret Thatcher
27 October 1986
Declared dead by Prof. Roubini
9 February 2009
Everything will change 9:39pm on 31 Jan 2009 "Everything changes, and everything remains the same"
Lampedusa, The Leopard.

Would that some of Peston's contributors had been prescient enough to warn of the dangers they now pontificate on.
Prevention being better than cure.

To say that things will change lacks credibility. Economic realities have radically changed already, and we all know that. We do not need Lambert and Wolf to tell us this. This is not a forecast, it is predicting yesterday's weather today.

It is not a forecast to say that the banks will not continue the irresponsible lending amd financial instruments of recent years which has bankrupted them. This is the age old process of banks lenmding when the sun shines and wanting their umbrella back when it rains.

Plus ca change, plus c'est la meme chose.
For the English among us, "the more that changes, the more it's the same thing".
Bankers and responsibility 08:52am on 31 Jan 2009 201

Where to find "Peston Panned" in the Guardian?

Is Robert Peston responsible for the recession?, asks the Guardian's Matt Wells Media Talk in a 31 minute podcast 30 January 2009.

Open the Guardian Online homepage, type "Peston panned" in the search box on the top right and download the podcast.

Simon Jenkins comments are particularly relevant. "Newspapers, he says, have the same sort of obligation as they do in a war. Bluntly, not to make it worse!"

The other aspect that the House of Commons Select Committee may well wish to examine is that reports concerning Northern Rock and other reports at that time were a leak of market sensitive information, which according to the Daily Mail emanated from the Treasury.
Bankers and responsibility 00:02am on 31 Jan 2009 Peston panned says the Guardian.

The issue is the responsibility of financial media commentators in their presentation of economic news, notably reporting of Northern Rock in October last year.

Rober Peston stands accused of turning a drama into a crisis, not for reporting the news but in how he reported it. His reports caused alarm, panic and despondency and the first run on a bank in 140 years and arguably triggered a chain of events which are still rolling on today. His comments lacked the measured, balanced reporting, which is the hallmark of the Financial Times with whom Peston was previously employed and betrayed a distinct socialist bias.

Peston actually seems to rejoice in the fact that UK banks are nationalised, earning him the epithet, "The Toastmaster".

He is due to appear before a House of Commons select committee next month to explain what many view as irresponsible journalism by a public sector broadcaster.

The view expressed by the former editor of the Times, Simon Jenkins are particularly acerbic.
We are the banks 4:08pm on 28 Dec 2008 Re: 389, 393

The Prime Minister in his New Year message will be calling for a revival of the Dunkirk spirit.

Churchill realised that the challenges facing the nation could only be met by a Coalition government to engender the necessary spirit of national unity, which Brown is calling for.

Brown's windy rhetoric must be matched by "action this day" (to quote Churchill).

The time for the finger pointing and recrimination of Peston's blogs is suitable for the post mortem. The priority now is to take immediate action to deal with the crisis at hand.

The nationalisation of the banks, "We are the banks" is but the first step in the wartime governance of this country.

A Coalition government is the next.
Isn't that right Robert?
We are the banks 11:43am on 28 Dec 2008 Brown,

Get a hold of yourself man.
You're panicking like Corporal Jones.
Stupid boy!

If things are as bad as you say.
Call a National Government today, that's an order!

Mainwaring, Captain
Homeguard, Warmington-on-Sea
We are the banks 10:58am on 28 Dec 2008 Reach for your tin hat!
"We need the Dunkirk spirit in 2009",
says the Prime Minister in his New Year message.

"In next week's message, the prime minister is expected to urge the public to "display the same spirit" as their predecessors did in World War II". the BBC reports.

If Captain Mainwaring were to deliver this speech he would command more respect, speak with more authority and inspire with his leadership more than Gordon Brown.

Churchill (with a coalition government) spoke to a homogenous nation inspired with a common purpose.

For years the Blair/Brown government has minimised and negated the essential British character, favouring policies of diversity, (now out of favour) creating parallel communities and parallel lives.

That essential quality of Britishness which saw the country through the war has been debased by Labour government policy to being just another ethnic group resident in the British Isles.

Brown's appeal is reminiscent of Stalin who turned to religion and re-opened the Churches as the Germans invaded.

Dr Johnson reminds us, that patriotism is the last refuge of a scoundrel.
We are the banks 12:40pm on 25 Dec 2008 Christmas Greetings to Robert Peston, the BBC for this facility, readers of this blog and last but not least the long suffering moderator.

To lighten the mood this Christmas it's time to see life from a different point of view. Economics is known as the dismal science, afterall.

So lighten up.

Try DB Boulevard, Point of View (You tube)

"Can't you see, life's easy, if you consider things from another point of view".

Happy Christmas, everyone.
We are the banks 08:47am on 25 Dec 2008 The key question is, what happens if the markets decide not to bail out the UK by buying UK government (or UKIF) debt? Because it is denominated in a collapsing currency, and run by a Chief Executive with no knowledge of banking.

What does the UK do then?
It will be one of the Healy/Lamont moments.

The UK will be forced to join a currency and be ruled by a central bank that has credibility. So that rules out the dollar then.

This time the UK won't be forced out of the ERM but into it.

This is a more likely outcome than the nationalisation of the banks succeeding.
We are the banks 08:30am on 25 Dec 2008 Commissar Peston

For your services to the Party the central committee awards you the journalist of the year award. In recognition of your role in the nationalising of the means of production, distribution and exchange.

Tovarisch Chelyabinsk

PS The UKFI, which is fulsomely praised in this article is headed (CEO) by one John Kingman, who is said by the Daily Mail to be the source at the Treasury of Robert Peston's scoops. They worked together at the Financial Times.

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