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EasternFestoon

Listed below are comments made by EasternFestoon between Friday, 6th February 2009 and Wednesday, 13th May 2009.

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MPs' tax muddle 9:38pm on 13 May 2009 There is a great difference between transgression of the rules and transgression of the spirit of the rules. Given that the rules are crazy then many of the claims are going to look bizarre. The public perception that MP's are on the make is borne out by the behaviour of the minority of MP's but only a minority. I suspect that the majority would want to be sqeaky clean if only they knew how and the minority would milk the system for all they could. They are all overworked & too busy to give attention to the detail. The Revenue might take an interest but our tax system is so complex that genuine mistakes are quite likely. I despair of Captal Gains Tax because not even my accountant can work out whether I owe any money.
Though we might find it amusing that the "none of the above party" wins the majority of seats in the European parliament I suspect we will not be well served by it. Even worse by the BNP & UKIP. The real trouble with politics is that people with imagination and integrity run a mile rather than stand. The rewards are poor and the comittment enormous. I am frankly appalled by the calibre of most of the current ministers but it will not improve with the current witch hunt. WE get the government we deserve.
Will QE work? 10:09am on 11 Mar 2009 I find 'printing money' rather frightening.

It would help if I thought GB & AD knew what they were doing but they don't and the whole thing is so beyond anyone's experience that the consequences are completely unknown. We all know the world economy is in a dreadful mess and the UK economy as bad if not worse than many others. 'QE' is desperation.

However I suspect that the consequence will be:-
1) A fall in the pound £
2) An eventual rise in inflation partly caused by the fall in the pound.
3) Minimal effect on the banks ability to lend because the borrowers are still seen as desperate and the risks too high.

Worst of all I suspect that these desperate measures, because of their uncertain outcome, will lead to even further loss of confidence in the whole financial system. We have been close to Total Economic Meltdown before back in October. I hope we dont finally get to the point where the ATM's all say 'Sorry - this service is no longer available' and all banks close. It is the only time in my lifetime when such a possibilty had a serious chance of happening.

I wonder if this economic collapse is the mechanism by which a much needed halt is called on the destruction of the planet by the human race. A revenge of Gaia. We also hear today about predictions of sea levels rising by a meter this century as a result of global warming. I am glad I dont live in the Maldives or Bangladesh.

I just hope to survive it
Clawing back Sir Fred's pension 6:38pm on 03 Mar 2009 The shareholders should sue him for damages in a class action citing gross negligence and citing RBS's sorry state as evidence.
HBOS: Strong men will weep 11:46am on 27 Feb 2009 Is there any scope for shareholders or the taxpayer who has to provide the baillout, sueing the incompetent directors of these banks for negligence and taking away their ludicrously overgenerous pensions?
The Goodwin pension questions 4:26pm on 26 Feb 2009 Keep stirring Robert. Good on yer!

We would all like to see Sir Fred stacking shelves in Sainsburys to make ends meet. That would be poetic justice.

The pension is scandalous and if they knew about it then ministerial heads should roll. I feel sorry for the overworked underpaid bank staff who hardly have time to go for a pee. If they cut lots of jobs the queues at Nat West will be out the door. I also feel sorry for shareholders.
RBS: big losses, big bailout 09:05am on 26 Feb 2009 #13 and others

I suggest RBS shareholders club together and sue Sir Fred for negligence and neglect of duty citing the current state of RBS as prima facie evidence. They could recoup their costs by selling the Sun exclusive rights to report on the public pilloring. It would make good television too. The FSA people yesterday was reality television at its best - jaw dropping as Robert said.

I am still not quite sure where this will end. When there are 4 million people out of work and deeply in debt and greedy incompetent bankers enjoying well paid retirement benefits at 50 there is considerable potential for civil unrest. Debt keeps most of us quietly enslaved for life (or at least from University to retirement). The more radical might consider anarchy a liberation from debt. When you have nothing to lose the shackles get looser.

I think I will pop along to Nat West and see how much I can borrow. With low interest rates and the tax payer taking the risk it is a much better time to borrow than to save. With quantitative easment they probably have loads of fresh cash to hand out. It might finance a nice life in South America.
A brief escape 7:46pm on 18 Feb 2009 Welcome back Robert we have missed you.

Ignore all those carping comments and keep telling us as it is.

We have all lost money but it is not your fault.
Why Sir James Crosby resigned 8:12pm on 11 Feb 2009 We should appoint Paul Moore to run the FSA.

He has got balls and seems to know when the shit is about to hit the fan. Ideally qualified. Good luck to him.
Docking bankers' pay 7:05pm on 08 Feb 2009 Very good news! Nice to see a bit of political consensus. Lets hope they make it stick.

If comments on your blog are anything to go by Robert, and I hope they are very influential, bankers getting fat bonuses would start a revolution. We are not quite unanimous and we vary in our fury but we are all against bankers from banks that take public money getting any bonus at all. Retrospectively tax the previous bonuses I say.
Should Lloyds pay a bonus? 6:44pm on 06 Feb 2009 Come on moderators or are you all stuck in the snow?

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