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al2604

Listed below are comments made by al2604 between Monday, 22nd December 2008 and Monday, 22nd December 2008.

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How our banks were rescued 9:53pm on 22 Dec 2008 fact is, your 24" flat screen is going to cost 150 quid next year in nominal terms...we are not going to need to rely on hedonics for some time to come...
How our banks were rescued 9:14pm on 22 Dec 2008 Peston takes much glee in assuming the moral high ground when denouncing the restriction of information dissemination to the public that may act against their common good (in this case, the posibility of triggering multiple runs on commercial banks funded predominantly by retail deposits).

He subsequently explains in particularly smug fashion the 2 ways in which banks may ultimately fail - one of which being the rapid and almost immediate withdrawl of primary sources of funding.

Clearly for investment banking institutions these sources will tend to come from a wholesale source. But for the more retail orientated institution, of which the traditional building society is surely one of the best examples, the retail market is a crucial provider of liquidity.

How can Peston claim for one second to defend the rights of retail investors to all information that he deems pertinent to them, when his very actions accelerate the panicky ill-informed over-reaction from the very same investors that would (and did) lead to the collapse of financial institutions serving the retail sector.

He spouts hypocritical , self serving , contradictory nonsene. His contacts are undeniably of the highest quality, and his knowledge and understanding of the economy and financial markets greater than that of most of his peers. But his attempt to intertwine his notion of moral stewardship into his past actions leaves a particularly bitter taste.

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al2604