If Thatcher’s legacy is the Falklands, home ownership for all and the like, Brown’s legacy is leading the collapse of London’s once globally competitive financial services sector.
Why does Parliament not have a vote on this issue?
And part of the deal is that the banks don’t pay out dividends to shareholders. They’ll love that, though why hold a bank share if there’s no dividend? The only reasons bank shares have gone up is because (a) people have been buying them at the bottom of the market, and (b) the Labour Government has socialised the risk that was previously inherent in such shares.
Only a few crying voices in the wilderness, such as Simon Heffer in a excellent article in today’s Telegraph, have the gumption to speak out against the ridiculous £500bn package that makes the UK more socialist than the People’s Republic of China.
Alistair Darling, an ex barrister, a career politician and who has held various Cabinet posts (including ominously Trade & Industry), knows virtually nothing about entrepreneurship. Gordon Brown ran the treasury badly, and No 10 even worse. Mervyn King is hopeless. Lord Turner is only good for writing reports to Gordon Brown e.g. the Turner Review or whatever it was called. Lord Jones of Brum has had the sense to leave the Government.
So Brown’s killed the banks with kindness, and where does it leave the economy and a future of low taxes? In a very dire state, that’s where.
Mountjoy
omgdidisaythat said
regarding risk and so on , I copied this from .. I think it was the european tribue, quite funny and quite correct.
Joe goes to the track and bets $2 on a horse.
Two guys standing nearby get into a discussion and Fred says to Sam, “I’ll bet you $5 that Joe wins his bet.”
Next to them are Bill and Bob. Bill says: “I’ll bet you $10 that Fred welshes on his bet if he loses.”
Next to them is Sally. Sally says: “For $3 I’ll guarantee to Bill that if Bob fails to pay off, I’ll make good on the bet.”
Sally then goes to Mary and borrows the $7 needed in case she has to ever pay off and promises to pay back $8. She doesn’t expect to every have to pay since she believes Bob will always make good. So she expects to net $2 no matter what happens to Joe.
A quick calculation indicates that there is now 2+5+10+3+7 = $27 riding on the outcome of the horse race.
Question how much has been “invested” in the horse race?
Answer:
$50,000 by the owner of the horse who is expecting to recoup his investment from the winnings of the horse and other future deals. Everyone else is gambling, not investing.
omgdidisaythat said
And a more suspicious mind might think it was done deliberately
Career Management said
The bar area is huge and there plans to expand it. Career Management