Tim Geithner must nationalise some of America’s biggest banks and take the total toll of the US bail-out to around $2 trillion, according to one of the world’s most prominent economists. Professor Roubini, who worked with Mr Geithner in the Clinton administration, told The Daily Telegraph: “Many US banks are insolvent, even the major ones.” While nationalisation is “a politically- charged decision” which needs to handled carefully, he said it needs to take place “sooner rather than later” for the sake of the wider economy.
Roubini also think that the UK government should socialise the banks here.
It’s quite fascinating to watch these socialists emerge from the rock they have been hiding for years now and join in the unholy chorus that repeats – NATIONALISE, SOCIALISE, NATIONALISE, SOCIALISE. Of course IF they were to have their way, the duration and severity of the recesssion would only deepen and they would bring about a depression that could be greater than that which their ideological soulmates caused in the 1930’s.
I can understand their hatred of the free-market, and I can understand their current opportunism as they take advantage of all the problems Government has created to now suggest that the solution is….more government!
But Roubini, Geithner and the rest of the crew are all in denial over the most obvious fact of all – Government interference CAUSED the recession and only by letting the market correct itself free from political interference will a solution be found.It should be hands-off the banks, let them sink or let them swim. That way we don’t all get soaked.
The ignorance that informs media debate over the financial recession is manifest in the wailing that greets the new that BMW have announced that it will cut 850 jobs in the face of plunging sales at it’s Mini production plant at Cowley.
The BMW-owned firm said all the losses will affect agency workers at its giant factory in Cowley, near Oxford, where the current weekend shift is to be axed. The cuts will come into force from March 2 when the plant begins operating five days per week instead of the current seven following a 35 per cent slump in sales last month.
What could be more sensible than this? Demand drops, production drops. It’s both logical and necessary. It strikes me that there are some who seem to think that the economic law of supply and demand can be set aside in this 21st century, either out of blind stupidity or political connivance. But of course this is not the case. Business MUST readjust and BMW is doing exactly the right thing. The party is over – handle the hangover. I think the Mini is a great car but people are buying fewer of them and so it is important that BMW factor this into their production cycle. Why is this then greeted as if it were the worst thing that ever happened?
My neighbor Al died Saturday afternoon after a long fight. He was in his late eighties, a widower who up until this winter did all his own yardwork and still drove his car around. He and his wife were the first people to stop by when we moved into our house.
He met his wife during World War II. She was a nurse with the WACs and he was a marine. He fought fascists in Europe and the Pacific. He fought on Okinawa, and if you don’t know what that means it means he had been to Hell on Earth. After the war they came home and got married. He worked for the Railroad and she worked as a nurse. They had one child, a daughter. They were there whenever anyone needed them. They lived in the small house two down from me for decades. They had the best garden in the neighborhood. And he drove a Cadillac as if he owned the entire road, and sometimes in later years he drove as if he owned the sidewalk as well.
Al served as a usher in our parish. He never missed a Sunday, unlike younger folks such as myself who can find an excuse to duck away every now and then. Once when a new Priest told him he should sit a wealthy congregant closer to the front Al said “You take care of their souls, I’ll take care of their asses”. It is my favorite theological exchange of modern times.
His wife passed away in 2007 and I don’t think Al really recovered from that. He still got around and did his thing, but the spark was gone. He went down hill very quickly this year, a host of ailments took turns. And this Saturday was the end. He waited until Valetine’s Day to join his beloved wife.
We ALL know how grim conditions are in Gaza. I mean all thanks to bad Joooooos, the poor Palestinian live in hell on Earth and no matter what aid they get – regardless of how many $$$billlions$$$$ are poured in – it cannot be enough for these oppressed people.
“…the population of the Gaza Strip increased by almost 40% between 1997 and 2007, according to the results of a Palestinian census. The survey, taken before Israel’s recent military operation against Hamase, showed the territory has a population of 1.4 million people. The Palestinian Central Bureau of Statistics estimated the annual growth rate at 3.3% and said the population would double in 21 years at that rate. The UN estimates the world’s current average population growth at 1.17%.”
I see those crazy Pakistanis have been up to their work in Paris….
“A French court has jailed a Pakistani man for 20 years for setting his ex-girlfriend alight after she refused to marry him, in a case seen by rights activists as highlighting violence against women in poor neighbourhoods. “It sets a good example. For women who are victims of violence, I think 20 years is a good step,” Chahrazade Belayni, the victim,said after the sentence was read out. Amer Mushtaq Butt, 28, doused Ms Belayni with petrol and set fire to her on the street as she was leaving her home in the underprivileged Paris suburb of Neuilly-sur-Marne in 2005.
She suffered third-degree burns on 60 per cent of her body, fell into a coma and had to undergo numerous operations. Ms Belayni is now 21 and works for the police. Butt fled to Pakistan after the attack but returned to France to hand himself in a year later. He pleaded guilty at his trial, saying it was a crime of passion. Human rights groups such as the prominent “Ni Putes Ni Soumises” (“Neither whores nor submissive women”) say violence against women is rife in poor communities with high Muslim populations on the outskirts of French cities. The activists say so me young Muslim men take out their frustrations about poverty and discrimination on women, demanding that they cover up according to Islamic tradition. If they refuse, they are considered “whores”.
1.. Good judicial sentence – twenty years, no parole, and no soft prison conditions for this piece of scum.
2. Islamic abuse of women is quiet shocking but where are the feminisatas when they need to be heard? Cherie Blair been awfully quiet on this topic. Maybe she’s too busy feeling sorry for homocide bombers?
“Fear are mounting that Ireland could default on its soaring national debt pile, amid continuing worries about its troubled banking sector. The cost of buying insurance against Irish government bonds rose to record highs on Friday, having almost tripled in a week. Debt-market investors now rank Ireland as the most troubled economy in Europe. Simon Johnson, the former chief economist of the International Monetary Fund, called for this weekend’s meeting of G7 finance ministers to put Ireland’s troubles at the top of the agenda.”
And then, this…
“Pledges made by Ireland to support its banking sector amount to 220% of the country’s annual economic output. The total loans held in Irish banks are more than 11 times the size of the economy.
Following the scandal at Anglo Irish Bank over undisclosed loans, the market fears there are more hidden problems that could ultimately fall to the state to resolve.
With Ireland set to borrow an additional €15 billion (£13.4 billion) this year, the national debt pile will hit €70 billion.
The cost of insuring Irish debt hit 350 basis points on Friday, meaning that for every £100 of debt it would cost £3.50 to insure against default. A year ago it would have cost 10p to insure every £100 of Irish debt.
One possible solution would see Germany buy billions of euros of Irish government debt through a fund set up by the European Central Bank.”
So, if Germany (itself in economic meltdown) was to buy this vast Irish governmental toxic debt, what would it seek in exchange?Perhaps Ireland could become an overseas sub-branch of Germany?
I first sat up and took notice of this song last week, the day after the Grammy Awards. I was in a ballet class, doing sit-ups to a hip-hop beat and the “numa numa” background was the thing that first stood out as I listened.
And then, the lyrics. “…stop looking at what you ain’t got and start being thankful for what you do got…rappers now a counterfeit…your piss-poor morality, ignoring all prior advice and warning…”
“What?!?” I thought. “Hip-hop with a conscience? Am I hearing things?”
It turns out that we were listening to Rihanna, Live Your Life, the same Rihanna that had been so badly beaten the night before by her live-in lover, Chris Brown, that she was unable to perform at the Grammies, as originally planned.
Following the Grammies, on the local news, there was a televised car chase over the freeways of Los Angeles. It lasted around 5 excruciatingly boring hours, and unfortunately ended in the suicide of the driver. I didn’t watch it; I can’t stand that stuff.
But many of the dancers did watch it. The ballet dancers around me had questions: “Was Chris Brown (Rihanna’s boyfriend) the driver?” (No) “Can cars go for 4-5 hours without tanking up?” (Yes, if they have a full tank.)
In this video, the guy is walking down the dry Los Angeles River – a concrete basin that actually floods when we have rains. My city. Los Angeles, 2008.
I see that Druid Williams, the Archdhimmi of Canterbury, speaking on the the anniversary of the interview he gave in which he claimed it “seems inevitable” that some parts of sharia would be enshrined in the UK legal code, now believes “a number of fairly senior people” now take the same view.
The Archbishop, the most senior cleric in the Church of England, faced calls to resign last February when he said it was likely that elements of the religious principles based on the Koran, concerning marriage, finance and conflict resolution, would be enshrined in British legislation one day. But in July he was supported by Lord Phillips of Worth Matravers, who was then the Lord Chief Justice, while it later emerged that five sharia courts are already operating mediation systems under the Arbitration Act, and that the Government allows Islamic tribunals to settle the custody and financial affairs of divorcing couples and send their judgements to civil courts for approval.
Williams is typical of the gutless liberal shills for Islam that infect our Nation. Rather than come out and defend BRITISH justice, instead they witter on about the joys of Sharia. It will only be when gay Anglican clergy are sentenced to stoning to death in the public square that these bozos realise the stupidity of what they advocate.
“Heavy drinkers are receiving nearly one in four of the UK’s liver transplants, it was revealed last night, igniting a furious row about the ethics of allocating organs to people with alcohol problems. (Wonder how one defines a “heavy drinker”? Is it anyone over 15 stone?)
Figures show that transplants for heavy drinkers have risen by more than 60% in the past decade, while waiting lists have lengthened. In December 1997, 180 people in the UK were awaiting a liver transplant, compared with 325 in the same month last year.
Dr Tony Calland, chairman of the British Medical Association’s medical ethics committee, said surgeons are within their rights to refuse transplants to anyone with alcohol-related liver disease if they do not demonstrate a genuine desire to stop drinking. And the mother of a young woman whose organs helped to keep five people alive after she died said it was “offensive, terrible and unfair” that an increasing proportion of livers were going to people with serious alcohol problems.”
However if we are going to discriminate against heavy drinkers, then how about we also discriminate against smokers? And then, of course, there are the obese. And let’s not forget those who partake in recreational drug-taking! And of course there are those who engage in sports which carry the risk of serious injury. And those who drive too quickly. In fact, how about the NHS just doesn’t treat anybody, so preserving scarce resources?
Looks like Euroland is sinking deeper into the economic mire than even the United States….
Europe sank even deeper into recession than the United States in the closing months of last year, according to figures published Friday, as finance ministers of leading industrialized nations gathered in one of the worst-affected countries, Italy, for discussions on thecrisis. In the fourth quarter, the economy of the countries sharing the euro declined by 1.5 percent, according to the European Union’s statistics office. That is even worse than the 1 percent decline in the U.S. economy during that period, compared with the previous quarter. “Today’s data wipes out any illusion that the euro zone is getting off lightly in this global downturn,” said Jörg Radeke, an economist at the Center for Economics and Business Research in London.”
The problem for the Eurozone is that the many different Nation States within it all have their own specific economic needs with specific responses. But that is not an option. So the sinking will continue and all the talk will achieve nothing.
You do not defeat terrorism by rewarding terrorists, regardless of how many bleeding heart liberals argue otherwise. Want to know where that flawed approach leads to? Read UNIONISM DECAYED 1997-2007 - It's my first book and it explains what happens when you seeek to appease terrorists and call it peace. It's available right now for ATW readers so make sure you get your copy by emailing the editor! This is the book that dissents from the herd mentality that doing wrong can lead to being right. It doesn't and this book spells out WHY.
Copyright & copy; 2010 A Tangled Web (All rights reserved). Comments on articles here are unmoderated, and do not necessarily reflect the views of A Tangled Web or David Vance. Comments that are off-topic, offensive, slanderous, or otherwise unacceptable may be deleted by the Editor. However the fact a particular comment remains on the site IN NO WAY constitutes an endorsement by David Vance of the views expressed therein.