Comments on: Mr Darling reveals far too much

By: Politico

Politico — Sat, 30 Aug 2008 18:03:34 +0000

It is the portrait of a man at the end of his tether. He cant do his job, for his boss is doing it for him.

I suspect he is preparing the ground for some pretty radical policies in the coming weeks. Redistribution anyone?

The Tories are unprepared for a radical Labour streak.

By: mikestallard

mikestallard — Sat, 30 Aug 2008 16:40:10 +0000

What more is there to add?
In our little town, we have a Headmaster, Mr Bennett, whose ground was cut from under him by the Conservative County Council who did not honour a promise which he had made, as Headmaster. They publicly broke his word and more or less wrecked a pupil’s chances of A Level and University.
Mr Bennett walked out with “stress” in the middle of term. That embarrassed them. From start to finish, he never spoke out against his masters in Cambridge, though. He had the decency not to. I have had to piece this together, therefore, from gossip and the local paper’s laconic reports. A fine man.
Mr Brown, when Chancellor, never spoke out against the Prime Minister.
Mr Darling, to add to all these other faults, has done just that. He admitted that it was No 10 that briefed about the Stamp duty.
That is the sign of a truly weak character.

By: Daniel Hannan

Daniel Hannan — Sat, 30 Aug 2008 15:40:23 +0000

John, you’re being characteristically modest about all this, but it does rather prove the point you’ve been making all along, going right back to your early prediction that the contracting out of interest rates to the Bank would be tested only over the full cycle.

I have no intention of being as unassuming on your behalf as you are being: see http://www.hannan.co.uk

Reply: Thank you Daniel – much appreciated.

By: Johnny Norfolk

Johnny Norfolk — Sat, 30 Aug 2008 13:21:12 +0000

Sounds as if Brown has told him he has lost his job. If its not that then thing are very bad indeed.

He is only confirming what we all know apart from the rest of the Labour party, most of the media and of course the BBC.

By: James

James — Sat, 30 Aug 2008 10:30:20 +0000

Frankly, I believe this is just more Labour spin. Paint the worst possible senario and then when it turns out only half as bad,Labour can then seek praise and re-election for yet again saving the economy.
I don’t believe things will get as bad as 60 years ago but we are surely heading for a recession of sorts. It is not a bad thing to learn a bit of thrift, we cannot keep increasing borrowing money indefinitely (although this government believes it can).
Labour appear to be nothing about the situation, mainly because they haven’t a clue what to do.
Roll on a Conservative Government.

By: Ken

Ken — Sat, 30 Aug 2008 09:43:11 +0000

I agree with the “totally out of touch” point. I know that most people in the City already think Darling is out of his depth, but this type of confirmation is really quite undesirable. How can someone this incompetent claim that he is fit to be the Chancellor? Do his officials not bother to inform him of these crises? Or are the reports that the Treasury has been gutted of more experienced staff true? I noticed that the Treasury as pretty successful in briefing against Mervyn King in the aftermath of NR, so they obviously have maintained some skills.

Financial crises of this sort also provoke political economy problems, with no one wanting to provide the final push/pull (to bail out or push into insolvency) a bad bank. It is the Chancellor’s job to be the referee and ultimate decision maker. This lack of grip is very worrying since I foresee several further financial crises on the horizon ranging from onshore banks with bad business models to overseas banks taking deposits onshore with really bad business models and the possibility of a major US bank collapse, in line with Rogoff’s comments. After the appalling performance of Darling and Burnham with NR, I really worry about the UK’s political management of financial problems.

By: Iain

Iain — Sat, 30 Aug 2008 08:23:05 +0000

With much of an economy relying on confidence the last thing you want is for the man in charge of the economy to suggest its all going to hell in a hand cart and he doesn’t have a clue. Sober realism? yes, slang and extreme rhetoric ? God, No!

But we are also being given a glimpse of the strained relations between the Chancellor and PM, never good for an economy, for Darling is clearly having a pop at the previous Chancellors record, and resenting No 10’s interference in his department.

Its bad news all round.

By: Simon

Simon — Sat, 30 Aug 2008 07:59:57 +0000

He’s mad, in the 70’s we had a three day week,

in 80-82 we had the death of the Midlands,

in 90-92 we followed the impossible German Mark,

or maybe things are going to get alot worse.

Or maybe he means we haven’t had decent economist since Keynes?