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	<title>Comments on: The Bank reveals trouble ahead</title>
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	<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/</link>
	<description>Conservative Party Candidate for Wokingham</description>
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		<title>By: APL</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26880</link>
		<dc:creator>APL</dc:creator>
		<pubDate>Sun, 02 Nov 2008 20:15:09 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26880</guid>
		<description>Nick: &quot;You say, “we should govern ourselves”. By that you just mean more power to Westminister.

Yes, that would be a first step.

Nick: &quot;There is no difference between the EU and Westminister.&quot;

I accept that they are much the same beast. But I do occasionally have the opportunity to tell the people in Westminister what I think of them - even if it is only once every five years.

The EU, on the other hand pretends to be democratic, the parliament is trying to get more power, but the real authority, no I mean the real power, lies eslewhere.

Nick: &quot;They both take a one size fits all, They both make mistakes, They both impose on others.&quot;

Yes, yes, yes. I would forgive them for making mistakes that is a human characteristic.

Nick: &quot;The only solution is referenda.

Ok, But all you describe is; the largest mob gets what it wants, the largest mob makes mistakes, the largest mob imposes its will on others.

Nick: &quot;People vote, ideally locally, on what they want with safeguards that the costs are equitably shared. Ideally hypothecated.&quot;

Despite what I said about mob rule above, I could live with that.</description>
		<content:encoded><![CDATA[<p>Nick: &#8220;You say, “we should govern ourselves”. By that you just mean more power to Westminister.</p>
<p>Yes, that would be a first step.</p>
<p>Nick: &#8220;There is no difference between the EU and Westminister.&#8221;</p>
<p>I accept that they are much the same beast. But I do occasionally have the opportunity to tell the people in Westminister what I think of them &#8211; even if it is only once every five years.</p>
<p>The EU, on the other hand pretends to be democratic, the parliament is trying to get more power, but the real authority, no I mean the real power, lies eslewhere.</p>
<p>Nick: &#8220;They both take a one size fits all, They both make mistakes, They both impose on others.&#8221;</p>
<p>Yes, yes, yes. I would forgive them for making mistakes that is a human characteristic.</p>
<p>Nick: &#8220;The only solution is referenda.</p>
<p>Ok, But all you describe is; the largest mob gets what it wants, the largest mob makes mistakes, the largest mob imposes its will on others.</p>
<p>Nick: &#8220;People vote, ideally locally, on what they want with safeguards that the costs are equitably shared. Ideally hypothecated.&#8221;</p>
<p>Despite what I said about mob rule above, I could live with that.</p>
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		<title>By: Nick</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26709</link>
		<dc:creator>Nick</dc:creator>
		<pubDate>Thu, 30 Oct 2008 09:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26709</guid>
		<description>OK. Let me explain the lots of decisions bit.

The decision to underwrite the banks at a certain price is one decision. That price was too high, and Brown has made a huge loss on the trade. One decision, 6 billion lost.

When it comes to the EU, like any form of government, it involves politicians making lots of decisions on how to affect people&#039;s lives. A lot will have the same quality as Brown&#039;s underwritting, and cause other people serious harm. They don&#039;t care too much about spending other people&#039;s money, and they have to take a one size fits all approach. 

You say, &quot;we should govern ourselves&quot;. By that you just mean more power to Westminister. There is no difference between the EU and Westminister.

They both take a one size fits all
They both make mistakes
They both impose on others.

The only solution is referenda. People vote, ideally locally, on what they want with safeguards that the costs are equitably shared. Ideally hypothecated.

Even the proposers of the Great Repeal bill have it wrong. They want referenda, but haven&#039;t even proposed that the voters get the vote on which parts of the Great Repeal bill get repealed (From my quick reading)

ie. Even they are acting like EU politicians.

Nick</description>
		<content:encoded><![CDATA[<p>OK. Let me explain the lots of decisions bit.</p>
<p>The decision to underwrite the banks at a certain price is one decision. That price was too high, and Brown has made a huge loss on the trade. One decision, 6 billion lost.</p>
<p>When it comes to the EU, like any form of government, it involves politicians making lots of decisions on how to affect people&#8217;s lives. A lot will have the same quality as Brown&#8217;s underwritting, and cause other people serious harm. They don&#8217;t care too much about spending other people&#8217;s money, and they have to take a one size fits all approach. </p>
<p>You say, &#8220;we should govern ourselves&#8221;. By that you just mean more power to Westminister. There is no difference between the EU and Westminister.</p>
<p>They both take a one size fits all<br />
They both make mistakes<br />
They both impose on others.</p>
<p>The only solution is referenda. People vote, ideally locally, on what they want with safeguards that the costs are equitably shared. Ideally hypothecated.</p>
<p>Even the proposers of the Great Repeal bill have it wrong. They want referenda, but haven&#8217;t even proposed that the voters get the vote on which parts of the Great Repeal bill get repealed (From my quick reading)</p>
<p>ie. Even they are acting like EU politicians.</p>
<p>Nick</p>
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		<title>By: APL</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26692</link>
		<dc:creator>APL</dc:creator>
		<pubDate>Wed, 29 Oct 2008 20:53:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26692</guid>
		<description>Nick: &quot;The EU is lots of decisions. This is just one. 6 billion.&quot;

I thought about that remark for a while, because it wasn&#039;t immediately clear to me what you meant.

So I think you mean, there are lots of ramifications to being in or out of the EU. Well perhaps you are right. I think you are wrong!

There is only one issue that is worth considering regarding our (the UK) relationship with the EU.

DO WE GOVERN OURSELVES?

From that decision, yes, flow lots of other decisions. But those decisions should be made by british people in Parliament on behalf of British people in the United Kingdom.

At the moment, we have the worst of all worlds. We have Brown prancing around pretending to govern. It will make no difference if Cameron takes his place, nor the cartwheels Cameron chooses to turn, we will still be governed by Brussels. And while that situation exists, everything that goes on at Westminster is a FARCE.</description>
		<content:encoded><![CDATA[<p>Nick: &#8220;The EU is lots of decisions. This is just one. 6 billion.&#8221;</p>
<p>I thought about that remark for a while, because it wasn&#8217;t immediately clear to me what you meant.</p>
<p>So I think you mean, there are lots of ramifications to being in or out of the EU. Well perhaps you are right. I think you are wrong!</p>
<p>There is only one issue that is worth considering regarding our (the UK) relationship with the EU.</p>
<p>DO WE GOVERN OURSELVES?</p>
<p>From that decision, yes, flow lots of other decisions. But those decisions should be made by british people in Parliament on behalf of British people in the United Kingdom.</p>
<p>At the moment, we have the worst of all worlds. We have Brown prancing around pretending to govern. It will make no difference if Cameron takes his place, nor the cartwheels Cameron chooses to turn, we will still be governed by Brussels. And while that situation exists, everything that goes on at Westminster is a FARCE.</p>
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		<title>By: Nick</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26651</link>
		<dc:creator>Nick</dc:creator>
		<pubDate>Wed, 29 Oct 2008 09:16:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26651</guid>
		<description>The EU is lots of decisions. This is just one. 6 billion.

Now think about government. It is making decisions like this repeatedly, but with hidden costs.

The underwritting by Brown is a good example because we can clearly see how well he has done. We can mark to market accurately (something that Brown wants for others)</description>
		<content:encoded><![CDATA[<p>The EU is lots of decisions. This is just one. 6 billion.</p>
<p>Now think about government. It is making decisions like this repeatedly, but with hidden costs.</p>
<p>The underwritting by Brown is a good example because we can clearly see how well he has done. We can mark to market accurately (something that Brown wants for others)</p>
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		<title>By: Adrian Peirson</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26645</link>
		<dc:creator>Adrian Peirson</dc:creator>
		<pubDate>Wed, 29 Oct 2008 04:53:51 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26645</guid>
		<description>Isn&#039;t it about time we had our fishing back so we could feed ourselves, our farming restored, our industries rebuilt.
We always had a Global Economy, we didn&#039;t need to spend £20 Billion Net in the 1700&#039;s to trade with Europe or indeed the World.
It&#039;s all a Fiddle, 80% is unnacounted for, we are being bled dry.
Forced onto our knees and into some Police state Socialist construct.</description>
		<content:encoded><![CDATA[<p>Isn&#8217;t it about time we had our fishing back so we could feed ourselves, our farming restored, our industries rebuilt.<br />
We always had a Global Economy, we didn&#8217;t need to spend £20 Billion Net in the 1700&#8217;s to trade with Europe or indeed the World.<br />
It&#8217;s all a Fiddle, 80% is unnacounted for, we are being bled dry.<br />
Forced onto our knees and into some Police state Socialist construct.</p>
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		<title>By: APL</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26635</link>
		<dc:creator>APL</dc:creator>
		<pubDate>Tue, 28 Oct 2008 20:31:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26635</guid>
		<description>AntiEU: &quot;but more needs to be said about the EU as well.&quot;

JR: &quot;Yes of course we need to sort out our relaitonship with EU ..&quot;

Note the carefully phrased reply, Mr Redwood doesn&#039;t want to sour his relationship with Mr Cameron.

http://www.telegraph.co.uk/news/newstopics/mandrake/3248272/David-Cameron-has-a-quiet-word-to-silence-his-Golden.html

Who we now know is a raving EUrophile.

Reply: Mr Cameron is no raving Europhile - I voited for him because he made clear he wanted us to get powers back from Brussels, and  will fight the new Euro elecitons on a ticket outside the EPP.</description>
		<content:encoded><![CDATA[<p>AntiEU: &#8220;but more needs to be said about the EU as well.&#8221;</p>
<p>JR: &#8220;Yes of course we need to sort out our relaitonship with EU ..&#8221;</p>
<p>Note the carefully phrased reply, Mr Redwood doesn&#8217;t want to sour his relationship with Mr Cameron.</p>
<p><a href="http://www.telegraph.co.uk/news/newstopics/mandrake/3248272/David-Cameron-has-a-quiet-word-to-silence-his-Golden.html" rel="nofollow">http://www.telegraph.co.uk/news/newstopics/mandrake/3248272/David-Cameron-has-a-quiet-word-to-silence-his-Golden.html</a></p>
<p>Who we now know is a raving EUrophile.</p>
<p>Reply: Mr Cameron is no raving Europhile &#8211; I voited for him because he made clear he wanted us to get powers back from Brussels, and  will fight the new Euro elecitons on a ticket outside the EPP.</p>
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		<title>By: APL</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26634</link>
		<dc:creator>APL</dc:creator>
		<pubDate>Tue, 28 Oct 2008 20:26:43 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26634</guid>
		<description>Nick: &quot;Nearly 6 billion lost on the underwritting.&quot;

Don&#039;t wish to be flippant, but £6billion is about 2/3 of what we pay to the European Union each and every year, that is a total washout too!</description>
		<content:encoded><![CDATA[<p>Nick: &#8220;Nearly 6 billion lost on the underwritting.&#8221;</p>
<p>Don&#8217;t wish to be flippant, but £6billion is about 2/3 of what we pay to the European Union each and every year, that is a total washout too!</p>
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		<title>By: APL</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26629</link>
		<dc:creator>APL</dc:creator>
		<pubDate>Tue, 28 Oct 2008 18:13:45 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26629</guid>
		<description>Isn&#039;t it about time somebody on the Tory front benches tabled a vote of (no) confidence in Brown and his administration?</description>
		<content:encoded><![CDATA[<p>Isn&#8217;t it about time somebody on the Tory front benches tabled a vote of (no) confidence in Brown and his administration?</p>
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		<title>By: mikestallard</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26627</link>
		<dc:creator>mikestallard</dc:creator>
		<pubDate>Tue, 28 Oct 2008 16:23:26 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26627</guid>
		<description>I am getting scared now.
This government (for the umpteenth time) deals in billions.
You&#039;re talking trillions.
The two problems with nationalisation are these:
1. The people who run them are, as Baroness Thinggy said when she replaced Peter Mandelson in Brussels, &quot;good at people skills&quot;. They know nothing at all about commerce or banking. So they are prey to every change of fashion, to every lobbyist, to every pressure group. They just hope to goodness that nothing goes wrong on their watch and also that they don&#039;t have to make any big decisions. It is like working in the dark. You guess.
2. The government has lots of calls on their money apart from the banks. For instance, schools&#039;n&#039;ospitals. For instance fighting two wars alongside the Americans. For instance, paying all those desk drivers and their pensions for years to come. And how about paying off all that debt? I fancy that another bank bail out will be way down the list when it comes in a couple of years&#039; time. Meanwhile, more and more money haemorrages.</description>
		<content:encoded><![CDATA[<p>I am getting scared now.<br />
This government (for the umpteenth time) deals in billions.<br />
You&#8217;re talking trillions.<br />
The two problems with nationalisation are these:<br />
1. The people who run them are, as Baroness Thinggy said when she replaced Peter Mandelson in Brussels, &#8220;good at people skills&#8221;. They know nothing at all about commerce or banking. So they are prey to every change of fashion, to every lobbyist, to every pressure group. They just hope to goodness that nothing goes wrong on their watch and also that they don&#8217;t have to make any big decisions. It is like working in the dark. You guess.<br />
2. The government has lots of calls on their money apart from the banks. For instance, schools&#8217;n'ospitals. For instance fighting two wars alongside the Americans. For instance, paying all those desk drivers and their pensions for years to come. And how about paying off all that debt? I fancy that another bank bail out will be way down the list when it comes in a couple of years&#8217; time. Meanwhile, more and more money haemorrages.</p>
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		<title>By: John</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26626</link>
		<dc:creator>John</dc:creator>
		<pubDate>Tue, 28 Oct 2008 16:21:11 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26626</guid>
		<description>The so called Prime Minister is posing on the world stage with his usual &quot;throw money at any problem,&quot; policy. Anyone with half a brain can see, it was his policies when Chancellor, that make recovery much harder in this country than in many others. A fantastic opportunity for the opposition to make capital. What do they do!! Cock up the whole thing by going on junkets with Russian tycoons. The Tories seem to be completely at sea. Where is the decisive leadership? Why are they not writing in the popular newspapers exposing bumbling Brown for what he is. Don&#039;t tell me that they are frightened they may make things worse by talking down Britain. If something is not done soon we are going to be a third world economy and it will be too late.</description>
		<content:encoded><![CDATA[<p>The so called Prime Minister is posing on the world stage with his usual &#8220;throw money at any problem,&#8221; policy. Anyone with half a brain can see, it was his policies when Chancellor, that make recovery much harder in this country than in many others. A fantastic opportunity for the opposition to make capital. What do they do!! Cock up the whole thing by going on junkets with Russian tycoons. The Tories seem to be completely at sea. Where is the decisive leadership? Why are they not writing in the popular newspapers exposing bumbling Brown for what he is. Don&#8217;t tell me that they are frightened they may make things worse by talking down Britain. If something is not done soon we are going to be a third world economy and it will be too late.</p>
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		<title>By: Nick</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26622</link>
		<dc:creator>Nick</dc:creator>
		<pubDate>Tue, 28 Oct 2008 15:29:17 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26622</guid>
		<description>Share                       Market Price    Government Price                Size              Profit
LON:HBOS                            66.3               113.6             8,500.0            -3,539.2
LON:RBS                             57.3                65.5            15,000.0            -1,877.9
LON:LLOY                           162.1               173.3             4,500.0              -290.8
TOTAL                                                                                       -5,707.9


Nearly 6 billion lost on the underwritting.</description>
		<content:encoded><![CDATA[<p>Share                       Market Price    Government Price                Size              Profit<br />
LON:HBOS                            66.3               113.6             8,500.0            -3,539.2<br />
LON:RBS                             57.3                65.5            15,000.0            -1,877.9<br />
LON:LLOY                           162.1               173.3             4,500.0              -290.8<br />
TOTAL                                                                                       -5,707.9</p>
<p>Nearly 6 billion lost on the underwritting.</p>
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		<title>By: Matthew Reynolds</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26620</link>
		<dc:creator>Matthew Reynolds</dc:creator>
		<pubDate>Tue, 28 Oct 2008 14:58:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26620</guid>
		<description>The Monetary Policy Committee should take emergency action &amp; slash interest rates by a third  from 4.5%  to 3% . Base rates going down by 1.5% now and by another 1% to 2% in time for Christmas will help the economy at a time of dire distress .

Never mind giving taxpayers money to a load of bankers  who along with New Labor caused economic apoplexy - lets cut taxes for the mainstream majority on 20p income tax by raising the basic personal allowance as  funded by closing down the Labor crony £100 billion QUANGO state . In Eire small government &amp; lower taxes worked as it did in Reagan&#039;s America .

Falling interest rates , tough spending cuts and lower taxes coupled with real welfare reform and small business deregulation will get us out of recession as will more private money to get the infrastructure right to sustain a recovery and get the jobless figures down . RPI-x is an accurate inflation measure - having that as the MPC&#039;s target at 2% will stop future price spirals destroying peoples lives &amp; economic stability .

Never mind banking mess ups - lets improve things for ordinary folks . This bank bail -out stinks ! Lower interest rates will  defrost the credit market which means over taxed people do not need to pay bankers hundreds of billions as a result of the folly of this irresponsible government .</description>
		<content:encoded><![CDATA[<p>The Monetary Policy Committee should take emergency action &amp; slash interest rates by a third  from 4.5%  to 3% . Base rates going down by 1.5% now and by another 1% to 2% in time for Christmas will help the economy at a time of dire distress .</p>
<p>Never mind giving taxpayers money to a load of bankers  who along with New Labor caused economic apoplexy &#8211; lets cut taxes for the mainstream majority on 20p income tax by raising the basic personal allowance as  funded by closing down the Labor crony £100 billion QUANGO state . In Eire small government &amp; lower taxes worked as it did in Reagan&#8217;s America .</p>
<p>Falling interest rates , tough spending cuts and lower taxes coupled with real welfare reform and small business deregulation will get us out of recession as will more private money to get the infrastructure right to sustain a recovery and get the jobless figures down . RPI-x is an accurate inflation measure &#8211; having that as the MPC&#8217;s target at 2% will stop future price spirals destroying peoples lives &amp; economic stability .</p>
<p>Never mind banking mess ups &#8211; lets improve things for ordinary folks . This bank bail -out stinks ! Lower interest rates will  defrost the credit market which means over taxed people do not need to pay bankers hundreds of billions as a result of the folly of this irresponsible government .</p>
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		<title>By: AntiEU</title>
		<link>http://www.johnredwoodsdiary.com/2008/10/28/the-bank-reveals-trouble-ahead/#comment-26613</link>
		<dc:creator>AntiEU</dc:creator>
		<pubDate>Tue, 28 Oct 2008 11:57:54 +0000</pubDate>
		<guid isPermaLink="false">http://www.johnredwoodsdiary.com/?p=1920#comment-26613</guid>
		<description>John, just wondering whether you went to the Bruges Group dinner last night, and whether you agree with Lord Tebbit about the need for a referendum on our membership?

Many of your posts in the last few month have been excellent on the economy, but more needs to be said about the EU as well.

Reply: Yes of course we need to sort out our relaitonship with EU - there are many blogs on this site from explaining how and why.</description>
		<content:encoded><![CDATA[<p>John, just wondering whether you went to the Bruges Group dinner last night, and whether you agree with Lord Tebbit about the need for a referendum on our membership?</p>
<p>Many of your posts in the last few month have been excellent on the economy, but more needs to be said about the EU as well.</p>
<p>Reply: Yes of course we need to sort out our relaitonship with EU &#8211; there are many blogs on this site from explaining how and why.</p>
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