Nov 03 2009

John Redwood on Tory Radio

6 responses so far

6 Responses to “John Redwood on Tory Radio”

1. # Matthew Reynoldson 03 Nov 2009 at 4:13 pm

   Very well put John ! When it comes to common-sense on economic policy you certainly have your finger on the pulse and no mistake !

   Labour just do not seem to grasp the obvious point that this is no solution and that selling off as much as possible as part of an attempt to fix the banks and thus speed the recovery is wise.I suspect that the real reason for all this cash being thrown at The Royal Bank of Scotland is political as Labour tries to say that it is delivering for Scotland in a way that could not happen if the SNP independence dream ever came to pass. That is why RBS is not seeking to free itself from being part of the public sector as it knows that by being government run it gets lots more money & guarantees without feeling the full force of free-market competition.

   This fits the narrative that Mandelson & Brown are trying to write for the next election campaign whereby they will say that Labour care and are taking action to end the recession by getting the banks more capital.Those two will also say that by opposing this that the Conservatives are just uncaring mad neo-liberals addicted to ideology and who don’t understand the need for Big Government to rescue the free-market. This smells like one of Brown’s dishonest dividing lines whereby he puts short-term political gain ahead of the need to govern wisely for the long-term. It is too much of a coincidence that this decision on the part of Browns puppet – sorry Chancellor will allow the Labour Party to show that they are acting while the uncaring Tories would not and that the SNP could not in an independent Scotland.

   This £30 billion or so for the banks is just an irresponsible pre-election bribe that does not fix the problem but rather is a delay for doing so.It is a political act not an economic remedy. I hope that voters North and South of the border between England and Scotland are not fooled by this shabby con-trick.

2. # davidon 03 Nov 2009 at 5:12 pm

   So Klaus signing the Lisbon treaty, pleased?

3. # Socratoon 04 Nov 2009 at 5:50 am

   The whole situation is out of all control…democracy has failed the people yet again….socialisation of losses and privatisation of profits….yet all the while the labour spending machine goes forth seemingly unstoppable…..the problem here clearly is defeatist agenda of the government (word left out) – conducting open wallet surgery with a mallet ad infinitum and increasingly ad nauseam The whole nation is being taken for a trillion pound joyride….yet only your lone voice can be heard. Shambolic, but at least you are not alone. There are a few who recognise that this episode is the culmination of pathalogic recklessness and suicidal tendancy on behalf of the this govt. You cannot disguise this degree of insanity….it is simply a loser at the casino, dumping more chips on the table in a vain attempt to recoup his losses. There should have been no discussion on bonuses…..what bonuses….pay the taxpayer first….i mean if the govt, the leading shareholder has to negotiate with these banks….what mandate does it have to talk to other banks not in receipt of taxpayer monies. Another thought I had was that right now the most patriotic and logical thing the public could do would be to close down accounts with all non taxpayer owned institutions and pump money into the govt owned ones….really this is the way of securing the best price for these institutions for the taxpayer. Frankly, I think they are all self serving (people-ed)….but now they are directly operating at our pleasure – so why not help em out some. Of course this would be to the detriment of more prudent banks such as HSBC et al. but it just goes to show how the dynamics change when govt interferes in the market place. As Jim Rodgers has said, we are simply transferring money from the competent to the incompetent. But then reality tells me that deposits only account for 10% of the balancesheet, so even if a 30% switch would take place it would make bugger all difference except at the margin. However, in the case of leveraged organisations….that means a lot me thinks. Enough on that….being a political blog….i feel it imperative to again shove it down the throats of any unconverted Redwoodians, that the responsibility of all that has come to pass lies squarely on the illegitimate shoulders of the (PM -ed)….who was unfortunately freed to do battle with the Titans of ‘Boom and Bust’ – but instead through ignorance at best, fueled the biggest boom and bust of them all, ‘Social Justice’ – yet during the boom years failed to plan for the weaker times to come – plainly didnt see it – extended wasteful and ineffectual spending trying to buy cohorts of votebank – despite clear evidence that the underclass was growing at an alarming rate and standards in all areas of life were falling, expanded unproductive sector massively….and to top it all – decided. without conducting proper due dilligence wrt the finances of financial institutions, to saddle generations of yet unborn with a legacy of debt never heard of on these shores (all in peacetime), ‘unemployment – or committment to full employment’ – yet UK is the most prone of G7 countries to economic upheaval, recession and subsequent U….and all the while nero fiddles with the sideshow bagatelle of bankers bonuses…this is social justice a la labour. There is just so much more evidence – in every area of life to arrive at the conclusion that the ……… leader is in fact so far from the intellectual heavyweight he aspires us to believe he is, rather a nickel n dime featherweight, an intellectual vacuum – deluded from the start, running on vapour …… – has failed to step up to the plate on so many occassions…..i could go on endlessly….its obvious i have no love for (what -ed) he is and represents…..but my point is we are still at the stage that these nutcases cannot be challenged…..im just waiting for the next increase in QE…..

4. # Mike Stallardon 04 Nov 2009 at 7:03 am

   Funny, the argument sounds just as convincing on radio!

5. # Richardon 04 Nov 2009 at 9:07 am

   Well spoken. But where are the Conservative leadership on this? I haven’t heard even a comment from them – has it been drowned out by Lisbon and Kelly? I hope they are listening to your point of view as 1) its right and 2) it will carry great resonance with the public and help us win the election. It is clear that Labour ministers have no understanding at all as to why the Country is in the mess it is nor on how to get us out.

6. # alan jutsonon 04 Nov 2009 at 9:13 am

   Says it all really.