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10/08/2008

Red Wall Fever. History - LIve! Stuff Their Mouths With Gold

DSCF2896 01 - Photo Hosted at Buzznet
Nobody in the world knows what is happening or what will happen next.
Expert after expert is offering the expert opinion that 'Your guess is as good as mine.' And they're right. As the Virtual Digital War rages on the red walls of the exchanges, and the traders clutch their heads in both hands, everyone knows the basic truth that the bombs will fall in the High Streets first, and hit hardest those least able to defend themselves.
So we happen to be living during a rare moment of history; a microscopic sliver of universal democracy in the space-time continuum. Shaw's common dustman is at least as original as any of the experts who sold us this bear trap as a waterbed.
Today's British part-nationalisation of the banks is working one minute, failing the next. Yesterday's meeting between the banks' shop stewards and Britain UK directors happened to a chorus of demands to Do Something!! There was the distinct impression that something was up. And as the most popular request was for a cut in interest rates, that seemed the likeliest outcome. Then this very un-Brown stunt. Buy the banks when they were cheap. Or, in someone else's words, "Stuff Their Mouths With Gold." Or, 'Management gave in to the demands of the workers.'
The market hated it first thing in the morning, but now seems to be coming to terms? Who knows? Stock markets everywhere plunging. Banks dropping like London teenagers. Iceland bankrupt - the country, not the frozen fish shop. None of the sticking plasters seem to be working. Everyone still hanging on for grim death and making a note of where the cushions are. Half percent cut in interest rates. The bankforce will call off its strike action and man the credit-pumps again. Phew. Or so we're told. But what does anyone KNOW?
Whether this is all too little too late or too much too soon nobody can say. Nobody's ever done it before. Which either makes Brown & Darling bold pioneers or desperate spivs on the run at the taxpayers expense.
Brown at the dispatch box. 'The risk of excessive risk-taking is that it risks putting the economy at risk.' Brilliant.
Cameron trying to look tough and significant by demanding that all executive bonuses be capped for all banks in the scheme.
Brown can't really lose. As the polls will show.
Meanwhile in America, Anorak & Chips are still battling fiercely to prove which is the greyest, dullest drabbest and most awful. They look like the finalists of a reality TV contest to win the post of night watchman at a lap-dancing club.
The only hope is that the Obama administration is stuffed to the gills with first class advisors. After last night's gruesome parade of the undead, Nashville is now a colder sadder place. 
crash08 bank strike

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