Markets in free-fall… banks being nationalised here there and everywhere. Interesting times. September 29, 2008Posted by WorldbyStorm in Uncategorized.
Hmmm… this evening was almost a reprise, albeit an expanded one of last night. Watching George Osborne talking about the ‘cupboard being bare’ this evening, got to say, I’m not convinced. His ‘solutions’ seemed anodyne, penny-pinching and completely out of whack with the times. They must be cursing the timing of this Conference in this week and this month. A two year freeze in council taxes just seems… well, nothing much really in the face of five – count ‘em – five bank nationalisations in Europe today. Like, this is big stuff, and they’re posturing at the sides.
In a way the votes in Washington are of a different order. There it seems to me that above and beyond the visceral fear evident amongst Republicans facing re-election (and note that Democrats seemed more sanguine about their chances as evinced by the voting pattern) and having to explain intervention using tax payers money are simply unable to understand what is happening here and are still buoyed up by rhetoric about the efficacy of the free-markets, or even worse the macho bluster about how the bad should go to the wall. Even more interesting is the cant about it being Wall Street, not Main Street, that is hurting. Well, yes, but even a limited appraisal of the situation demonstrates that the links in the chain between Wall Street and Main Street are rather shorter than might be imagined.
And that is as true this side of the Atlantic as the other.