The thing that is really worrying me most at the moment is the absence of any clear thinking by anyone on what we need to do to get through the credit crisis. Politicians and regulators look like frightened rabbits staring into car headlights as they deal with one immediate crisis after another. None seem to
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Robert Peston has written this morning that (edited): The most important markets announcement this morning is that the Irish government has placed an unlimited two-year guarantee on all deposits and some debt in six Irish banks, to “safeguard the Irish financial system”. This has huge ramifications for us. Potentially it puts British banks at a
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In the FT, from my Green New Deal colleague Ann Pettifor: Sir, Your editorial “In praise of free markets” (September 27/28) conflates regulation of trade markets with that of financial markets. This is a flawed analysis, one at the core of most economic orthodoxy – that money, like land, oil, soya beans, diamonds or gold,
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Nils Pratley in the Guardian reflecting a mood I’ve expressed here: The immediate challenge for the central banks is simply to keep the banking system functioning – ensuring that payments are processed and that companies can continue to pay everyday bills, such as wages. This is the issue now: can we simply keep money moving?

The FT has reported: Freddie Mac and Fannie Mae, the US mortgage financiers seized by the government, have received subpoenas from federal prosecutors for documents related to accounting and disclosure, the companies said on Monday. Yes, I do suspect fraud. A great deal of offshore accounting is fraud. Many Special Purpose Vehicles are fraudulent. I
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The FT has reported of yesterday’s action on the Irish stock exchange Anglo Irish Bank, the specialist property lender, plunged 45 per cent, while Irish Life & Permanent, the bancassurer and the republic’s largest mortgage provider, fell 34 per cent. Allied Irish Banks weakened nearly 16 per cent and Bank of Ireland lost 15 per
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These are my links for September 29th: Marc Ambinder (September 29, 2008) – McCain's Share of The Blame? – If ever a man proved himself not up to the task it's John McCain BBC NEWS | Politics | Tories pledge council tax freeze – So that's real cuts in social services then, social housing, refuse
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There always has to be a benefit from trawling the US press. I found this:

Just watch this. Barney Frank says the Republicans are being petty. He’s right.