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Breaking Media, Politicians & Celebrities Since 1995Tabloid news for broadsheet readers |
Money in the news and how you are going to pay and pay and pay
ON a brighter note…
Anthea Turner’s husband Grant Bovey loses buy-to-let empire in credit crunch
…Anthea Turner’s back in the Daily Mail…
Anorak Lexicon:
Bovey: An orangey-brown colour.
That meat looks off. It’s gone a horrible bovey colour.
The thieving plonkers!
We’re back to those default swaps again, and the reason why they have nothing to do with insurance and everything to do with speculating on other people’s property; Simon Evans in the Independent reports today, the 12th October:
‘It is like Joe Public buying an insurance policy on someone else’s house and pocketing the full value if it burns down.’
Ring any bells?
On the 25th September I wrote:
‘Anorak could take out a vast insurance policy on Anorak Towers, and if it burned down Anorak would get lots of dosh but no Anorak Towers.
Insurers won’t let me take out a vast insurance policy on Anorak Towers, because I would have a clear interest in setting fire to Anorak Towers and collecting lots of dosh.
Of course, I wouldn’t have Anorak Towers, but then I didn’t have Anorak Towers in the first place.’
My highly reputable lawyers, Messrs Sue, Sue and Suesomemore, will no doubt be in touch with the Indie’s briefs…
- Chenier
CREDIT Crunch news of the day: eat the dead…
“BODIES OF THE DEAD NOT BEING BURIED” – Daily Mail
Some are being burnt. Other are being buried at sea. Leglstive bodies walk zombie-like into the night…
CREDIT Crunch news of the day: eat the dead…
“BODIES OF THE DEAD NOT BEING BURIED” – Daily Mail
Some are being burnt. Other are being buried at sea. Leglstive bodies walk zombie-like into the night…
JEFFREY Frankel announced a few months back:
“They say there are no atheists in foxholes. Then there are also no libertarians in financial crises.”
Much as it pains me to have to agree with an economist, he does seem to have got that bit right.
Although there is a notable exception to the Frankel’s Rule.
WELL, Goldman managed to survive this week, just about, but we have to question whether Lucas van Praag, Goldman’s global head of media relations and a partner at the firm, is doing very well.
Ok, he is firing off letters to all and sundry, and particularly the sundry at Forbes whose article by ‘Dr Doom’, otherwise known as Nouriel Roubini, was less than wholly supportive of the view that Goldman Sach’s is the best of all possible banks in the best of all possible worlds, but that’s office boy stuff.
The New York Times reported last night that Jon Winkelried, Goldman Sachs’s co-president and co-chief operating officer, is trying to sell two lots on Nantucket for $55 million.
REUTERS is reporting that the IMF’s chief economist Olivier Blanchard has said:
“In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 percent. Then, we’ll turn around,”
(Image: Beau Bo D’Or Website)
Just when you think that the IMF couldn’t get worse, they come up with an act of such utter imbecility that I am almost at a loss for words.
ICESAVE is dead. Britain is at war with Iceland. And the Guardain is scoring points on the Express, its pet target:
“If you are lucky enough to have some spare money, now could be the time to cash in,” said the ever-informative Daily Express, addressing the credit crunch yesterday. “Icelandic bank Icesave pays 7.06% on ÂŁ1,000 or more on its one-year bond.” Yeah, right - October 8, 2008
Ten of the best … savings accounts
An unexpected bonus from the financial crisis is banks raising their savings rates to attract customer cash. Harvey Jones picks a selection of the best buys on offer
Hear ye, hear ye… Any idea what’s No.1?
ICELAND is for sale:
There’s a very slight chance that this is fake. Very slight.
Whirlpool Economics Won’t Wash
Kent County Council And Haringey Borough Hit By Iceland
Terrorism Saves British From Iceland Banks
THE economic crisis is hitting people everywhere.British local governments decided to place their money and faith in Icelandic banks.Rates of interest proving too tempting for over 100 town halls who thought it looked a sure winner.They were wrong.
Their millions(reports say around a BILLION pounds) has been LOST in this crisis.
Questions:
CREDIT Crunch news of the day: Gabby Logan on the joys of poverty
“But I believe that the credit squeeze is going to be good for grassroots sport and therefore good for all of us in the long run – as long as we do not end up homeless” – Gabby Logan, The Times
So Gabby…:
Aside from a property, what’s the most expensive thing you’ve ever bought?
Paintings - the most I’ve spent on one was ÂŁ7,000.
More credit crunch insight as it comes in…
CREDIT Crunch news of the day: Gabby Logan on the joys of poverty
“But I believe that the credit squeeze is going to be good for grassroots sport and therefore good for all of us in the long run – as long as we do not end up homeless” – Gabby Logan, The Times
So Gabby…:
Aside from a property, what’s the most expensive thing you’ve ever bought?
Paintings - the most I’ve spent on one was ÂŁ7,000.
More credit crunch insight as it comes in…
TWO weeks ago, budget analysts said the Bailout measures might push the US deficit to as much as $1.5 trillion.
Today David Greenlaw, Morgan Stanley’s chief economist,estimated that the 2009 budget deficit could be close to $2 trillion, or 12.5 percent of gross domestic product, more than twice the record of 6 percent set in 1983.
That’s half a trillion dollars in a fortnight; wonder what the numbers will look like in another fortnight’s time?
- Chenier
No Space Left On The National Debt CLock
THE NATIONAL Debt Clock Adds a Digit:
Says J-Walk:
The National Debt Clock switched its digital dollar sign to a 1 on Monday to accommodate the nation’s ballooning deficit, now past the $10 trillion mark, thanks to Congress’ $700 billion bank stimulus package.
If you’re a U.S. citizen, go here to find out your share of this debt. This would be pretty serious if it were real money. But it’s not. Right? It’s not like we’ll ever pay it back, right? Right?
Tick…
It’s not like we’re bragging…
But it taken until today for the New York Times to notice that:
‘The derivatives market is … theoretically intended to limit risk and ward off financial problems, the contracts instead have stoked uncertainty and actually spread risk amid doubts about how companies value them.’
We have been saying that for weeks:
http://www.anorak.co.uk/forums/topic.php?id=1837
- Chenier
Hundreds of millions of pounds invested by British local authorities in Iceland’s failed banks look likely to disappear down the Atlantic sinkhole.
In London Gordon Brown put ÂŁ500bn of public money at risk in a gamble to restore the UK banking system. It works out to ÂŁ20,000 per taxpayer and bigger than the US $700bn bailout. Don’t lose sight of the approximate ÂŁ100bn already at risk after the Northern Rock collapse.
Politicians of all shades were backing the paper shuffle as a sensible and sage move…what else could they do?
ARMAGEDDON is on hold.
The four horsemen of the apocalypse (Short Sellers; Bradford, Bingley, Daryl Lehman) are staved off with the promise of cash. It’s a bribe, and – who knew? - but the forces of man’s destruction are open to cash offers.
Still, the Times asks its readers: “Is this the safest place to put your money?” There picture is of a man pushing a large box cardboard out of book shop. The box is on trolley. The man is in shirt and Comfi-Slax.
ENGLAND Expects tells us: “Word has reached my ears that 2 local authorities are in real trouble as they had banked there payroll with one of the Icelandic banks.
“From what I am told Kent County Council and Haringey Borough are respectively ÂŁ10 million and ÂŁ6 million out of pocket.”
Let’s bomb Kent!
“THE world economy is entering a major downturn in the face of the most dangerous financial shock in mature financial markets since the 1930s,” notes the IMF.
Yes, we’d noticed; can you tell us something new?
The situation is exceptionally uncertain and subject to considerable downside risks.
Yes, we’d noticed that too, but we were hoping for something a little more substantive from the IMF, which, after all, has has shaped policy for decades.
IT’S what Anorak’s been saying. China is the big elephant in the dealing room. Sebastian Mallaby:
The real roots of the crisis lie in a flawed response to China. Starting in the 1990s, the flood of cheap products from China kept global inflation low, allowing central banks to operate relatively loose monetary policies. But the flip side of China’s export surplus was that China had a capital surplus, too. Chinese savings sloshed into asset markets ’round the world, driving up the price of everything from Florida condos to Latin American stocks.
Banker Aide: Britain Invests In Keeping China Sweet
THE Croydonian looks at the evil bankers:
Well, “Large banks accounted for about 30 per cent of the UK’s corporation tax receipts last year, according to a study by PwC“. FT 14/8/8
I make CT receipts ÂŁ51.3 bn, and 30% of that is ÂŁ15.4 bn. Here is a list of 2008 spending, take your pick. You could have half the defence budget, or tertiary and secondary education spending at central government level or a quarter of old age pension spending.
And that’s before income tax, business rates etc etc.
No Jumpers At RBS And Bankers Guess On Interest Rates
Paul Routledge Can Rejoice As Credit Crunch Banker Tops Himself
Alan Sugar Urges Those With Big Balls To Get Behind Gordon Brown
“WE have led the world today with a proposal to restructure our banking system. We are taking the steps that I believe other countries will take in the future.”
Thus Spake Zarathustra, sorry, Gordon Brown, announcing the Elderly Grandparent of All Bailouts
“This is not the American plan.”
And yet another nail slides into the coffin of the US as the world’s only financial super power…
- Chenier
