Saturday, 29 November 2008

Mandelson is our saviour

From Polly Toynbee of the Guardian:

"If Peter Mandelson can seize the banks by the neck and throttle the money out of them, forcing them all to lend at set rates, then salvation is possible and recession could be short and shallow."

Throttle money out of the banks? Seizing them by the neck? Forcing them to lend at set rates? And this is salvation?


Anonymous said...

This kind of comment - Toynbee's - is naive in the extreme.

Why should the banks be throttled into lending to numerous businesses that are about to go under, weakening them further?

She thinks this recession can be short and shallow? That is utter stupidity.

The UK has lost billions in savings on bad US lending, and bad UK lending, and has mortgaged itself to the hilt to buy trivia: throwaway fashion, coffee, continental cabriolets and and foreign holidays.

The service/retail sectors are about to be reduced to a rump of their former selves.

The BofE can only ease the massive burden of debt by reducing interest rates, so the weaker currency can import far less of the quality imports we have lived off for years.

Sectors of the economy are shrinking in a domino effect and unemployment is sky-rocketing, placing a huge burden on he public purse for a decade or two ahead.

"Short and Shallow"? Open your eyes, ears and mind, Polly.

B. in C.

london estate agent said...

It is mandelson day on the uk bubble blog

Mitch said...

I wont be borrowing anything whatever that fool says.
Polly is a fool and a hypocrite whos grasp of economics is on a par with my cats grasp of string theory.

Anonymous said...

Doubtless Brown will part the antitypical 'Red Sea' whilst in 'Moses' mode. I'm sure that there are plenty other similarities between Crash Gordon and Moses, but the most likely one if he goes on his financial advice spree to businesses and does a 'Greene' on all those who oppose him,is to lead us into the wilderness for forty years!

electro-kevin said...

Why does anyone take Polly Toynbee seriously ?

economicsinterpreted said...


Having read the full article I'm amazed that this even got published, it's such a steaming heap of crap.

I can't remember where I heard this comment but it seems applicable to Polly's article, 'We are now all a little more stupid for having heard that'.

She proves that politics, economics and journalism should not be allowed to be mixed together, especially not in editorials. A broadsheet newspaper should have known better that to allow the release of an article like this.

sobers said...

I weep for this nation. Not only are we headed down completely the wrong road (to ruin), there is no one in public life who is prepared to tell the truth, and tell the British Public what is actually needed for its salvation. At least the Americans have Ron Paul.

We have no one. We need a voice crying in the wilderness. We need someone to be the economic version of Churchill of the 1930s. We need someone to risk public ridicule and hate, who will just hold the flame aloft. Maybe eventually before we hit the buffers enough people will turn around and say - this guy(or gal) has been telling us where we are going wrong for so long now, perhaps we should listen.

Any volunteers?

Anonymous said...

I will bet my last 25% devalued £ that Toyboy's (liquid) cash is all stashed in Italy.

RenterGirl said...

I'm all for the throttling part...still no proper enquiry, still part-nationalisation with no voting rights. Still no sackings.

K T Cat said...

Sounds like Stalin going after the Ukranian farmers.

Anonymous said...

Throttle Polly by the neck...Somebody needs to.

Nick von Mises said...

Yup. Only one person needs throttling here