Dithering? Nah, couldn't be...

glenlivet guy

I suspect that the CEO's of The Banks that met the Chancellor are fuming over the government leaking through was appears to be now their "financial spokesman" the BBC 's Robert Peston details of this meeting last evening and the way it was spun...i.e. the Bank's coming cap in hand and that it would not be cheap for the taxpayer.
Nothing should have been said to the market until the actual plan was ready to be announced.Billions lost through government incompentence

TrevorsDen

Just what was the point of Darlings speech if he was not going to announce anything significant. from the moment - probably about 8 words in - that he began to regurgitate past history, my heart sank. They have had ALL the recess to come up with something better than that. Sp now we see RBS shares going into freefall -- well done Alistair and Gordon.

I strongly suspect they were hoping to draw the opposition into some partisan outburst. How wise to keep the Tory powder dry - its going to get a lot worse yet.

BTW - SKY say Wembley is looking to sell 50% to an Arab buyer. Armageddon is on the way (goddammit - its roaring towards us before our very eyes) - but do not worry Gordon has set up a committee, and if there are not reports of an almighty row eliminating from todays cabinet meeting then we are indeed up the proverbial creek without a paddle.

Thomas Cussans

It isn't dithering. It's drowning.

And like all drowning men, in their panic they are grabbing wildly at anyone or anything near them. So if you are unfortunate enough to be next them, you get dragged under while they fail on the surface.

Travis Bickle

three of the most decisive things Brown ever did; sold our gold at bargain basement prices, ruined our pensions and doubled the tax demands on lowest earners, so it's probably best they they continue sitting on their hands and hoping for a miracle.

Merchant Banker

Of course, we all uncritically believe what the banks say about this meeting because they have no interest other than the national interest at stake. Now, I wonder what my bonus for next year will be?

hammersoz

I can see why you would want this to be true, given the whole financial crisis is remaking brown's reputation anew.

But I think this analysis is just wrong. Of course the banks want govt to inject 500BN of tax payers money. Why wouldnt they. They wont need to worry about mergers or their jobs anymore, taxpayers come to the rescue.

The idea that because they want it, HMG should respond is, frankly, bananas. So you will excuse me if I treat their briefing on 'where's the plan' and 'why no immediate action' with a slightly larger grain of salt that you do.

Surely the real issue here is that the US has made a shocking mistake. By allowing lehmanns to go under they have destroyed confidence within the sector that loans will be repaid and they have hurt access to capital.

That is the key reason Osborne is rapidly retreating from his original plan to allowing banks to fail under BOE direction - it would worsen the crisis.

Chuck Unsworth

These 'governments' are actually powerless in the face of commercial events. Read J K Galbraith for some echoes - particularly his views on The Great Crash.

Clearly there are those who either have forgotten their economic history, or never knew any in the first place. I'd put Brown in the latter category. Darling is merely his henchman.

luke

I actually cant believe what I am reading here. Has the spectator lost its marbles?

OF COURSE the banks are putting pressure on for a colossal BAILOUT.

The desperation to suggest the govt arent doing the great job everyone seems to think they are is starting to muddle your minds.

oldtimer

Just checked (10.30am) to see that RBS is c102p, with a low of 90p so far this morning! After a £billion rights issue earlier this year at the then significantly discounted price of 200p, subscribers are already showing a 50% loss.

It is but a matter of time before all kinds of business start to fall like ninepins because of the credit shortage.

The government has been too busy doing politics of late and not enough dealing with this problem. The UK is now paying a heavy price.

David C

It's not dithering.
That implies that they are incapable of deciding between known courses of action.
This lot are completely uncomprehending of what is occurring.
They have no courses of action from which to choose.
They are rabbits in the headlights.
This is the worst government I have ever known. Even 'Slimey Jim' Callagan's lot had more gumption than the Brown brigade.

Frank P

If what Our Great Leader (and all the other midgets from Le Continent) are saying, doing, or not doing, is a concerted effort to bolster confidence in the economy, I wonder what would happen if they told us the truth?

I suggest that we get a new Home Secretary and a new Commissionerfor the Met very quickly; civil war can be a very nasty business as we know only too well and hungry combatants will probably enjoy devouring the fat bastards from the Palace of Westminster first. There will probably be a barbeque on the banks of the Thames. Cannibalism doesn't necessary have to be a last resort, it could be a satisfying first step and a catharsis for the visceral hatred that most of us now feel for our politicians (and Prelates) though the poison that flows through their veins would probably render it inedible.

Pete Hoskin

hammersoz, luke: Nowhere do I say that taxpayers' cash should be injected into the banking system. Nor do I say it's surprising that the banks want this. What is astonishing is that - IF the reports are to be believed - HMT has only just caught onto what the banks want. Sure the banks are self-interested, but you'd have thought Darling & Co. would have liaised with them before now...

Sweet

Blockbuster Sweet

Aah, aah
You better beware, you better take care
You better watch out if you've got long black hair
He'll come from behind, you go out of your mind
You'd better not go, you'd never know what you'll find

Aah, aah
You look in his eyes, don't be surprised
If you don't know what's going on behind his disguise
Nobody knows where Buster goes
He'll steal your woman out from under your nose

Does anyone know the way, did we hear someone say
We just haven't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

The cops are out, they're running about
Don't know if they'll ever be able to Block Buster out
He's gotta be caught, he's gotta be taught
'Cos he's more evil than anyone here ever thought

Does anyone know the way did we hear someone say
We just haven't got a clue - ow!
Does anyone know the way, there's got to be a way
To Block Buster!

Does anyone know the way did we hear someone say
We just haven't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

Aah, aah, aah, aah
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!... Block Buster Sour
Aah, aah
You better beware, you better take care
You better watch out if you've lent long out there
If you lent it short, you’re gonna get caught
You'd better just beg, cos’ credit just can’t be bought

Aah, aah
Don’t look to the Fed, they’ve lost the thread
Brown’s brought back Mandelson, so he’s off his head
Nobody knows where Buster goes
He'll steal your pension out from under your nose

Does anyone know the way, did we hear Darling say
He just hasn't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

The market’s dead, it’s falling like lead
Just cash all your savings and hide them under you bed
He's gotta be caught, he's gotta be taught
'Cos he's more useless than anyone here ever thought

Does anyone know the way did we hear Darling say
He just hasn't got a clue - ow!
Does anyone know the way, there's got to be a way
To Block Buster!

Does anyone know the way did we hear Darling say
He just hasn't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

Aah, aah, aah, aah
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!...

Ian C

We will have to content ourselves that at least the storm that is about a millimeter from our noses will blow this abject government away with it, if they do not do what Cameron and Osborne have already said what needs to be done. Of course that's why Darling is not being allowed to do it by Brown.

Another first for the Labour Party in government during a crisis - sitting and watching while sat in the deckchairs on the Titanic, while others have the ideas as to what to do next. At least they are not claiming that the £ in our pockets is the same. But at this rate it won't be available at all in a couple of weeks!

The carnage in the markest is being caused by the farcical role being palyed by all those in power around the globe. If everyone is waiting for a new US President a) they will have to wait until Januray 20th and b) the two protagonists hardly know what economics means let alone shown any ability to understand the crisis.

Lord pray for us all.

Darling:

Have no fear citizens, "We will do everything necessary".........

Sour

Block Buster Sour
Aah, aah
You better beware, you better take care
You better watch out if you've lent long out there
If you lent it short, you’re gonna get caught
You'd better just beg, cos’ credit just can’t be bought

Aah, aah
Don’t look to the Fed, they’ve lost the thread
Brown’s brought back Mandelson, so he’s off his head
Nobody knows where Buster goes
He'll steal your pension out from under your nose

Does anyone know the way, did we hear Darling say
He just hasn't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

The market’s dead, it’s falling like lead
Just cash all your savings and hide them under you bed
He's gotta be caught, he's gotta be taught
'Cos he's more useless than anyone here ever thought

Does anyone know the way did we hear Darling say
He just hasn't got a clue - ow!
Does anyone know the way, there's got to be a way
To Block Buster!

Does anyone know the way did we hear Darling say
He just hasn't got a clue what to do
Does anyone know the way, there's got to be a way
To Block Buster!

Aah, aah, aah, aah
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!
Buster, Buster, to Block Buster!...

Bruce, UK

"Clearly there are those who either have forgotten their economic history, or never knew any in the first place. I'd put Brown in the latter category. Darling is merely his henchman".

Chuck, nearly right. The correect term is "a mountebank and his zany".

Winston Place

If Brown had been CE of a PLC he would have been sacked long ago.

mac

@Winston: or gone over the side of the 'Lady Ghislaine'?

Frank P

Bruce UK

"Mountebank" - wonderful word; hope it quickly regains currency. Well done! We had already almost run out of pejorative terms for him and were having to repeat ourselves or make up new ones.

Just as long as we don't forget Coren the younger's echo, in his article in this week's edition of the Magazine, of the term which the proletariat now regularly employs when describing the one eyed waffler and his gang: "the Labour party are a prize bag of w——s and Gordon Brown is a c—,’

As he says, so satisfying - and even more appropriate this morning, after watching the media circus of chickens running around with their heads cut off.

No longer fiddling while Rome burns - w--ing while Rome burns. At least if they were fiddling we could listen to the music, rather than the degenerate flapping of Mrs Fist, her four fingers and a thumb.