I too noticed the subdued tone of Osborne’s speech for the
opposition. My comment here was itself ‘subdued’ . (“Osborne’s
response was polite”) because I couldn't believe that the tone of
what I was reading was representative of the tone of his delivery!
But I’m sorry to say, it was.
The Tory Shadow Chancellor is - in my opinion - lightweight. Indeed
(attempting a weak joke!) he is the Shallow Chancellor. He was
faced with a ventriloquist’s dummy of a Chancellor, wrecking the
country by his total inaction and he had no clarion call to action at
all. Sure, he listed what needed to be done somewhat half-
heartedly, just going through the motions.
The media - for once - have noticed! I list the front page
headlines today!
xxxxxxxxxxxxxxxx cs
===========================
TELEGRAPH - Leader - 7.10.08
Now, more than ever, we need a man with a plan.
Alistair Darling must act instead of promising.
When Alistair Darling stood at the Dispatch Box yesterday afternoon
to update the House on the banking crisis, the FTSE index was already
5 per cent down on the day. By the time he resumed his seat a few
minutes later, it was 7 per cent down. There could hardly be a more
graphic demonstration of the precariousness of our situation.
In the apposite words of Vince Cable, the Liberal Democrat Treasury
spokesman: "These are very dangerous times."
Yet in the face of these dangers, the Chancellor of the Exchequer had
precious little to say. He confirmed that the Financial Services
Authority is increasing from £35,000 to £50,000 the size of bank
deposit the Government will guarantee; that will cover 98 per cent of
accounts.
Reassuring though that may be for most, it falls short of the blanket
guarantees the German, Irish and other EU governments have given to
depositors. It left the markets unimpressed, as the falling FTSE
showed. Apart from that, the Chancellor had nothing to offer, other
than his now familiar refrain that "we will do whatever it takes".
[He lies - he doesn’t DO anything! -cs]
In particular, he refused to be drawn on opposition calls for a
government-backed recapitalisation of the banks, primly declining to
provide a "running commentary" on his deliberations.
What was worrying about the Chancellor's demeanour was the absence of
any sense of urgency. It was as if the turmoil that threatens a
worldwide slump, with devastating consequences for every family and
firm in the land, remains a largely technical problem for the banking
sector.
It is laudable for a Chancellor to stay calm in a crisis, but
worrying if that starts to look like indecision. It was only Mr Cable
who found the appropriate tone and language. The Conservative benches
pulled their punches, fuelling suspicions that there is some sort of
behind-the-scenes co-operation going on. We trust this is not so.
When both sides of the House are as one, it is time to worry. It is
the duty of the Conservative opposition to hold this Government to
account and to test with the utmost rigour whatever proposals emerge.
That is what happened in the US Congress, and the Paulson bail-out
plan was immeasurably improved as a result.
And after an 80-day summer recess, it was profoundly depressing to
see the Government benches half empty for Mr Darling's statement. Can
Labour MPs be so delusional as to believe that this crisis affects
only bankers?
And so we wait, still not knowing how the Government plans to lead us
out of this calamity. It would be heartening to believe Mr Darling is
close to hatching a coherent plan. He cannot keep promising to do
whatever it takes: he must do it.
======================
Front Page Headlines 7.10.08
==EXPRESS - Save us from a slump!
Brown must stop dithering.
==TELEGRAPH - Market Mayhem.
==FINANCIAL TIMES - Markets routed in Global sell off.
== GUARDIAN - Markets slump as Darling fails to calm investor fears.
==INDEPENDENT - The day that fear hit the markets.
==TIMES - World takes fright.
==MAIL - [second story on share slump]
==MIRROR - [second story “CRUNCH" - biggest share fall in 21 years]
opposition. My comment here was itself ‘subdued’ . (“Osborne’s
response was polite”) because I couldn't believe that the tone of
what I was reading was representative of the tone of his delivery!
But I’m sorry to say, it was.
The Tory Shadow Chancellor is - in my opinion - lightweight. Indeed
(attempting a weak joke!) he is the Shallow Chancellor. He was
faced with a ventriloquist’s dummy of a Chancellor, wrecking the
country by his total inaction and he had no clarion call to action at
all. Sure, he listed what needed to be done somewhat half-
heartedly, just going through the motions.
The media - for once - have noticed! I list the front page
headlines today!
xxxxxxxxxxxxxxxx cs
===========================
TELEGRAPH - Leader - 7.10.08
Now, more than ever, we need a man with a plan.
Alistair Darling must act instead of promising.
When Alistair Darling stood at the Dispatch Box yesterday afternoon
to update the House on the banking crisis, the FTSE index was already
5 per cent down on the day. By the time he resumed his seat a few
minutes later, it was 7 per cent down. There could hardly be a more
graphic demonstration of the precariousness of our situation.
In the apposite words of Vince Cable, the Liberal Democrat Treasury
spokesman: "These are very dangerous times."
Yet in the face of these dangers, the Chancellor of the Exchequer had
precious little to say. He confirmed that the Financial Services
Authority is increasing from £35,000 to £50,000 the size of bank
deposit the Government will guarantee; that will cover 98 per cent of
accounts.
Reassuring though that may be for most, it falls short of the blanket
guarantees the German, Irish and other EU governments have given to
depositors. It left the markets unimpressed, as the falling FTSE
showed. Apart from that, the Chancellor had nothing to offer, other
than his now familiar refrain that "we will do whatever it takes".
[He lies - he doesn’t DO anything! -cs]
In particular, he refused to be drawn on opposition calls for a
government-backed recapitalisation of the banks, primly declining to
provide a "running commentary" on his deliberations.
What was worrying about the Chancellor's demeanour was the absence of
any sense of urgency. It was as if the turmoil that threatens a
worldwide slump, with devastating consequences for every family and
firm in the land, remains a largely technical problem for the banking
sector.
It is laudable for a Chancellor to stay calm in a crisis, but
worrying if that starts to look like indecision. It was only Mr Cable
who found the appropriate tone and language. The Conservative benches
pulled their punches, fuelling suspicions that there is some sort of
behind-the-scenes co-operation going on. We trust this is not so.
When both sides of the House are as one, it is time to worry. It is
the duty of the Conservative opposition to hold this Government to
account and to test with the utmost rigour whatever proposals emerge.
That is what happened in the US Congress, and the Paulson bail-out
plan was immeasurably improved as a result.
And after an 80-day summer recess, it was profoundly depressing to
see the Government benches half empty for Mr Darling's statement. Can
Labour MPs be so delusional as to believe that this crisis affects
only bankers?
And so we wait, still not knowing how the Government plans to lead us
out of this calamity. It would be heartening to believe Mr Darling is
close to hatching a coherent plan. He cannot keep promising to do
whatever it takes: he must do it.
======================
Front Page Headlines 7.10.08
==EXPRESS - Save us from a slump!
Brown must stop dithering.
==TELEGRAPH - Market Mayhem.
==FINANCIAL TIMES - Markets routed in Global sell off.
== GUARDIAN - Markets slump as Darling fails to calm investor fears.
==INDEPENDENT - The day that fear hit the markets.
==TIMES - World takes fright.
==MAIL - [second story on share slump]
==MIRROR - [second story “CRUNCH" - biggest share fall in 21 years]
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