Blog Storm

This may sound like a stupid question, but the answer is yes ………… sort of.

Financials capitalism, which has been the major driving force since the mid 1980’s effectively died today, along with the last two independent Investment Banks.

Things have moved even faster than I expected, with Morgan Stanley and Goldman Sachs applying to change their status from Investment Banks to Holding status, which means that they can take deposits from investors.

The move - part of a huge restructuring effort on Wall Street - will also give them access to Federal Reserve support.

A few days ago, I predicted the effective end of Investment Banking within 12 months - with Goldman Sachs possibly surviving - well OK I was out by a few months, but the effect is the same. Investment Banking is dead as of today.

Bugsy emailed me pointing out that share prices have rallied since the announcement of the US government’s $700bn (£382bn) package to tackle the worst of the financial crisis. This is true, but firstly, there is some opposition to the plan in Congress - so it is not a done deal yet, and secondly, we have seen a number of rallies over the last year.

A similar thing happened at the start of the year - in fact I posted an article on January 24th warning people that a rally in the markets then was just a short term blip. I was proved right then and I believe the same will happen this time.

We’re not out of the woods yet - I would probably guess at another 18 months before we hit the bottom of the trough.

Who would have guessed that George Bush would turn out to be a Marxist? He has effectively presided over the world’s largest ever nationalisation program, with AIG, Fannie Mae and Freddy Mac all now Government owned. Let us be clear what this is: it is a state backed bailout of the financial system on a massive scale. The US national debt is $5 trillion; Fannie and Freddie’s combined liabilities are $5.3 trillion.

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The Ministry of Defence confirmed today that Prince Harry has been fighting the Taliban in Afghanistan for the last ten weeks in Helmand Province.

There has been a news blackout in operation to help prevent the Prince becoming a specific target for attack, however,  a foreign news website decided to run the news without consulting with the British Army.

Overseas media had in general entered into an understanding that this news could put additional pressure on British Forces in the region.

This has been a totally irresponsible act by an organisation that is desperate to gain readers at any cost. The freedom of the press is important - but the press also needs to show some responsibility where peoples lives are at stake!

81 year old Fidel Castro has announced his retirement on health grounds, with his brother, 76 year old Raul strongly tipped to replace him.

Fidel Castro announced his resignation on the website of the Cuban Communist Party’s newspaper Granma.

He said he was “not in a physical condition” to continue as president and commander-in-chief but promised to remain “a soldier of ideas”, writing essays entitled Reflections of Comrade Fidel.

The news has been met with a mixed response by world leaders with US President George w. Bush saying he believed that the change from Fidel Castro ought to begin a period of a democratic transition.

Many people on the streets of Havana however, met the news with dismay.

The Cuban economy is a mess. However this due more to American sanctions, banning trade with the country.

It’s time that America accepted that each country has a right to self determination, without intervention by international bully boys.

In an interview with BBC’s America Correspondent Matt Frei, President chimpanzee Bush supported use of waterboarding confirming that he intends to veto the bill passed by the Senate outlawing use if this barbaric torture technique.

He said: ‘…they are imposing a set of standards on our intelligence communities in terms of interrogating prisoners that our people will think will be ineffective. And, you know, to the critics, I ask them this: when we, within the law, interrogate and get information that protects ourselves and possibly others in other nations to prevent attacks, which attack would they have hoped that we wouldn’t have prevented? And so, the United States will act within the law. We’ll make sure professionals have the tools necessary to do their job within the law. Now, I recognise some say that these - terrorists - really aren’t that big a threat to the United States anymore. I fully disagree.’

The fact is that in other western democracies, waterboarding is considered torture and, as such is not lawful.

When asked if America still holds the moral high ground, Bush responded: ‘Absolutely - absolutely. We believe in human rights and human dignity. We believe in the human condition. We believe in freedom. And we’re willing to take the lead. We’re willing to ask nations to do hard things. We’re willing to accept responsibilities. And - yeah, no question in my mind. It’s a nation that’s a force for good. And history will judge - the decisions made during this period of time as necessary decisions.’

Guantanamo Bay, Abu Ghraib, illegal rendition flights, torture. If Bush thinks that thes are the actions of a country with the moral high ground, then he needs to spend some time being treated at the same hospital as Britney Spears!

Dr Rowan Williams has said that the UK had to “face up to the fact” some citizens do not relate to the British legal system and that adopting parts of Islamic Sharia law could help social cohesion.

Muslims could choose to have marital disputes or financial matters dealt with in a Sharia court, rather than the mainstream legal system as an example.

All political parties spoke out against this idea however.

Home Office Minister Tony McNulty said: “To ask us to fundamentally change the rule of law and to adopt Sharia law, I think, is fundamentally wrong.” Meanwhile, Trevor Phillips, who chairs the Equality and Human Rights Commission said the “implication that British courts should treat people differently based on their faith is divisive and dangerous”.

The fact is that a country cannot possibly have different legal systems, dependant on a persons religion.

What if you have a case involving people of differing religions - whose ‘law’ do you uphold.

In my opinion Dr Williams, and people like him are part of the problem. Wishy washy political correctness is not helpful when trying to maintain a multicultural society and white middle class, aging hippies trying to show their ‘understanding’ only end up muddying the waters.

One law for one country is the only way that the legal system can ever work - the whole idea is that everyone is equal in the eyes of the law.

It’s the Governments job to subvert justice, not the clergy!

The British Prime Minister has publicly backed the use of phone tap evidence in court.

Today, in a Commons Statement, he said: “The use of intercept evidence characterises a central dilemma that we face as a free society - that of preserving our liberties and the rule of law, while at the same time keeping our nation safe and secure.”

Since the editing of digital media is now almost impossible to detect, how can we trust this material as evidence in court?

We are already the most watched developed nation on Earth, with no possibility of going about our day to day law - abiding business without being caught on CCTV hundreds of times per day.

The usual excuse is ‘if you’re not doing anything wrong, there’s nothing to worry about’, but we are supposed to be living in a ‘free society’. In reality, we have steadily descended into a Police State over the last few years. The Government has used terrorism as an excuse to gradually erode our civil liberties and nobody has the guts anymore to stand up and fight for their rights.

I remember only too well the regular mainland bombing campaigns by the IRA in the 1970’s. I was in Manchester when a bomb blew up the Arndale Centre - and did the Government restrict peoples movements -taking away civil liberties? No! They told us to be vigilant, but go about our business as usual.

The fact is,that when Governments start jailing people without trial, snoop on everybody, day in, day out - just like the East German Stazi used to, then the terrorists have won!

Haven’t scientists got anything better to do - like finding a catch - all cure for cancer or something?

An Italian urologist and self confessed lover of sexy high heeled shoes set out to prove that high heels were not as bad for women’s health as usually suggested.

Dr Maria Cerruto said her study of 66 women under 50 found that those who kept their foot at a 15 degree angle to the ground  (equal to a two inch heel) had posture just as good as those who wore flat shoes, and showed less electrical activity in their pelvic muscles, which suggested the muscles were at an optimum position - and that could well improve their strength and ability to contract.

These muscles are important in helping with sexual performance and satisfaction, as well as providing essential support to the pelvic organs.

This sounds like a sad woman, with a shoe fetish, trying to justify her massive shoe collection to her husband!

Employment levels have declined for the first time since August 2003, confirming the view that the US economy is entering a recession.

Labor Department figures showed that January employment figures have declined by 17,000, while economists had been expecting figures to rise by about 80,000.

The recession is being largely fuelled by the massive housing slump hitting consumer spending.

The Bush Administration have agreed an economic stimulus package which would add $150bn in tax rebates.

The fact is that the seeds of this recession - which could be the worst since WWII - were sown in the wake of the bubble bursting on the dot.com boom, when a liberal housing policy was formulated to try and buoy the economy. The idea was doomed to failure in the long term. Lending money to people who will never be able to pay it back is sheer lunacy - and now we are all going to have to pay!

Bribing American households with a tax rebate each year is not going to bring us back from the precipice. Believe me  -this time it’s serious, with further job cuts to be expected, not only in the US, but across most developed nations!

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The pop stars own welfare and all her assets have been placed under the control of her father.

 The Los Angeles court also placed a restraining order on Spears’ manager Sam Lutfi, and gave permission to change the locks on her estate and remove anyone who was there.

She was admitted to a psychiatric hospital on Thursday, after a highly publicised descent into drink, drugs and personal problems.

What I want to know is why her parents haven’t intervened earlier. Spears has obviously been mentally disturbed for a considerable period of time, but I guess while she was making money, her parents were happy