Friday, 7 May 2010
What the heck happened? And the test of real 'interests'.
But I have to say, the really annoying thiing is the (so called) markets' reaction.
I'd venture to say that whatever the results, markets would have been slightly down. Not because there was any news to react to but because the big speculators had already taken positions that it was in their interests for the markets to decline.
It's notable that someone's "fat fingers" also wiped billions off stock for a few minutes (making one speculator a cool £350,000 in a matter of seconds) before the correction was made.
It also annoys me that 'business leaders' continually say a) "What business needs is stability" to which they now add b)"and a clear way out of this financial black hole". See RBS example.
a) They had that for a number of years with TB and GB - I didn't see them dancing for joy then or rushing to defend Labour now
b) They continually ask for the Government to show the way out of the debt crisis, but don't offer any help - and in fact squeal when it's said they may have to accept keeping less profit.
We now see clearly how in thrall we are to banks, bond and gilt traders and business interests. It's the problem of the commons writ large - private profit and public loss.
I'm now going off to sob quietly.