Monday, 23 February 2009
Fisking Gordon: a Two-Finger Exercise for Monday Morning
Brown's weekend essay doesn't seem to have gone down very well, but it's still worth a couple of minutes on a Monday morning to see what's going through his brain.
Tough times like these test our character and values as a nation.
A standard Brown formulation we’ve fisked before. Read: … tests my character and values, an attack on me is an attack on us all.
I understand and share people's anger towards the behaviour of some banks. But anger on its own does not offer us a solution
I’d like to direct your anger away from myself. But, since it’s likely this won’t work, please remember there’s no point being angry.
Starting last week with RBS, we are changing the bonus system
But then again, we mustn’t be too hard on people who were trying their utmost, must we ?
Better governance of banks: their boards must have the expertise and power to challenge management
No matey, what they need is the brass stuff.
Where banks are speculating, long-term capital requirements will have to be higher.
Stroke-of-a-pen job for the FSA; always has been. So why the reluctance ? …
This should not be at the cost of Britain hosting big international banks
… ah, now we’re getting there ! The famous regulatory race to the bottom that was your principal concern for the period when you were Chancellor: how revealing that it’s still uppermost in your thinking.
We want to see loans made … to first-time buyers and those on middle and modest incomes who wish to buy their home but who have not been able to save a huge deposit …we have asked the Financial Services Authority to look at how in the future we should control new mortgages for more than 100% of house value
So, despite all the weekend spin, we are not ruling out high LTV mortgages at all.
Well, hey, we need that property-owning feelgood factor back in time for the next election - how do you think I won the last one ?
Posted by Nick Drew