Showing posts with label taxpayers. Show all posts
Showing posts with label taxpayers. Show all posts

Saturday, 20 March 2010

DANSE MACABRE

yo!...buggar thy neighbor...innit!


PALOOKAVILLE FINANCIAL
...capitulation day postponed...


...here in...

...palookaville...

...all bets are hedged...

...as we await the resumption of normal service...

...a V shaped recovery has been achieved in the financial markets...

...and the puppet masters have made loads-a-money...


IT TAKES ONE TO TANGO

...the states within the Eurodisunion...

...are locked in a dance of death...

...those that sell and those that buy...


...those who sell will not buy and those who buy must borrow to do so...

...those who lend fear they will not be repaid...

...the price of borrowing must rise for those who buy...

...those who sell...will not lend...

...round and round we go...

...until the music stops...

...when all must find a seat at the table...

...or fall to the floor...

...and must then sit out the game...

...in the corner...with the dunce's hat...


WE TWO KINGS


...Chi Na and Berlin...

...are kings of the castle...

...all the rest are dirty rascals...


STANDS WITH A BOWL

...our great leader...

...is asking for more...


...more time to rule...

...more money to spend...

...he can't get enough from all us palookas...

...so he stands with a bowl...

...begging for more money...

...so that he can pay the interest...

...on the money he has borrowed...

...mr bumble the beedle...

...wants to give him to the undertaker...

...who will bury him for good...


FATAL ATTRACTION

...but he just keeps emerging from the dead...

...consumate zombie that he is...

...the people of palookaville...

...will vote for death...

...so long as somebody else will pay for it...


BAGPIPE MUSIC

It's no go the merry-go-round, it's no go the rickshaw,
All we want is a limousine and a ticket for the peepshow.
Their knickers are made of crepe-de-chine, their shoes are made of python,
Their halls are lined with tiger rugs and their walls with head of bison.

John MacDonald found a corpse, put it under the sofa,
Waited till it came to life and hit it with a poker,
Sold its eyes for souvenirs, sold its blood for whiskey,
Kept its bones for dumbbells to use when he was fifty.

It's no go the Yogi-man, it's no go Blavatsky,
All we want is a bank balance and a bit of skirt in a taxi.

Annie MacDougall went to milk, caught her foot in the heather,
Woke to hear a dance record playing of Old Vienna.
It's no go your maidenheads, it's no go your culture,
All we want is a Dunlop tire and the devil mend the puncture.

The Laird o' Phelps spent Hogmanay declaring he was sober,
Counted his feet to prove the fact and found he had one foot over.
Mrs. Carmichael had her fifth, looked at the job with repulsion,
Said to the midwife "Take it away; I'm through with overproduction."

It's no go the gossip column, it's no go the Ceilidh,
All we want is a mother's help and a sugar-stick for the baby.

Willie Murray cut his thumb, couldn't count the damage,
Took the hide of an Ayrshire cow and used it for a bandage.
His brother caught three hundred cran when the seas were lavish,
Threw the bleeders back in the sea and went upon the parish.

It's no go the Herring Board, it's no go the Bible,
All we want is a packet of fags when our hands are idle.

It's no go the picture palace, it's no go the stadium,
It's no go the country cot with a pot of pink geraniums,
It's no go the Government grants, it's no go the elections,
Sit on your arse for fifty years and hang your hat on a pension.

It's no go my honey love, it's no go my poppet;
Work your hands from day to day, the winds will blow the profit.
The glass is falling hour by hour, the glass will fall forever,
But if you break the bloody glass you won't hold up the weather.

Louis Macneice

Malcolm Evison (9/16/2005 9:59:00 AM)

Humorous as it may be with regards to Class and social mores, flirtations with theosophy etc., one is brought up with a start... the realization that this was written in 1937 and, the more specific social unrest in Spain and Germany... the fall of the glass is unstoppable!


...petey...

the more things change...innit!

Friday, 10 July 2009

PASSPORT TO PALOOKAVILLE

yo!...suckers...innit!


PALOOKAGRAD FINANCIAL
capitulation day
+293


...nobody here in...


...palookagrad...


...gives a f**k...


...about the new price of a passport...


DEFLATION DEFEATED


...certainly not the commissars at the BBC...


...whose pay is so high that they cannot ever spend it all...


...not the politicians who are rolling in expenses and have vast earnings...


...from their clients in the lobbies...


...at £77 per adult...


...nobody here is going anyhere...


THE PALOOKAGRAD WALL


...the crisis in government caused by their inability...


...to fund the new wall to keep in all the proles...


...has been averted...


...we have a tape of the cabinet in the politbureau...


brown : we have to stop people traveling...


dark brown : the b*stards think that the world is their oyster...


light brown : we have increased the tax on petrol and diesel...


mc brown : we have taxed air travel...


golden brown : we have increased the cost of a passport by 4-500%...


bust brown : the f**kers won't catch the bus...


incapability brown : they'll catch the f**kin flu though...


new brown : we should tax bikes...


old brown : I'm onnit boss...


chairman brown : we will stop the b*stards saving if it's the last thing we do!!...


petey : pitiful...innit!





Wednesday, 13 May 2009

Remorse : The New Bull Market

yo!...pitchforks averted...for now...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+231...


...here in palookaville this morning...


...the talk is all about...


...forgiveness...


SERIOUS REMORSE


...the recession...


...caused by the ending of polititions expence claims...


...is almost over...


...as new money will be created...


...by...


...increasing their salaries...


...to compensate for their loss of privilige...



THE GOOD NEWS


...is that...


...this will increase their pensions...


...and this is a much more secure form of income for them...


...maybe now that they won't be spending all their time...


...working out how to claim maximum benefits...


...they will be able to find jobs for the 2.2 million newly unemployed...



TAKE AND GIVE


...the great debt...


...caused by the massive cost of MP's expences and pensions...


...is to disappear...


...they are to give back all of their extravagent takings...


...the national debt...


...will now not be...


...£240,000,000,000,000...


...after all...

Thursday, 26 March 2009

THEY WILL NEVER ALLOW THIS ON THE BBC

yo!...stands with a bowl...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+190...



...
here in palookaville all we watch is the msm...

...which is why this will not be seen by the voters...


Sunday, 22 February 2009

BYE BYE EURO GOODBYE

yo!...free meal deal...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+153...


..all the talk here in palookaville is about...

...the euro...


WHO PAYS THE PIPER...INNIT!


...will it be saved by german largesse?...

...or sunk by revolt at german diktat?...




...don't panic! don't panic!...


...they won't like it up em!...

...who the germans or the 'others'..?


...this thing has further to run...

...has legs as they say...

...everybody march in step...


...and don't mention the goose..!.



HOLIDAY OF HOLIDAYS


...beulah an me are lookin forward...

...to more holidays in italy and spain...


...it really is ridiculous that we should have to buy euros...

...to spend there...

...what idiot made prices the same in all the european countries???

...but not wages!..?


...we want our cheap holidays back...

...and you want to keep your jobs...


...so come on guys...

...get with the plan...

...bring on the lire and peseta..

...set your own interest rates...

...and float...


...let the market decide what your currency is worth...


YOU KNOW IT MAKES SENSE


...so what is wrong with flexibility?...

...if the trees don't bend in the wind...

...they snap...


...we love to visit you and eat your food...

...but you are pricing us out of your market..


...let the germans and the french...

...be the expensive destinations...

...



Saturday, 7 February 2009

THE MORE I OWE, THE MORE I MAKE

yo!...some are more equal than others...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+137...


...palookaville 2009...


...debt has reached the nexus phase...

...retirement is not an option...


...the debtists have passed new laws to increase debt - quantum time...


...the cure for debt is debt...


...long live the debt!...


...their friends the boomists have lobbied hard for this day...


...they believe in perpetual boom...



IGNORANCE IS STRENGTH


...nobody knows what we've done...


...they're all so f**kin thick...

...we keep them up to date with what is happening in the soaps...

...with who is F**king whom...

...they check their 'phones every minute...

...to see who is "on the bus" or "at the checkout"...

...meanwhile we f**k them over...


...we bury them in debt, we take away their savings or at least their interest...


THE MORTGAGE-GO-ROUND



...we give their money to the debtors...

...the more they owe, the more they make...


...we hate savers...

...so we rob their savings...

...we f**k up their investments...

...we rob their pension plans...

...


WAR IS PEACE


...war is good...

...it increases economic growth...

...bullets and bombs must be replaced...

...we can start a new war any time we want...

...all the twats will be watching the soaps...

...or reading about some sports or movie or soap "star"...


FREEDOM IS SLAVERY


...we will be the spender of last resort...

...all their money is ours...


...we create it...

...so we shall spend it...


...big goverment sets you free...

...cradle to grave without the need to think...

...like mushrooms, we keep you warm, in the dark...and covered in sh*t...


...we decide how much tax you will pay...

...and how we spend your money...

...we provide your education and health service...

...and we decide what quality of care you get...


...we tax your income and your spending and your saving...

...you get to decide who wins big brother...



...Ha ha ha ha ha ha ha ha ha ha ha ha...



THE GOVERNATOR


...the great depressionist artist...

...arnold terminator...

...is trying to balance the budget...


...the debtists just don geddit...

...they think the boom can be restarted...

...in time to save their bacon...


...but...


...perpetual boom is an illusion...

...the boomists have done their best...

...but...

...now it's over...

...bust follows boom as night follows day...

...

ZOMBIESTEIN

...they like to keep their money off shore...

... in tax havens and secret accounts...

...not here in zombiestein...

...land of the living dead...

...where all that moves is subsidised...

...state owned...

...insolvent...

...devalued...

...


Wednesday, 21 January 2009

STANDS WITH A BOWL

yo!..home ta roost...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+119...


...the story so far...

...a new american president has gone supernova...

...but...

the great british dictator has gone brown dwarf...



NOT THE END OF THE BEGINNING


...the weather is turning icelandic...

...but...

...so is the pound...


THE WHITE POUND

iain martin : "They don't know what they're doing, do they? With every step taken by the Government as it tries frantically to prop up the British banking system, this central truth becomes ever more obvious.

Yesterday marked a new low for all involved, even by the standards of this crisis. Britons woke to news of the enormity of the fresh horrors in store. Despite all the sophistry and outdated boom-era terminology from experts, I think a far greater number of people than is imagined grasp at root what is happening here.

The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers, the possibility of national bankruptcy is not unrealistic." telegraph...


ninja : ..."All the growth in tax receipts linked to real estate and financial services was of course was nothing but an illusion. Those tax receipts are gone now, almost certainly never to return. Most of the financial firms won’t record profits for years and when they finally do, they will have years of losses to carry forward. The net result will be a giant, prolonged corporate tax shortfall.

In the meantime, the government is throwing good money after bad. This is of course plunging the country deep into debt. Just like in Iceland, although to a lesser degree relative to GDP, UK banks have liabilities in other currencies. As the pound goes into free fall, these liabilities explode in value crippling the banks. As the UK issues more debt to stabilize the banks, even more pressure is put on the pound. A vicious, debt death spiral could easily be sparked."...


jim rogers : ...“I don’t think there is a sound UK bank now, at least, if there is one I don’t know about it,” he says.

“The City of London is finished, the financial centre of the world is moving east.”
“All the money is in Asia. Why would it go back to the West? You don’t need London,” says Mr Rogers.

Mr Rogers thinks the pound is more vulnerable than the dollar or the euro.

He says the UK housing market is arguably in a worse state than that of the US, given pockets of strength in the US and prices that are sliding across the board in the UK.

Meanwhile, he says, the UK is in worse shape economically than the eurozone, where most countries are not big debtors and do not run huge trade deficits.

“If the UK discovers more North Sea oil, I might change this view,” he says. “But I don’t see that happening.” FT


ticker : ..."There is exactly one way to resolve this problem - the banks must be "crammed down" through forcible reorganization, and we must stop bailing them out and handing them money.

We cannot recapitalize them through taxpayer donations, for through that path we only delay the inevitable. We do not have the ability to "manufacture" or "borrow" the three to five trillion dollars it would take to cover those losses - a full fifty percent increase in our federal debt, on which we would pay hundreds of billions of dollars a year - forever - being a permanent drag on GDP. Such a path will only lead to more insolvency as the crimp on GDP will inevitably lead to more job losses, more credit losses and more malaise, ultimately resulting in the very collapse that the proponents of this path claim to be trying to avoid."...


THE DAY AFTER TOMORROW


matthew lynn : ..."
One thing is clear, though: The world won’t go back to the debt-fuelled, globalization-crazy world of 2007."

“Unlike previous postwar contractions, the problem the global economy now faces does not primarily stem from a temporary mismatch between output and demand,” Stephen Lewis, chief economist at Monument Securities Ltd. in London, said in a note to investors. “It arises, rather, from the breakdown of the financial system, and the process of wealth-destruction that has set in train.”

Three Tasks

The question now is how Obama can take the lead in fixing that. Here are three places he could start.

First, ditch ideological hang-ups. The debate on how to move on from the credit crunch is fast turning into trench warfare between the traditional advocates of big government and the die- hard supporters of the free market. That isn’t getting us anywhere. The free-market camp needs to recognize that there wasn’t enough supervision or regulation of the financial markets. We are going to need more rules.

Likewise, the big-government camp needs to understand that more spending and government meddling won’t fix much either. We don’t want to lose the growth, dynamism and opportunities that flowed from the free movement of money, ideas and people across borders. The path to be steered will have to lie somewhere between the two extremes.

Rules for Banks

Next, new rules on the way banks operate are needed. It is clear that the global banking system had ignored the risks building up over many years. The incentive systems had become perverse. New capital requirements will have to be devised for banks to stop excessive risk-taking. Institutions such as hedge funds and private-equity firms will have to be brought into the system: They play too big a role in the financial markets to be left unregulated. And the rules need to be global. There is no point in changes being made country-by-country. That way we lose all the benefits of globalization.

Most importantly, the imbalances need to be fixed. Too much capital was being recycled through the global financial system. Some countries -- China and Germany, for example -- exported and saved too much. Others -- the U.S. and U.K. -- imported and borrowed too much. That will have to be rectified. It is no good having one lot of countries telling everyone else to consume more unless they are also willing to consume less. That will hurt. But there is no way of avoiding it. Where the last president had a war on terror, this one needs a war on financial bubbles, and that requires a more balanced global economy."bloomberg...



peteynation : foolin alla the people alla the time is difficult...

...1997 - 2007...

smoke an mirrors...profits of wax...

...less of the benefit...

...more of the tax...



Sunday, 16 November 2008

...LET FIST AGIN

yo...meatin the beat...innit!

PALOOKAVILLE FINANCIAL stardate : capitulation day+58

...nobody lak a troof man...a bollox is busy agin...beatin up onna stiff wot tellin a troof...

...george osbourne...innit...tellin how a sterlin gon be mega red...an no f**ker wannit...

...alla cos a 'conomy screwed by economic policy o a unreconsructed labour...

...a bollox mus support Admiral Brown ta go rahn kikkin po likkle tory ass fo...

...tellin a truth...innit!

Monday, 22 September 2008

CARRY ON CRUISING

adubbly dub, dubbly dub, dobbly dubbly..dubbly dub..

yo! cappin pugwash innit!..

stardate capitulation day+4

we ere onna HMS PALOOKAVILLE..steamin outta sea to rescue survivors fromma SHIPWRECK.

the United Flakes Ship TITANIC out of Wall St. has hit a iceberg an come to a shudderin stop!

the TITANIC is holed below the water line and toxic sewage has polluted the atlantic.

Admiral PAULSON has vowed to save the vessel at ALL COSTS and sez that the TITANIC is unsinkable and therefore will never go down!

Catain wobbleya BRUSH was onna bridge atta time o da CRASH declarin VICTORY after the shock an awe.

wobbleya : it wan me wot dunniy! it were a shot sellers innit!

paulie : i gotta 7000,000,000 dolla vacuum gun annit gon suck...

bluepetey : willya lookit at? a great AMERICAN ECONOMY dead inna water...

the toxic sh*t fromma SEWAGE BANK inside a ship don become illiquid an the suckers canna git outa it!..

the brave little HMS PALOOKAVILLE has stood off at anchor because o da toxic pong! cappin pugwash has bailed out THE ROCK an is waving not drownin..he sez...

pugwash : don't panic...don't panic...

bbc :US banks make shock status switch

"The changes should enable Goldman Sachs and Morgan Stanley to raise more funds by opening commercial banks.

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


THE MOTHER OF ALL BAILOUTS - 2

tthe TITANIC has sent outa S.U.S....save our suckers!....they daren't jump ship cos o the HARD LANDIN ...inna sh*t.. and are demanding a BAILOUT...

the PIRATES wot was runnin a sewage business have got away wi a BONUS in gold and are laughing alla way from a bank!

wobbleya : do summat paulie fo da sh*t set solida an crushes a conomy ta death...

paulie : we gonna OUT SUCK the suckers!...they ainta brick gon be standin onna brick...the sh*thouse gon be supported wi po workin stiffs doh!

wobbly : yo gottit paulie save our suckers man!..do it fo yo country...do it fo the election! but above all...do it fo me!

pugwash : pirates...junk...junks fulla pirates...yo ho ho anna bottle o rum...

IT ENDED ON WALL ST.... ?

bloomberg :

``The decision marks the end of Wall Street as we have known it,'' said William Isaac, a former chairman of the Federal Deposit Insurance Corp. ``It's too bad.''

Goldman, whose alumni include Henry Paulson, the Treasury Secretary presiding over a $700 billion bank bailout, and Morgan Stanley, a product of the 1933 Glass-Steagall Act that cleaved investment and commercial banks, insisted they didn't need to change course, even as their shares plunged and their borrowing costs soared last week.

By then, it was too late. As financial markets gyrated -- the Dow Jones Industrial Average whipsawed 1,000 points in the week's last two days -- and clients defected, executives at the two firms concluded they had no choice. The Federal Reserve Board met at 9 p.m. yesterday and considered applications delivered that day, said Michelle Smith, a spokeswoman for the central bank. The decision was unanimous, she said.

`Blood in Water'

``There's blood in the water in the industry and the sharks are circling,'' Peter Kovalski, who helps oversee about $10 billion at Alpine Woods Capital Investors LLC, said at the end of last week. ``It all comes down to perception and the current trust within the community.''

ft : Goldman, Morgan Stanley to become regulated banks

Goldman Sachs and Morgan Stanley, the last surviving big investment banks on Wall Street, have become regulated banks....

ft : Emerging markets face $111bn maturing debt

A $111bn backlog of bonds that need to be refinanced over the next year has built up in the emerging market economies and raised the threat of defaults and company closures.

With the ability to raise money in the debt markets severely restricted because of the credit crisis, emerging market banks and companies could struggle to roll over the maturing debt, according to ING Wholesale Banking.

nourial : The shadow banking system is unravelling

"Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.

Like banks, most members of this system borrow very short-term and in liquid ways, are more highly leveraged than banks (the exception being money market funds) and lend and invest into more illiquid and long-term instruments. Like banks, they carry the risk that an otherwise solvent but liquid institution may be subject to a self ­fulfilling and destructive run on its ­liquid liabilities.

But unlike banks, which are sheltered from the risk of a run – via deposit insurance and central banks’ lender-of-last-resort liquidity – most members of the shadow system did not have access to these firewalls that ­prevent runs.... " FT

ambrose : Financial Crisis: America rises to the occasion as storm heads towards brittle Europe

An almighty crash has been averted, very narrowly. There is no guarantee that the revolutionary actions of the US government will prevent a full-fledged global slump, but at least we now have a fighting chance.

By taking the colossal wreckage of the credit bubble onto its own books in a $700bn (£382bn) taxpayer sink, Washington has forestalled a run on the world banking system, and may hopefully have saved the viable core of modern capitalism.

Hank Paulson's "Super Sink" is the "game changer" we have all been waiting for in this interminable crisis. It puts a floor under the toxic debt that is bleeding the banking system to death, and ends the downward spiral of CDOs, CLOs, HELOCs, and such instruments of leveraged excess that lie at root of the credit terror. No doubt the Fed, the Treasury, and Congress have made a string of mistakes but they are now rising to the occasion - the reflexes of a wounded but still formidable superpower. The US has shown time and again that it has the institutions and flair to pull itself out of disaster....." Telegraph

liam : Financial crisis: Default by the US government is no longer unthinkable

...."But, in the run-up to the US election in November, Democrats in Congress - and even some Republicans - may decide they're simply not having it. How much more can the US taxpayer take? It sounds insane, but the liabilities being taken on by the Fed and the US Treasury are now so enormous that the government itself could default. No?" Telegraph

more telegraph :Japanese megabank to buy up to 20pc of Morgan Stanley

Japanese megabank Mitsubishi UFJ Financial Group is to buy up to 20pc of Morgan Stanley, which along with Goldman Sachs has given up its status as an investment bank.

"We have decided on investment in Morgan Stanley," a MUFG spokesman told AFP. Although he declined to give any further details.

The deal was annouced as Morgan Stanley and Goldman brought the era of the Wall Street investment bank to an end by choosing to give up their independent investment banking status to gain easier access to funds to survive the financial turmoil....

...Giving up investment bank status gives Morgan Stanley and Goldman greater access to Federal Reserve funds and makes it easier for them to buy retail banks, but it will also subject the two to much tighter regulation....." telegraph

bluepetey : well me hearties...ahah!...innit? the plot anna sh*t thickens...the politix gon fix the boom wotz bust...gon fix a markets so they caint go down...gon fix the 'lection? fix a dolla?

dolla gon fall...commodities gon rise?

...when a wind blows...a cradle will rock...when a bough break..cradle will fall...

an dahn will come cradle...baby an all!

halfcat : ah swear, painty dude, yo one sad sackka sh*t man...yo paintin a saddo picture here!

bluepetey : aint painted it dude...it aint art..i jus photograph it!..it already there man!
yo caint make this stuff up!