NEVER MIND THE CRUNCH...FEEL THE DEBT

yo!...film noir...innit!

PALOOKAVILLE FINANCIAL
capitulation day
+108...

sirens : aaaaaaahhhhhhhwwwwwwwww...aaaaaaahhhhhhhwwwwwwwww

aaaaaaahhhhhhhwwwwwwwww....


camera : shot from below...lookin up...



...peterthepainter lies face down in the swimming pool...

...he is headshot an has forgotten how to swim...

...things are not as they once were here on sunset boulevard...

...vilma banky would not have approved...



BOULEVARD OF BROKEN DREAMS


petey : !!!glub?!bub!! blub!..


beulah : why aint the painty b*astard booked our holiday yet?

zooneh : t'currencies f**ked...innit!


simon heffer : ..." As I expect the next few weeks to demonstrate, the horrors we are experiencing will soon be felt around Europe. Our position, which is now relatively bad, may soon start to look relatively good. That, too, should be no consolation. It will not betoken that our economic strategists have got something right; it will show, simply, that our commercial rivals are at last having as much grief as we are...."


mary an rosa : ..."With the credit crisis causing thousands of job losses in white-collar professions, ministers are engaged in crisis talks with major employers in a bid to find posts for the 400,000 students due to graduate from universities this summer.

In an interview with The Daily Telegraph, John Denham, the Skills Secretary, discloses that four well-known companies - including Barclays and Microsoft - have already agreed to take part in the scheme, provisionally called the National Internship Scheme.

He also refuses to rule out bringing forward plans to raise the school leaving age to 18 as an emergency measure to prevent this year’s crop of GCSE pupils adding to the ranks of the jobless.

With unemployment already approaching two million, some experts predict that three million people - one in 10 of the workforce - could be out of work by 2010. Another 550 posts were lost yesterday [fri] as Southeastern trains, the Newcastle Building Society and Bovis Homes, the house builders, added to the grim toll of job cuts since the start of the year.

Also this week, 1,200 jobs have been cut at Nissan’s plant in Sunderland, another 1,200 people have been made redundant at Marks & Spencer and 850 at Adams, the children’s clothes chain, while 2,700 jobs are under threat at Waterford Wedgwood, the crystal and china maker...."

simon : ..."It has been said that many economists backed this week's rate cut, as if that is supposed to reassure us. The death of Sir Alan Walters reminds us of his almost lone opposition to the 364 economists who wrote to the press in 1981 saying that the monetarism practised by the Thatcher government – especially the avoidance of debt and the desire to balance the budget – was wrong. Within six or seven years, Britain was experiencing unprecedented prosperity and the country had been transformed. We then had a similar crew of economists telling us how essential entry to the European monetary system was.
I think we can all agree
that a period of silence from such people would be most welcome...."


warburton : ..."I think from start to finish we'll do well to get away with a downturn of less than three years. If we consider that we started April-May last year, then we are hoping to get out of it in early 2011, so clearly we are in for a long haul here, with a major correction of relationships that had become entirely unsustainable. It will take time.

We should probably expect to see two years of minus signs in front of gross domestic product figures. We should be prepared for that.

simon : ..."In fact, even Mr Darling, the Chancellor, admitted this week that he really didn't have a clue what to do to put our economy back on the straight and narrow. Can we be surprised? He may have held various financial posts in government and in opposition, but usually in the shadow of Gordon Brown, and before that he was a leftie Edinburgh lawyer. I am not sure he can even read a balance sheet. I certainly wouldn't put money on many of his Cabinet colleagues being able to do so. Look down the list and try to gauge their hands-on business experience – try to gauge any real understanding about how wealth is created – and you pretty much draw a blank. If you ran a public limited company, would you ask Hazel Blears to join the board? Would you want Jacqui Smith chairing your remuneration committee? Would you be happy for Lord Rumba of Rio to sign off your accounts, or little Miliband to mastermind your product development? Quite...."

david b smith : ..."The Keynesian bandwagon has allowed the Government to go on huge spree, and the evidence from the 1990s is that you could easily have a situation where public spending holds up GDP but also induces a collapse in private sector activity which could be equivalent to the Great Depression.

The economy should return to its underlying growth trend with no permanent loss of output beyond that already caused by Gordon Brown's manic interventionism, unless the quack measures now being introduced by politicians make matters worse rather than better.

This happened with Roosevelt's New Deal and is likely to happen in the US, Britain and other modern economies.

We are producing a big package that looks like the kind of thing that got us into trouble in the 1970s. This looks much more like Edward Heath in 1972-74 than the more effective and well-thought out policies the UK carried out in the 1930s."

simon : ..."To make matters worse, the Treasury has been politicised since 1997, so officials say what they think their masters want to hear, rather than what they should hear. The unthinkable is never thought. Economists with an alternative view are ignored and marginalised. And of course, the Opposition hasn't a clue either, or the time to have one between skiing holidays.

Only one thing will give us an economic revival. It is, and I apologise for being boring, the transfer of money from the client state to the productive and private sector of the economy. This means spending cuts and tax cuts. Everything else is simply propaganda."

andrew clare : ..."Standing there and doing nothing is really not an option. Yes, the end result will be higher inflation at some stage, and there is moral hazard in all of this, but we are beyond that point now. We have to help those people who are most vulnerable.

The Bank of England should buy assets, and I support Fathom Consulting's idea to embark on quantitative easing by buying property rather than other assets. This would get straight to the heart of the matter.

I think something like this is probably going to be needed at some point. Of course, we don't want any policy which unnaturally boosts housing market activity. But we want to make sure that we don't end up in a 1930s scenario.

We know that retail price inflation will dip this year. What we don't want is for that deflationary mindset to set in – people need to be reminded that it's a blip. We don't want them to do what the Japanese did and to start saving 15pc-20pc of their incomes."

THE SWIMMER

buelah : so what about our holiday inna canaries?

zooneh : yo!... jus look it how the cost has gone up...

...2008 feb. one week hotel £648
...flight £404
total £1,052

...2009 same week an hotel £946
...flight £569
total £1,515

add in euros fo spendin money at 30% more expesive...
...rate on our visa last year e131 per £1


beulah : so thats why that painty b*stard be swimmin ...

...in vilma's pool...