Wednesday, 29 October 2008

Thursday, 23 October 2008

The Roof is Caving in.

What a metaphor for our times! Just been in my roof with a nice local roofer, who kindly pointed out the sky in many places, and small lakes in some others. I have a weird roof that is mezzanine so hard to get very far into...Gordon, can I have some money for a new roof please? I am a hard working family, honest. I had a full structural survey done when I bought the place and the surveyor went into the loft too because he describes the insulation. He didn't look upwards or he surveyed the place at night because there are unplanned skylights all over the place. My insurance doesn't cover it because it is a "pre existing condition". D'oh! At least I will be preserving a couple of local jobs for a few days longer...

I am a little down in the dumps because blooging seems to have given me RSI in my right shoulder, so I have to learn to mouse with my left hand....

Sunday, 19 October 2008

Suicide Bomber

This made me laugh

Saturday, 18 October 2008

Soundtrack to my life. Scratch that.

I have always had varied musical appetites, and these days listen to a lot of bluegrass, the ever present Grateful Dead, and because I live with an old gadgee, a fair amount of the more recent Bob Dylan.

The Dead has always been there, since I was 18 anyway, and it seems, so too was Madonna. I first heard her when I was a proto feminist, and my mates were lesbian separatists or Film and Lit winos. I was a closet fan until firstly, a friend I deemed really cool admitted his affection for her dance tunes, and secondly, until I heard a sixteen year old siouxie soux lookalike scream "this is my song" and rush onto the dancefloor as Like a Virgin started up. I always was a bit of a feminist-in-fishnets myself, and although I did the really really short hair and doc martens I never did the dungarees.

I loved to dance and bought everything she did until her "Music" album which was a bit crap. Someone gave me the one after that but I played it once. Ray of Light was a treat. She should have packed it all in then.

Something really bad has happened to her. She is making crap albums. She is slagging off Guy publicly. And frankly, she does look like a granny in a leotard in spite of all the working out and surgery. Why wouldn't she? Many women are long since grannies at 50. It's not a bad thing to be. She is divorcing the last person on earth prepared to tell her the truth.



Scary Momma gonna take your kids to New York so suck on that Guy. Her albums are all going onto Amazon today, (if Elby hasn't put them on already).

Friday, 17 October 2008

Unbelievable

Can anybody tell me the point of a helicopter in a war zone that does not come equipped with a winch?

RIP Corporal Wright

This is why the government wants inquests in private. To hide their shame.

Monday, 13 October 2008

What is Going On?

I have a few question marks:


Banks are writing to small businesses, putting their loan interest rates up by 70%. These letters are arriving as banks have been told to lend at 2007 rates by The Master. Will they bring these rates down again?

How do chairmen of banks manage to keep a decent pension pot, when everyone else's has gone to shit?

Luckily, after a sleepless night (no, not worry) I was able to learn what "Churning" is from the comments on CIF.

Masticator said at 12.29

dratkins

A period of deflation with taxpayer support for good banks as bad banks are euthanased and their assets taken over, is what is required. The last Depression got bad because good banks went to the wall. That is what must be avoided.

That's exactly what needs to happen but it isn't going to. Far too many of the ultra rich will suffer personal ruin.

Another poster asked how the CDS market could be worth 60 trillion, a sum larger than the planets GDP. Well let me introduce you to the concept of churning. A banker writes a CDS to insure a bond, he then offsets his risk to other parties, i.e. he re-insures, and they in turn offset their risk and so on and so on. Now this sounds OK(ish) so far, however please bear in mind that CDS are not really what they appear. They're advertised as a form of insurance to reduce counter party risk, in reality they're a form of speculative investment which have morphed into an alternative currency. The more churn or turnover in this crap the more the bankers could cream off the top as fees and the bigger their crimbo bonuses (huzzah!). So to put it mildly they had a bit if incentive to ensure that their clients were lured into buying this stuff and sucked in as many counter parties as possible. A million dollars worth of CDOs could well end up as a hundred million in CDS spread over thousands of investors.

Now for the scary bit. As the US housing market collapsed some of these CDS obligations were called in, and hey guess what? It turned out that many of the individuals and companies who wrote these 'policies' had neither the means or inclination to meet their calls. Who would have thought that in a completely unregulated market people might fib about their ability to pay? And so the demand to pay these IOUs has been marching up the chain. This is what's causing the equity markets to go into meltdown as everybody desperately tries to go liquid to pay off this crap, that and blind panic obviously. And the ultimate suckers holding the pile of steaming shit when the music stops? Well the banks of course.

So what's the final bill? No idea, but lets grab a number out off thin air, 10 trillion US net. It might be 5 trillion or 20 or even a hundred squillion for all anybody knows. But if the guesstimates on the size of the market are correct the net exposure will be a lot less for reasons I've explained. But it's still a bloody big number and growing all the time as the economy heads down the toilet.

So what about dratkins point? Why aren't governments organising a clear out and unwinding the banks holding this stuff? Well to do so would be to admit that the trillions in derivatives held by some of the worlds wealthiest and most powerful are actually worthless. Instead we are seeing a more gradual unwinding as counter party risk is transfered to the good old tax payer allowing our elites to enjoy a fun packed retirement in the Bahamas or to wait until the market bottoms and make a killing. Why do you think there is almost no debate or analysis over the central cause of the economic melt down in our media? Coincidence? lol


But things are not all bad...there's plenty of construction work , here Scroll down the article for incredible pics, both actual and projected.

Saturday, 11 October 2008

My Dad Says


My Dad has been saying for 18 months "It's going to get bad, very, very bad."

He has been saying that Iceland is a fuckup for as long. Last year he was saying for the first time in his life "Cash, not property" He sold his house last November and paid off his debts and developers knocked it down and are trying to sell the rebuild, poor things.

But I spoke to him today and he says the stock market will pick up in 6 to 9 months and the economy six months to a year after that. So that's not so bad eh? We just gotta get through the next couple of years....

I love my Dad.

Update: It's alright! We're off back to the '70s. Relax. Smile. Enjoy

Saturday, 4 October 2008

Is Kate recoiling in horror in this picture?

Warning for the delicate of digestion, do not click on this link.

BEAUTY AND THE BEAST

Friday, 3 October 2008

Great headlines that deserve a reprise

See here

The surreal expression "Gay Feud" clinches it for me as an award winner.

Having popped over to here I think the appointment of Mandy may be an act of revenge from our PM.

Wednesday, 1 October 2008

My faith restored

I went up to London Town with My Girl to see her solicitor. On the way we changed tubes at Leicester Square and sat on the platform waiting for the next train. My Girl bemoaned the lack of rubbish bins in order to dispose of her double chocolate mocha frappe container. AT THAT MOMENT..a TFL employee approached my daughter with a paper shopping bag and asked her if she had any refuse he could collect from her....Boris is making a HUGE difference!!!