Knitting the economy, not dropping a stitch…

Idol plans for the idle rich… still living with the English fear, waiting for the witch hunt dear. The Mob 1980

From The Times, London, England 15 September 2008

Global stock markets plunged this morning after it emerged that Lehman Brothers, the 158-year old bank, had filed for bankruptcy after the failure of a weekend of rescue talks masterminded by US Government.

The Bank of England moved to calm UK markets today by pumping £5 billion into the short-term money markets, to guard against fears that financial markets will grind to a halt if banks, spooked by the collapse of Lehman, stop lending to each other.

Earlier this morning, the Bank said it was “monitoring carefully conditions in sterling money markets and will take appropriate actions if necessary to stabilise those markets”.

In London, the FTSE 100 index of leading blue chip companies fell by 184.1 points to 5,232.6 in morning trade, reversing gains made at the end of last week when a chance to secure Lehman’s future remained.

(More, similar, on Google News)

  1. Phil R
    Phil R
    September 25, 2008 at 11:40 am

    Good old Pluto movin’ into Capricorn…

  2. Jay Vee
    Jay Vee
    September 26, 2008 at 12:57 am

    “Footsieeeeeee yeahhh!!!” ~ can you upload that old song for us please Penguin????

  3. Penguin
    September 26, 2008 at 9:44 am

    What old song is that Jay?

  4. Jay Vee
    Jay Vee
    September 26, 2008 at 2:28 pm

    I can’t recall the name of the artist or actual title of the song, but it’s probably a Northern Soul record? Very 1970’s discoish, foot tappin’stuff as the tune in my head suggests – “Footsieeeeeeeeeeeeee, yeahhhhh…du du du…durrrrr…du du du du durrrrrr” – that’s the only description I can express in a typed message – will do some research though 😀

    (Re: FTSE Index for anyone puzzled as to the association)

  5. John No Last Name
    John No Last Name
    September 26, 2008 at 4:37 pm

    What’s going on guys is the old memory going, the song was called “footsee” and the group was “Wigan’s chosen few”. Now if there was a circle on the cover and a mushroom cloud in the background I’m sure you all would know the bass players next three bands.

  6. Graham Burnett
    Graham Burnett
    September 26, 2008 at 4:38 pm

    Oops sorry I see John beat me to it…

  7. alistairliv
    alistairliv • Post Author •
    September 26, 2008 at 7:15 pm

    It’s not working for the yankee dollar anymore -the $700 billion banking bailout plan seems to be stalling. Just heard President George W. Bush accused of being a commie on the radio by a free-market fundamentalist.

    And Prime Minister Gordon Brown is telling them not to panic ( or we are all doomed)…

  8. Jay Vee
    Jay Vee
    September 26, 2008 at 11:37 pm

    Cheers John No Last Name!

    An awful record, but I like it…one of those haunting records that echoes in your head from when you were a pre-teenager, and just like it for it’s evocative qualities… it tickles too 🙂

    we should all play it loud when the recession hits hard.

  9. alistairliv
    alistairliv • Post Author •
    September 29, 2008 at 9:55 pm

    Dropping a stitch? Looks like the whole darned thing is unravelling -see this from Guardian website at 9 pm

    The US government’s $700bn emergency bail-out of the banking industry collapsed in disarray tonight as Congress voted against the plan, sending Wall Street stocks plummeting and spreading ripples of shock through the global financial markets….

    As Congressional leaders went back to the drawing board, the Dow Jones Industrial Average plunged on fears of further banking failures. At one point, the blue-chip average was down by 705 points, exceeding its biggest ever previous one-day points fall of 684 in September 2001.

  10. Graham Burnett
    Graham Burnett
    September 29, 2008 at 11:11 pm

    I remembered Footsee by WCF but didn’t recall until clicking that link that the lead instrument was a kazoo! Genius! Kazoo’s always played a big part in my band Stripey Zebras as well,maybe our singer was influenced by WCF?? He also had that Kazoo Orchestra record in his collection that included a kazoo version of Whole Lotta Love… He also did a bit of Augustus Pablo stylee melodica solo-ing during our thoroughly inept version of ‘Wild thing’…

  11. Jah Pork Pie
    Jah Pork Pie
    September 30, 2008 at 7:11 pm

    Hahahahahahahahahahahahahaha! An economy based entirely on”Credit Derivatives”? A working definition of the phrase “Nonsense on stilts”!

  12. andus
    October 2, 2008 at 7:51 pm

    This bailout won’t work if it happens, it will collapse again in a few weeks, the bailout is’nt a bailout its an attempt by big bankers and the federal reserve to take over the US goverment, its basically an attempted coup supported by all their 5th columists inside congress and the senate, when the whole thing collapses again by the end of October, Bush will suspend the election assume puppet dictatorial powers and instigate marshall law, this will kick start a new US revolution/civil war, and we will be watching the new Yugoslavia and the collapse of a super power, when bush fails to put down the American people, the UN will move in to defend their world banking interests, with chinese and european troops, thats my prediction, if i am wrong you can all call me an idiot. but the players in this act have learnt their lines, its pre-planned.

  13. Nic
    October 3, 2008 at 9:24 am

    Andus – can I just call you an idiot now and get it over with?

  14. Tony Puppy
    Tony Puppy
    October 3, 2008 at 9:57 am

    You idiot Andus, it’s ‘martial’ law.

    Here’s someone else talking about martial law in the USA,

    “Citizen opposition groups are now organizing to carryout protest demonstrations in Washington, New York Wall Street, etc against the Financial Oligarch’s Bailout Bill that Bush Jr. is trying to have passed.

    Bush has warned that any such civil actions taken by the people that he would call in the United States military to move against the protesters. The military is now moving its combat soldiers into place for this eventuality.

    The marches are to start in a matter of days or within two weeks as the Bailout Bill near official passing.

    Bush doesn’t want this to happen, because the financial oligarchs want that bailout money quickly. If it does happen, the Bush Administration plans to putdown the crowd. If necessary bring about martial law so that the Bailout Bill can pass unhampered, to calm down financial woes on Wall Street.

    The protest by the people is to tell Bush that the people do not agree with the bailout. ”

    From this ‘reading room’, a site that goes beyong killing it’s pet puppy and takes out the whole damn pet shop.

  15. andus
    October 3, 2008 at 10:20 am

    Sorry Nik, You will have to wait, its only 6 weeks anyway, I am sure you can hold back.
    Oh fuck of course it is martial law, marshal what a classic, well, it will be run by marshalls so whats the difference.
    If they want the bailout money quickly why is it 400 pages long, and how did they write 400 pages in a matter of days with all the legal technicalties ( wrong spelling again ) involved, no. it was written months ago.
    Bush wants the people to take to the streets so he can bring in fascism. he tried it after allowed al Queda to blow up the twin towers, he failed, this is plan b.

    Why don’t they just close down all their military bases, some 2000 odd, quit pointing missiles at eveyone, get out of Iraq etc, then they probably would not have a credit problem, An empire that has failed to deliver the spoils is pretty pointless, at least the Spanish managed to get the gold if nothing else

  16. andus
    October 3, 2008 at 10:24 am

    Right, I am gonna put this Votkar awray i have just notised some more spealling mistaces, how embarrissing

  17. andus
    October 3, 2008 at 10:47 am

    Where do you get these smiley faces from, I WANT ONE.

  18. andus
    October 3, 2008 at 11:04 am

    In 2000, the long fought for and long admired democracy of the United States of America began a slow and steady decline toward fascism – a Bush family tradition – with the installment of a president – a man the citizens overwhelmingly rejected (although the funny math told a still believed myth) – by a few corrupt judges on the US Supreme Court. That coup is now nearly complete and checkmate is all but unavoidable.

    Let me first point you to the Bush administration’s so-called Wall Street bailout bill, here, so that you can see for yourself that this treachery is being conducted in the light of day. Fascism is finally and formally out of the right-wing closet even if the F word is not yet openly being used (although it should be, and often).

    Now, if you do not yet understand that the Wall Street crisis is a man-made disaster done through intentional deregulation and corruption, I have a bridge in Alaska to sell to you (or Sara Palin does anyway). This manufactured crisis is now to be remedied, if the fiscal fascists get their way, with the total transfer of Congressional powers (the few that still remain) to the Executive Branch and the total transfer of public funds into corporate (via government as intermediary) hands.

    The Huffington post.

    above link. alistairliv Says:
    September 26th, 2008 at 7:22 pm

  19. andus
    October 3, 2008 at 11:05 am

    Everything is on fire ! everything’s burning down. KILL THE CHRISTIANS !

  20. andus
    October 3, 2008 at 11:19 am

    Right I am off to buy a dictionary, can’t be doing with these spelling mistakes on a public forum innit. ON A PUBLIC FORUM ! This is the end of the fucking world ! My mates St Bernard dog eat my old dictionary.

  21. andus
    October 3, 2008 at 11:26 am

    martial law incidently ( lol ) means war on the people

  22. andus
    October 3, 2008 at 11:27 am

    its a long standing tradition to say, ‘you dickhead Andus’ not ‘You idiot’,

  23. Nic
    October 3, 2008 at 8:10 pm

    Brit it, Andus…

  24. andus
    October 3, 2008 at 8:41 pm

    Brit ( brit ) n. Inf. a British person.
    Brit. abbrev. for 1. Britain. 2. British.

    British it Andus, makes sense.

    I have my dictionary now. now I know what you have been saying all these years. I’ve got a dictionary and I am not going to be put upon anymore.

  25. Penguin
    October 3, 2008 at 8:47 pm

    But are we all still going to die though or what?

  26. andus
    October 3, 2008 at 8:51 pm

    I am afraid so.

  27. Penguin
    October 3, 2008 at 8:54 pm

    Well that’s just great…totally balls’d up my plans for the rest of the year…

  28. andus
    October 3, 2008 at 9:10 pm

    Warns that a panic atmosphere is intentionally being nurtured to get bill passed

    Steve Watson
    Friday, Oct 3, 2008

    A Democratic Congressman has warned that a panic atmosphere is being intentionally created in order to get the financial bailout billed passed, further stating that several members of Congress were told before Monday’s vote that martial law will be instigated in America if the legislation fails.

    Congressman Brad Sherman of California’s 27th congressional district told the House in a speech yesterday evening that he personally knew of several Congressional representatives who have said they were threatened with the prospect of all out martial law should they vote in opposition to the $700 billion bailout.

    Sherman essentially intimated that powerful forces who want the bill passed have attempted to blackmail elected representatives.

    “The only way they can pass this bill is by creating and sustaining a panic atmosphere. That atmosphere is not justified.” Sherman stated.

    “Many of us were told in private conversations that if we voted against this bill on Monday that the sky would fall, the market would drop two or three thousand points the first day, another couple of thousand the second day, and a few members were even told that there would be martial law in America if we voted no.” The Congressman continued.

    “That’s what I call fear mongering. Unjustified. Proven wrong. We’ve got a week, we’ve got two weeks to write a good bill. The only way to pass a bad bill is to keep the panic pressure on.” Sherman urged.

    Sherman has been a member of the House of Representatives since 1997 and also serves on the Committee on Financial Services along with Texas Congressman Ron Paul.

    On the Eve of a second Congressional vote on the legislation, these revelations show that freedom in America is under direct attack. The Congress should instigate an immediate investigation into these serious allegations to uncover which private individuals and administration officials, if any, are involved with directly threatening a military takeover of the workings of the U.S. government.

    Sherman’s comments follow those of Rep. Michael Burgess (R-TX), who warned that the only information he had received about the bailout was what talking points to use on the American people and that he had been thrown out of meetings for not blindly supporting the bill.

    Ominously, Burgess also commented, “Mr. Speaker I understand we are under Martial Law as declared by the speaker last night.”

    However, it must be stressed that the definition of martial law that Congressman Sherman is referring to is the full blown military suspension of the normal administration of justice, while rep. Burgess was referring to the temporary suspension of the rules and procedures of Congress by its leaders so that a bill can be passed quickly.

    Sherman’s allegations of threats against elected representatives have also been echoed by outspoken political activist Lyndon Larouche who told an audience “There are those in high positions who know that if they don’t allow this bill to pass, that there are people behind the Bush Administration who will force them to pass it or kill them…”. LaRouche stated that well placed sources had told him that the use of armed troops to enforce the passage of the bill is “reality”.

  29. andus
    October 3, 2008 at 9:10 pm

    You will be alright for a few years yet, don’t cry Penguin

  30. andus
    October 3, 2008 at 9:12 pm

    Associated Press
    Friday, October 3, 2008

    WASHINGTON – With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

    The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

    Bush was poised to make a statement on the historic vote.

  31. andus
    October 3, 2008 at 9:13 pm

    Damn, we’ll have to wait until the end of October now for the collapse.

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