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Mahatma Gandhi once said:

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

Tuesday, October 28, 2008

A "Peston Moment"

Dear Ivor
Thanks for picking up the singing trout. You are right, you could barely see it stuffed down your tank top and it would be easier for you to pop it back in its rightful place on the bar whilst the staff are distracted by your pick the slogan competition. Taking the lead from George (or should I say Gideon) Osborne "I think I did make a mistake” and “it's not just what you say or what you do it's how things look," although I would like to point out to him that as he has been an MP since 2001 perhaps this should have occurred to him before. Anyway he’s not got anything to worry about, if politics doesn’t work out for him he can always go back into the wallpaper business. However my brief foray so far into politics has taught me that strutting down the high street at 11 o’clock at night with a writhing trout hanging out of my handbag singing “Take Me to the River”, that was the trout singing and me humming along, well perhaps louder than a hum, could be misconstrued as behaviour unbecoming of a virtual PM. However I have learnt my lesson and am contrite, the only thing that continues to worry me is why I ever wanted the thing in the first place! In an attempt to rekindle my popularity I am going to see if I can lay my hands on a red dress, as have just heard that wearing red boosts attraction! And let’s face it we need every boost we can at the moment.

Listening to the Today programme this morning heard George Magnus say that he thought the estimated bank losses of £1.8 trillion was only half the size of the eventual losses (added a contingency amount to the spreadsheet!) although interestingly Evan (feel I can be on first name terms with him as he is currently leading in our poll for Head of Economy) said that the banks were perhaps over counting the loses, as the defaults on loans were not as high as originally calculated, am wondering if the bankers are secretly building up their bonus fund for Christmas? However in an attempt to improve my economic knowledge, which I must admit is a little patchy, went in search of the “Minsky moment”. Initially I had thought that it may be a typo and could end up listening to a “Rimsky movement”, “The Flight of the Bumblebee” perhaps, but instead came across quite an interesting article about how lenders and borrowers become complacent during times of economic stability and lulled into a false sense of security end up taking more and more risks. Sounds plausible, but apparently this ends in panic! Are we in the panic or just on the verge, can panic be avoided I thought? Are business journalists enjoying their moment in the spotlight a little too much, a “Peston moment” perhaps, should they be investigating their own past reporting and ask whether they should have seen this economic crisis looming on the horizon? After seeing how the markets reacted to their reporting of the use of the “r” word could the opposite be promoted changing the “r” word to recovery? How much sway do they hold in the business world? Am determined to only concentrate on positive news myself, may jettison the spreadsheet, after all nobody really seems to know how much money has been or will be lost. Will concentrate on the opportunities, like the increased sales in wood burning stoves and loft insulation, look at the more important things, not how we got here but how to get out of this mess! Think we ought to promote the reduction in interest rates immediately on mortgages and set up an attractive monthly investment account perhaps linked to premium bonds, “a save and win” account! What do you think?

See you Thursday at the Natter and Witter on The Green.

Poll x

PS Forgot to mention that James was very grateful for the loan of the inflatable leek for the freshers’ party, although he said several people mistook it for a palm tree, still it was a talking point.