Banking: Better Not More Regulation

The recent Libor scandal has given politicians another reason to focus attention on the failing in the banking industry and away from their own glaring inadequacies.

The danger is that the dividends that banker bashing pays in the ballot box will lead to greater and more complex banking regulations. But surely that is what we need? Well, no. What we need is better (also less and simpler) regulation and real punishment for those who to transgress the rules. Those who thought it was a great wheeze to fiddle the interbank lending rate should have been in no doubt before they started that a) it was illegal and b) it was punishable by a stiff prison sentence. In reality, even if a bent trader knew what he was doing was wrong he never really felt like anything would be done about it.

It's worth a listen to Niall Ferguson's Reith Lecture, part 2 - The Darwinian Economy. He makes the above point very powerfully. We need better, simpler regulation and genuine punishment for those who transgress...

http://www.bbc.co.uk/radio/player/b01jmxqp

OccupyLSX And Ed Miliband - A Match Made In Heaven

Awkward Ed Miliband has expressed his support for the campers, sorry, protesters outside St Paul's Cathedral. And why not? They present themselves in the media as a broad collective that are against a lot of things (most of which most people would also be against, such as greed, irresponsible banking, MPs on the take, big bonuses for poor performing executive etc etc). But they have nothing constructive to suggest as an alternative. Sounds like a perfect fit for Ed's New New Labour.

Of course, the image of the "occupiers" being moderate minded average Joes who are just frustrated with the failings of modern leaders and financiers is not wholly accurate. They are, in fact, a hotchpotch of left wing/eco-warrior/conspiracy fantasists who see the current financial crisis as an ideal opportunity to push their delusional political views out onto the wider population while they are living through uncertain and worrying times. Those who have actually spent time talking to the (at least daytime) tent dwellers report demented and/or vacuous conversations that the following YouTube video illustrates well...

These are Ed Miliband's people. They are certainly NOT the 99% and he is welcome to them.

Recommend read: Capitalists@Work: Miliband backs the protesters

Estate Agents Have Some Catching Up To Do

All but one of the groups that top the public's love to hate league have accommodatingly behaved appallingly over the past few years.
MPs, investment bankers and now journalists have all disgraced themselves royally and confirmed themselves in the collective public mind as the greedy, grubby shits that they generally are.
But, one remaining group have not been keeping up in the race to plumb new depths of depravity or avarice, or both... estate agents. They continue to be untrustworthy, annoying prats but really need to get their act together if they are to keep up with those other bastards.

Hmm...

It'll have to be big to compete and overshadow the others. It wouldn't surprise me if the final News of the World edition on Sunday uncovers something like a massive paedophile ring at Nationwide Estate Agents or Mann & Co or somewhere. Perhaps it could be that these sick, slick haired Trevors are in cahoots with perverted tech-savvy online agents at Rightmove, using their web site as front for their disgusting picture trading. That'd put estate agency back in contention in the race for the abhorrence of the British people.

Come on estate agents! Sort it out or you'll start looking like saints compared to your abominable peers.