May the force be with you.

So, the totally independent Bank of England slashes interest rates on the very day of the Glenrothes by-election and Nick Robinson, in full on mode, demands to know of Alistair Darling why the government does not “force” the Banks to fully reflect this cut in their rates to borrowers. Great idea, Nick. But why leave it there? How about the government “forcing” the BBC to stop ripping us off with the bloated license tax? How about the government “forcing” itself to stop ripping us off with the grotesque share of tax it takes in fuel? Why should “forcing” stop at private business, Nick?

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29 Responses to May the force be with you.

  1. Grant says:

    David,

    Yes, Yvette Cooper was on News at 1 , but didn’t actually use the word “force”. It was more like pleading. The problem is that the government and the BBC simply don’t understand markets, capitalism, finance, business, taxation etc.
    Not surprising as none of them have ever worked in these areas in the real world.

    Very frustrating for those of us who have.

    Just looking at the FT 100, for example. Despite Obama’s win and the interest rate cut, it is still down about 5% today. Don’t suppose the BBC have reported that.

    They can’t understand the concept of markets discounting future events depending on the assessment of risk. I could go on, but ….

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  2. Grant says:

    David, PS , hope you had a nice holiday, well-timed !

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  3. Oscar says:

    The news management on Glenrothes at the BBC has been remarkable. They’ve managed to give it the minimum possible coverage without actually opening up charges of entirely obliterating it. In fact most people don’t have a clue ther’s a bye-election today. Of course if Labour do by some misfortune win, it will turn into a major news story – full blown proof of the Brown bounce. If they don’t win – it will simply be a case of ‘move along please nothing to see here’. Now can I excite you with my huge interest rate cut.

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  4. David Vance says:

    Grant,

    Had a great break – needed it! Glad to be back and I see that there have been some great posts in my absence so I hope I can keep adding to the momentum.

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  5. d says:

    If low interest rates got us into this mess how are they going to get us out of it ? I agree that 1.5% cut sounds like desparation, things must be worse than they are letting on.

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  6. King James I says:

    Oscar

    I completely agree with your post. I just looked on the BBC website and the Glenrothes by-election vote is hidden away right at the bottom of the page as of 20:15. Is it really less important than news that the person who licenses bouncers has been asked to resign?! I seem to remember past by-elections of recent note were plastered everywhere. Looks like Labour’s spin doctors have been working over time to make sure any defeat is well hidden from the public. And the BBC is totally compliant as usual.

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  7. archduke says:

    offtopic: but this is important…

    so sooner has obama been elected – then our Great Leader stabs him in the back

    http://www.guardian.co.uk/politics/2008/nov/06/world-trade-deal

    “Gordon Brown to push for world trade deal before George Bush leaves office”

    considering that the American people voted for obama, you would think that our PM would respect that.

    not a bit of it.

    makes ya proud to be british… not.

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  8. Grant says:

    David 7:56

    Well I am almost tempted to say, “when the cat was away…”.

    But, yes, this website goes from strength to strength !

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  9. Grant says:

    archduke 8:34

    Clearly, you are not a Scot. We would say here ” once a Fifer always a Fifer “. Brown’s behaviour is not unexpected. Sup with a long spoon !

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  10. archduke says:

    Grant | 06.11.08 – 8:42 pm

    i am not a scot – and i have no idea what you are on about.

    could you explain?

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  11. Grant says:

    archduke 9:01

    Well , maybe , better not to expand, it would take too long to go into Scottish history, clans, prejudice etc.

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  12. It's all too much says:

    I commented on this on another thread…

    1) The Glenrothes by-election cannot be discussed on election day
    2) Labour image strategists hid the by-election in the Obamania fallout
    3) Obamania was used to prevent ANY coverage of note of the by-election
    4) Coincidentally the by-election was is run as a 1.5% rate cut is announced
    5) the only coverage we did get of the campaign was a) Mrs Brown (NOT a prop – a person) used in the campaign b) The SNP increased the cost of community alarms (bastards!!)

    The sinister manipulation of “New” by the Labour Party is sickening – but worse is the complicity of the pliant BBC. They are either too stupid to see the agenda (charitable) or fully committed to the news management strategy (realistic) of the Labour spin vermin.

    At times I literally despair at the lies, mendacious manipulation and downright cynicism of the Government and their telly-tax hungry fellow travelers. There is literally no depth they will not plumb in pursuit of the “narrative”.

    Ross must go.

    .

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  13. It's all too much says:

    sorry – i) “news” ii) Mrs Brown has a good image so played up,

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  14. ipreferred the old impartial B says:

    Wall Street down 5%, where was the Obama bounce?, now watch the BBC’s pundits erase any suggestions of a British snap election, the fact that Wall Street plunged by such a large amount will stop Brown and his friends floating any idea of a ‘snap’ election.

    Now let’s see how the BBBC spins it.

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  15. Martin says:

    Anyone else catch Paul Mason on BBC newsnight. have a guess as to who he didn’t single out for blame in the current mess?

    Yep, McFatso. Why blame the Bank of England? Their only job is ot keep inflation down. McFatso has the job of running the economy, or does McFatso only own up to that when things are going well?

    I guess we can expect wall to wall Vince Cable tomorrow then?

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  16. adam says:

    Mason blamed the BofE?
    What a sham.

    Governments always take the blame for economic problems. How has Gordon managed to get out of this so far.
    Gordons framework made things worse.

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  17. Martin says:

    Looks like McFat Twat has lost the jocko by election to the Scottish Nose Pickers. Look to see the BBC ignore this result.

    Expect some Tory sleaze tomorrow.

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  18. Martin says:

    So now that Sarah Palin has gone it’s back to bashing Boris Johnson. The fact the audience sneered and laughed at the Brownies and Cubs question just showed what a bunch of left wing public sector twats are in the audience.

    So what’s Liebours solution to knife crime? Fiddle the figures and get c**ts like Mark Easton to spin those figures on TV as facts.

    Fuck off BBC.

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  19. adam says:

    The cubs thing is Boris trying to satisfy the left.
    Their always saying children just murder each other if taxpayers dont give them sumfin to do, innit.

    Just caus its Boris they turn their nose up.
    Compared to red ken, Boris is a genius

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  20. Oscar says:

    Oh no – Labour hold Glenrothes with 6 thousand or so majority. Prepare for BBC ecstasy. Another triumph for the masters of spin.

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  21. Wilhelm says:

    Why the fuck to people still vote for those bastards? Do they still fall for the same old bullshit?

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  22. Anonymous says:

    Labour held Glenrothes only because of the collapse of the banking system.

    So what horrors do they have in store for us to enable them to win a General Election?

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  23. Ben Sherman says:

    adam | 06.11.08 – 11:45 pm

    always saying children just murder each other if taxpayers dont give them sumfin to do, innit.

    There was one on QT, saying there was nothing to do in Edmonton.

    ….er….apart from the Leisure Centre and swimming pool, the 12 screen UCI multiplex at Pickett’s Lock., the Lee Valley Athletics Centre, the 20 bay golf driving range, the 18 hole golf course, the Dance Fusion studio at Edmonton Green (free for 11-17 year olds), the Artzone next door, the Millfield Arts Complex and Theatre, The Chicken Shed Youth Theatre (largest youth theatre in Europe), not to mention the courses in DJ-ing and photography offered by the council through the library.

    No nuffink to do ‘cept take crack and stab people.

    Naturally the Dimblebore didn’t challenge the silly woman. Nor did any of the panel.

    Beeboids don’t go the Edmonton

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  24. Heron says:

    Going back to David Vance’s original point, the whole argument is ridiculous. Most mortgages are either fixed at a pre-arranged rate, or track at a certain pre-arranged level above the Bank of England Rate, meaning the banks are obliged to pass the rates on.

    All that is happening is that some banks are not reducing their rates in accordance with the Bank of England for new deals for new customers. In which case, because you’re potentially a new customer, you can move to a bank that is passing on the rate reduction. And, you know what, Robinson? You’re free to do so, because it’s what’s called a MARKET. There is no need whatsoever for the government to force anyone to do anything.

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  25. Anonymous says:

    Heron | 07.11.08 – 2:50 pm

    Most mortgages are either fixed at a pre-arranged rate, or track at a certain pre-arranged level above the Bank of England Rate

    10% of mortgages are variable rate, and fixed-rate mortgages usually revert to variable-rate when their term (typically 2 years) expires.

    Presumably the BofE has made such a huge interest rate cut in order to put some more money in people’s pockets in the hope that they’ll keep the economy buoyant. That’s not going to happen if the banks just snaffle it.

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  26. Bumbandit says:

    I thought this site was supposed to be about bias?

    What has the abolition of the licence fee got to with a report about the interest rate cut? why would that be mentioned in the report. How bizarre. Get it together guys, this is poor.

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  27. moonbat nibbler says:

    Bumbandit,

    Robinson is attacking a left-wing government from an even more left-wing position. That is the very definition of bias.

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  28. Heron says:

    Anonymous,

    True, but most people are able to change their mortgage without penalty as soon as the discount period ends and it goes to standard variable. Again there are banks that will be offering good deals if the consumers are willing to look for it.

    Still don’t see the need for Robinson or the government to be sticking his oar into this one. There is still a good mortgage market out there – if you don’t like (for example) Abbey, you can move to (for example) RBS at minimal cost. The only disadvantage is that people might have to use their own initiative. Do you see a problem in that?

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  29. adam says:

    What has your whining got to do with the abolition of the licence fee.

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