the next scapegoat

After railing at greedy bankers and traders the politicians are now after fair-value accounting. May sound dull, but this is one way for banks to manipulate their results & deceive investors.

Sarkozy, the EU, and even David Cameron have started criticising fair value rules saying that they have made the current credit crisis worse.

Errr, no. The fair value rules ensure that businesses, in particular banks, value their positions at the prevailing market rates. This allows investors to see the true p&l on a position.

Without fv rule, the banks know their real prices, competitors can work out the real prices, but investors are left in the dark.

This is just a diversion tactic to try and shift some blame for the current fiasco.

Keith Vaz & Geoff Hoon are corrupt idiots

The lying Leicester MP Keith Vaz has once again been caught out in his less than ethical dealings. This time the idiot that is Geoff Hoon has dropped them both right in the shit.

Keith Vaz miraculously changed his view on the 42 day detention without trial vote & supported the government. Along with the equally venal DUP, Vaz was among the handful of MPs who swung the vote in the government's favour.

Geoff Hoon then writes him a note saying that Vaz would be 'appropriately rewarded' for his actions. Which is more shocking - that Vaz would sell his vote for 40 pieces of silver, or that Hoon would be such a complete idiot as to write the deal down in black and white?!?

Amazing. There really aren't enough lamp posts to string up this lot. Lets erode civil liberties further, and in return Vaz gets a knighthood and the DUP get a pot of cash.

Well screw the DUP - Ulster is nothing but a medieval drain on mainland Britain anyway. And Vaz ain't got no chance of his knighthood now that the stink is out.

It would be even funnier if Hoon has deliberately leaked the letter to stitch Vaz up & deny him his spoils.

Inflation to top 4%, Strikes Galore - back to the 70s

Mervyn King the Governor of the Bank of England has told the Chancellor that inflation could well top 4% by the end of the year. This as he wrote to the Chancellor, Oh my Darling, to explain how he was to combat the rise in inflation to 3.3%.

Welcome to the start of Stagflation! Hold on to your hats we are going back to the 70s.

Inflation on the up, the economy stagnating, the unions flexing their muscles on pay disputes. Sounds like a newsreel from 1974!

The next year or so is not going to be pretty - anyone want a bet on $200 oil and 3m unemployed?

David Bentley - the ego has landed

As expected David Bentley has asked for a transfer, believing he should be plying his trade at a top 4 club. Little old Blackburn Rovers are no longer big enough for his talent and ego.

Bentley is a fine player. But I fail to see which of the top 4 English sides would want him. Also, if he was that good why can't he permanently dislodge a rapidly ageing, unfit David Beckham who plays the equivalent of 2nd division football in the USA from England's right wing?

Bentley is a classic case of self-delusion and self-aggrandisement. A decent footballer who cannot keep his mouth shut. Thinks he is a far better player than he really is - think positional discipline, pace, consistency for starters - never mind his disruptive ego which Arsene Wenger spotted straight away.

Rovers saved him from obscurity when he was languishing as a loan signing at Norwich. We have taken him to the edge of the England side. He plays every week, is well paid and gets picked for England. But that isn't enough.

Wenger won't have him back at Arsenal, he doesn't have enough pace for ManU, Chelski can afford much better - so that leaves Liverpool at best. Most likely he will end up at Villa or Man City, or on the bench at Anfield.

But he'll get a fatter pay check and a boost to his already over-inflated ego

Irish vote down Lisbon Treaty - what happens next?

As the dust settles on the Irish 'No' vote in last week's referendum on the Treaty of Lisbon it is becoming increasingly clear that the EU will try and force the issue in the coming months.

Whether this is by ignoring Ireland & carrying on with the Treaty or other means, I see no potential for the EU to reign itself in. More likely Ireland will be offered the chance to 'reflect' and then either asked to vote again (the 'correct' way) or will be presented with a tweaked treaty - i.e. much the same but the spin will be different.

You couldn't make it up. Marxists used to bang on about 'false consciousness' preventing revolution. Now the EU is saying a similar thing to Ireland - the Irish are misguided, have false consciousness & should now be led by other means to the Euro-Nirvana federal state.

The elites won't put the EU to a referendum unless they are forced to as they know the outcome in most countries would be No to a federal super-state.

Does Cameron have the cojones to open this box of worms if/when he is PM after the next election - maybe, watch this space and cross your fingers if you are a democrat & exponent of the nation-state.

Obama...... don't count your chickens

Truly historic news from the US - the first black man to ever stand as a major candidate in the Presidential election. Potentially the first ever black US President. It is only a few decades ago that the civil rights movement tore much of US society to shreds in the '60s, early '70s and now Obama is running for President.

There seems to be a consensus developing in the UK media, and in excitable elements of the US media, that Obama is bound to win. He is change. He is a new dawn. I was in the US a month ago and even sane, cynical New Yorkers were gushing over Obama.

I'm not so sure. I have a feeling that John McCain is going to prove far more formidable than many give him credit. He appeals to the Right, but not the mentalist Right. He is a strong man, decorated war hero who also disagreed with many of Dubya's decisions on post-war Iraq & domestic issues.

Like most Brits, I am an outsider to US politics who picks up his news & views from the media & regular business trips to the East Coast. But, Obama strikes me as shallow & inexperienced. He has dubious friends. His wife plays racial politics, never mind his pastor.

I think he will be found out. The Republicans are going to destroy not only his politics but his personality in the ferocious election propaganda that will ensue.

Finally - Obama has been compared to JFK - that saint-like figure in modern US mythology. Well JFK first committed serious troops & resources to Vietnam (that ended well). He dithered over the Cuba/Russian relationship in the early stages resulting in the missile crisis taking the world nearer to nuclear holocaust than ever before or since. And he said he was a donught in Berlin.

The omens for Obama are not good. The omens for the world whoever wins are equally poor. McCain would confront Iran. Obama will be a disaster like the real JFK & won't be the break with the past as in the wet dreams of European liberals.

Hughes out Big Sam in - arrrrrrrrrrrrrrrgh

Save us from Big Sam!!!!!!!!!!!!!!!!!!!!! We should have seen this coming. Mark Hughes did nothing to squash the rumours when Newcastle came sniffing around him after sacking Allardyce. Similarly he has made some interesting comments about wanting to get to the top - i.e. a bigger club than little old Blackburn.

I don't really understand why he would go to Man City. They are no better than the Rovers. They may have £50m to spend, but they also have a deluded owner who has sacked Sven after a relatively good first season.

Every Rovers fan is hoping we don't get Big Sam. We are a decent footballing side right now, hard but fair & with a good slug of flair thrown in. We don't need the long ball, set piece per-centage football that Allardyce brings - we are better than that.

My vote would be for a Mike Newell, Alan Shearer partnership. Two Ewood legends who would have the big-name draw a club like Blackburn needs to attract talent. They would both be hungry for success at their first big clubs - come on the Board take a punt on Big Al!