Tag Archives: financial crisis

Business erects “Thanks George Osborne” sign for closing down sale

7:10pm Tue November 29th

A garage in Sheffield, forced to shut down after 16 years of trading, has erected a large fluorescent sign blaming George Osborne for the disappearance of custom since March.

The UKIP-voting owner of Billy Boy Tyres, which is now emblazoned with the words “MEGA CLOSING DOWN SALE. THANKS GEORGE OSBORNE”, has no illusions as to who is responsible. Mr Billy Bradley has seen a 40% fall in sales, as his South Yorkshire customers no longer have the cash to spare to replace their tyres.

He told Scrapbook:

“The last nine months have been ten times worse than the aftermath of Lehmen Brothers … George Osborne doesn’t understand. He’s just a Tory toff … The idea that ‘we’re all in this together’ is bunkum!”

On the day that the Chancellor made his autumn statement, promising better times ahead, this provides a depressing snapshot of the true state of modern Britain.

Banker: “We’re struggling too. My £30k bonus barely covers my ski trip”

9:18pm Mon November 14th

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An anonymous woman w/banker let the girls down in a recent issue of Grazia magazine (number 344), complaining about protesters and anyone that dares have a pop at the City of London. Life as a struggling banker sounds seriously tough.

These snippets should melt the coldest of anti-capitalist hearts:

“This year I got a £30,000 bonus which was just enough to pay off my credit card and cover my ski trip to Val d’Isère. I’ll be devastated if I don’t get more in January.”

“I bet the chanting protesters don’t stop for a moment to think about what my life is like. Yes, I’ve been on five holidays this year, but every one has been cut short by a work emergency.”

“We work so hard on such little sleep that I’ve started to suffer short-term memory problems. I’ve lost count of the number of times I’ve put down my Blackberry and then totally forgotten where I’ve left it.”

… and it gets worse:

“Long gone are the days of free drinks at a bar where the tab could easily run to over £1,000 within a couple of hours.”

“Yes, 99 per cent of the population are struggling financially – but so are we.”

Remember: we’re all in this together!

Hat-tip: Charlotte Farrar

George Osborne’s “Irish miracle” turns into a nightmare

5:14pm Fri April 1st

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As a keen supporter of the “Irish Miracle” that “stands as a shining example of the art of the possible in long-term economic policymaking”, one can only speculate as to George Osborne’s reaction to the further 24 billion Euros pumped into the Irish Banking sector yesterday to prevent it from dragging the country even further into the economic mire.

Perhaps time to reprise Scrapbook’s video from November, when Gideon handed over £7bn of British cash:

Still want to emulate the Irish model, George?

Financial sage Niall Ferguson advised Lehman Brothers-linked fund

12:30pm Fri March 25th

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The non-party ”voice of the people” on last night’s Question Time was Harvard historian Niall Ferguson. The pugnacious academic took the opportunity to indulge in the financial crisis blame game, yelling at Labour’s Ken Livingstone: “You messed up!”

Did Neocon Niall somehow forget that he is an “Investment Managent Consultant” with the hedge fund GLG Partners founded by, erm, Lehman Brothers? As Forbes reported in 2007:

The firm appointed the controversial Ferguson as a consultant, in the hopes that he will help them better navigate today’s turbulent financial markets. No doubt GLG believes his deep expertise regarding past eras of strife–like 19th-century imperialism and both world wars–will help guide them through today’s roiling, if not yet apocalyptic, markets.

Since he undertook this role in 2007 the share price has tanked. GLG was bought by Man Group last May for $1.6bn – less than half of the $3.4bn it was worth before Ferguson started.

Better get that crystal ball checked Niall.

Tweet of the day: wishful thinking edition

10:34pm Mon November 22nd

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Having bailed out another tranche of financial institutions – this time across the Irish Sea – The Other TaxPayers’ Alliance wonder whether the private sector will show some love:

In fact, Cowen and friends hope to cut the minimum wage while leaving Ireland’s bargain basement 12.5% corporation tax untouched.

It’s business as usual then.

That Irish bailout request in full

3:04pm Mon November 22nd

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The language of diplomacy ain’t what it used to be.

Video: Osborne's praise for Ireland before the bailout

8:12am Mon November 22nd

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George Osborne’s previous remarks eulogising Ireland’s kamikaze economic policy have been reprised in the past month by Scrapbook and others. The chancellor wrote in The Times back in 2006 of the “Irish miracle” that “stands as a shining example of the art of the possible in long-term economic policymaking”.

As the UK stands poised to give Ireland “£7bn or more” in financial assistance – not including further contributions through the IMF and EU mechanism – Scrapbook has created a video to celebrate the foresight of Mr. Osborne:

Nice one, George.

Dr. Osborne will see you now

9:08am Tue June 22nd

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Notwithstanding the photoepilepsy-inducing graphics, this video setting ideological cuts against comments from economists David Blanchflower and Joseph Stiglitz, is well worth a watch on the day that Dr. Osborne will amputate billions from public spending:

Writing on Comment Is Free this weekend, Blanchflower repeated that these cuts are “dogma over common sense”. Slamming the axing of the Future Jobs Fund and guarantees of work or training for the long-term unemployed, he said:

It is quite clear the vulnerable are going to pay for this government’s incompetence. Nick Clegg and his lot have sold their souls for power, and this is not what they stood for at the election.

This budget won’t be one for the squeamish (or Simon Hughes).

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