‘Fast Duck’ society….. are we *Ducked* ?

PM Camcorderdirect comes up with ‘Big Society’..and Miliband Minor… rapidly losing points in the polls… comes up with ‘Fast Buck Society’  and says his speech will be about a ‘Bargain’…

I can barely contain my excitement at the prospect of listening to his speech… and  shall lose absolutely no time in doing so.  This is the opening paragraph of a supposedly ‘leftie leaning BBC’ report on Ed’s speech….  I suspect that I am not alone in wondering what a “quiet crisis” is…

Ed Miliband will later declare war on “predatory, asset-stripping” companies and anti-social tenants, in a speech to Labour’s annual conference.

The Labour leader will set out his vision of a country where responsible “grafters” are rewarded.

And he will call for an end to the “fast buck” culture he claims has created a “quiet crisis” in the UK.

Meanwhile…. the Courts appear to be making it up according to this Guardian report into the riot sentencing orgy of recent weeks.

Courts mistreating cases as riot-related, says defence lawyer

Fiona Bawdon asks: “Is a Tottenham solicitor alone in having clients charged as part of riots, despite them having no connection other than being in the same borough?”

But.. it is not all doom and gloom…. especially for City lawyers…

Why the world sees London as the leading light in legal services

Neil Rose in The Guardian: Kenneth Clarke is right, the City is as much a legal centre as a financial one – but there are still jurisdictions to conquer…..Kenneth Clarke last week said that he is “almost as much of an enthusiast for English law as I am for English cricket” and described the rule of law as “one of our greatest exports.

Does Miliband Minor have City lawyers in his mind when talking about ‘Fast Duck Society’?

Jim Diamond, writing in  Legal Week has an article well worth reading…

How law lost its soul – the epidemic of over-charging clients by City law firms

Costs lawyer Jim Diamond (pictured) argues major law firms have over-charged their clients by £5bn in the last five years

Over-charging by major City law firms could be as high as £5bn over the last five years. I estimate that the flawed system that lawyers continue to use to produce bills has led to charges that are, on average, 5%-10% higher than they should have been across the board. And I believe that when the fundamentally flawed system finally unravels, it will make the MPs expenses scandal look like children taken a few loose sweets from a corner shop.

Read more…

Ah well… we may all be ‘ducked’…. especially if this ‘Fast Duck’ merchant gets his way….

Trader on the BBC says Eurozone Market will crash

Watch and marvel at the attitude to society of some who live within our shores…

***

UPDATE… it appears that the BBC was hoaxed!

Alessio Rastani: Is BBC Market Trader Really Yes Men Founder Andy Bichlbaum?

Huffington Post report  | BBC report

 

And… the reveal…as an occasional satirist… I have to *Applaud*…

 

BBC financial expert Alessio Rastani: ‘I’m an attention seeker not a trader’

You have to laugh… he fooled the world!

He’s become the face of the global debt crisis and an internet sensation. The self-styled City trader who stripped away the jargon and bluster of the financial world and summed up our woes in just three minutes. “I go to bed every night dreaming of another recession,” Alessio Rastani explained in a BBC interview. “It’s an opportunity.”

6 thoughts on “‘Fast Duck’ society….. are we *Ducked* ?

  1. I think the fast duck will beat the fast buck. After all, the former can fly whilst the latter only has four legs to propel it. Even if they both go, lame the advantage is surely to the former as it has two alternative means of locomotion available to it should waddling be too painful. Of course bucks can swim too, but not very well.

    Or maybe I shouldn’t worry about politicians playing fast and loose with lame metaphors.

  2. So … has the time come for small investors to pull out all their cash from banks, building societies etc. Since money in such accounts is earning practically nothing, why do we leave it there? Is there some “consumer power” exercisable here?

    I have also wondered what would happen if western governments simply closed down all these gambling dens full of get rich quick types? I refer, of course, to stock markets.

  3. @ObiterJ

    The reason that building societies and banks have pay such low interest (below inflation) is that western societies and governments have binged on credit to keep growth going. Of course the lending has to been to worse and worse credit risks. Inevitably at some point this turns to bad debt, and of course the place where this showed first was the “sub-prime” market, but increasingly we’ve found individuals, institutions and states which can’t finance their borrowings. In order to try and keep these solvent we have seen a concerted attempt by states and central banks to keep interest rates down (the same thing happened in Japan 10 years ago). It’s the only way to stop poor risks turning to defaults (although it’s now recognised not even that will save the Greeks from defaulting).

    What is amounts to is a subsidy from those who have savings (countries, institutions and individuals) to those who are over-borrowed using the medium of inflation to reduce the real value of savings. That happened in the 1970s/80s in the UK, but was not world-wide (hence our inflation was particularly bad).

    Of course we live in an age on innumerates (maybe we always did) and wishful thinkers, but the real problem here is that the west essentially has lost the ability to get economic growth other than through temporary fixes like financial manipulation encouraged by governments.

    This is what happened in the 10-15 years before the crash in 2008. The obscure machinations of the finance industry just hid it for a while.

  4. The government response has been devaluation via “quantitative easing” (this used to be known as increasing the money supply). Injecting more money into the economy devalues it and causes inflation.

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