MP's expenses

See my God and Stuff Blog for some thoughts on MP's expenses.

I am going to try and claim for having a moat installed around my house. Then to have it cleaned. Well, it's not against the rules?!

50% Tax rate for the super rich

Well this has caused a stir hasn't it. The Daily Tory was awash with its usual nonsense. Can anyone spot the problem with their logic

1) it won't raise any more money for the treasury because the super rich will find ways to avoid paying it
2) the super rich will be so upset at having to pay an extra 5% on their income over £150,000 that they will move to Afghanistan instead. They would rather live in a war zone than pay 5% more tax on income over £150,000.

Is that a camel over there?

Banks must take risks

In my blog on the 17th October 2008 i wrote that in a free market banks have no choice but to take big risks in order to make big profits, so long as other banks are doing the same.

I said that any bank that failed to take that route, that opted for a more cautious approach would most likely get taken over as profits would fall in comparison with other risk taking banks, resulting in a lower share price and so on.

Today we have the breaking story that something similar thing did actually occur in HBOS. Mr Moor who was the head of regulatory risk at HBOS from 2002 to 2005 was allegedly sacked by the chief executive of the bank for predicting that the reckless lending of the banks would end in disaster and that a less riskier approach was prudent.

The lone voice of reason was shouted down in the scramble to grow assets at any cost.

In an unregulated free market economy banks could not risk being left behind so had to gamble, and anyone who suggested otherwise, well..

Check out the full story here.

http://www.independent.co.uk/news/uk/politics/pms-adviser-blamed-for-collapse-of-hbos-1606307.html

Lily Allen - the Fear

And I am a weapon of massive consumption,
and its not my fault it’s how I’m programmed to function."

The Good Consumer video