Tag Archives: crash

Tories are incompetent on coronavirus testing – but at least they’re not telling us to inject disinfectant

[Image from Dorset Eye.]

What a gang of incompetents the Tories are! They launched a website for employers to book key workers in for testing – but failed to make it strong enough to support the huge demand.

It has crashed.

According to the BBC:

The website opened on Friday but appeared to close by mid-morning with some users met by an “applications closed” message.

Up to 10 million key workers and their households are eligible to book a test.

That’s if they can get access to the government’s website, of course.

Matt Hancock – what an absolute imbecile.

Still, it could be worse. US president Donald Trump has been encouraging American citizens to inject disinfectant into their bodies because he says it will cure the coronavirus.

Sure it will… by killing the patient. Read:

During a White House press briefing on Thursday, April 23, Trump proceeded to claim sunlight and humidity could destroy the virus.

While still on camera, the president pondered the idea of ‘hitting’ the body with a ‘tremendous ultraviolet or just very powerful light’, turning to aides to express his thoughts. He also spoke about injecting disinfect inside a person’s body as a way of ‘cleaning’ their lungs.

Watch:

Do not, under any circumstances, try to follow his advice. Only ignorant, stupid Americans should be in danger after hearing this.

(Unfortunately, there seem to be many such people – otherwise how did Trump get into the White House in the first place?)

Source: Coronavirus: Test website closes after ‘significant demand’ – BBC News

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While others suffer, this friend of Boris Johnson has made a fortune from the coronavirus

Crispin Odey: This supporter of Boris Johnson bet that coronavirus would crash the stock markets – he is profiting from your misery.

Hedge fund tycoon Crispin Odey has made £115 million from betting on a stock market crash due to the coronavirus.

He told the Mail on Sunday he predicted a crash, and has spent the last three weeks cashing in on it.

What a charmer.

He’s the Brexit supporter who reportedly wagered £300 million on a post-Brexit crash.

Some have said that he lost out because the markets hardly blinked when the UK Brexited at the end of January.

But the real hit is yet to come and we won’t know whether he was right until the transition period closes at the end of 2020.

How do you feel about the fact that this tycoon is picking up a pretty penny because of others’ misfortune?

Source: Hedge fund tycoon Crispin Odey makes £115million from this month’s coronavirus stock market crash – Internewscast

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Did BoJob friend who bet on firms crashing after Brexit know about ‘Operation Kingfisher’?

Crispin Odey: This man supports the Conservatives in the belief that they’ll crash the economy. He bet on 16 companies crashing after the Tories compiled a list of firms likely to do so. And the Tories are still saying they’re the party of financial responsibility!

Days after we discovered that Crispin Odey, the pro-Brexit, pro-Boris Johnson, Tory donor, had wagered £300 million on 16 UK firms’ share prices plummeting after Brexit, we learn that the Tory government has compiled a list of firms that are expected to collapse.

Am I the only one who sees a possibility for corruption in a person who gave a large amount of money to support Mr Johnson’s leadership campaign betting a large amount of money on several firms heading for the wall after Mr Johnson compiled a list of such businesses?

The Tories have admitted compiling a list of businesses they expect to collapse because of a no-deal Brexit. Comments by front-bencher Michael Gove in Belfast indicated that the Tories’ planned ‘Operation Kingfisher’ said that it was intended to support ‘fundamentally viable businesses’.

Source: Video: ‘Operation Kingfisher’, govt’s secret list of firms to go bust in no-deal Brexit – but cash to help already spent | The SKWAWKBOX

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Tory donor who supported Johnson bets AGAINST UK firms post-Brexit

Crispin Odey: This man supports the Conservatives in the belief that they’ll crash the economy. And they’re still saying they’re the party of financial responsibility.

What a charmer this Crispin Odey is!

After backing Boris Johnson to win the Conservative Party leadership contest, he has gone on to bet against at least 16 UK companies. He reckons their share prices will plummet post-Brexit.

We may safely (I think) conclude that he is making this prediction on the back of Mr Johnson’s win.

So he thought BoJob would be bad for the UK – and backed him to win in order to make money betting on British businesses crashing as a result.

And the Conservative Party is still taking money from such a person.

How utterly cynical.

Crispin Odey, the pro-Brexit Conservative donor, reportedly waged a £300m bet against some of Britain’s biggest businesses on the implication their share prices will crash after Brexit.

The multimillionaire hedge fund tycoon’s company, Odey Asset Management, is understood to have taken out £299m in “short” positions on at least 16 firms including Royal Mail and Intu, the shopping centre owner.

Shorting involves borrowing currency or shares and selling immediately in the hope of buying them back later for less and pocketing the difference.

Source: Tory donor bets £300 million on losses for UK firms after no-deal Brexit – inews.co.uk

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Sajid Javid helped cause the UK’s financial crisis. Why did BoJob make him CHANCELLOR?

I’ve had great fun using this picture of The Collector from Doctor Who in place of Sajid Javid. It turns out that the fictional character is a more honest villain than the new Chancellor.

I seem to be publishing a series on the uselessness of Boris Johnson’s new Conservative cabinet – so let’s discuss Sajid Javid.

The genius Yorkshireman who runs Another Angry Voice showed us that we all have reason to be angry about his appointment as Chancellor of the Exchequer, only a decade after he helped cause the financial crisis that unleashed a decade of pointless Tory austerity on us all.

Before we go on, let us all remember that there was absolutely no need at all for the Tory cuts to public services that we have endured. They have not cut the national debt. And the cuts to the deficit are in spite of the reductions in taxation of the rich that the Tories have insisted on making.

So their entire policy for the last nine years has had no point – other than the persecution of people with less money than the so-called One Per Cent.

Now read this:

Before his move into politics Javid was a banker at Deutsche Bank, where he sold complex financial derivatives called Collateralised Debt Obligations (CDOs).

CDOs were economic alchemy schemes designed to turn toxic bad debts into fake gold-plated investments.

The whole thing defied economic logic… they were junk investments that were bound to implode sooner or later.

If we’re charitable to Javid, then we could argue that he was a clueless dupe, naively selling a load of toxic junk in good faith simply because he was too stupid to investigate the products he was actually selling, and so poorly connected within the CDO industry that he was unaware of the open secret amongst his peers that the products he was selling as safe investments were actually bound-to-fail financial Weapons of Mass Destruction.

The other explanation is, of course, much worse. If Javid was smart enough to realise that the CDOs he was selling were bound-to-fail junk, and he was in on the open secret within the trade that they were certain to implode one day, yet he carried on selling them as safe investments to oblivious customers like other banks, pension funds, local and national governments, and insurance funds as low-risk investment opportunities, then he’s a cynical and duplicitous fraudster.

It’s an excellent argument that Mr Javid is unfit to be Chancellor of the Exchequer. Indeed, it seems shadow chancellor John McDonnell has used it as the basis of his own argument that his appointment is inappropriate … but that is not the subject of the article you are reading now.

So, given that Mr Javid helped cause the crash, why did Boris Johnson make him Chancellor?

In the light of Mr Javid’s record, and of the Tories’ financial policies since May 2010, it seems clear that Mr Johnson sees him as the perfect man to keep those policies going.

Source: Sajid Javid is totally unfit to be Chancellor of the Exchequer

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Staggering incompetence of the court service shows not everything is better online

Has anyone else had to contend with the monument to incompetence that is HM Courts and Tribunal Service’s online claim system?

I was advised to use this at the beginning of the year to address the Labour Party’s own lamentable mistreatment of me, that led to my expulsion from that organisation in November 2018. As the party had not followed its own procedures properly, I could sue for breach of contract and have the decision reversed.

I duly filed a claim on March 15 this year – and the instant I did so, the site went down.

I immediately emailed HMCTS to check that my claim had been received and all was well, and received a standard response saying I would receive a response within 10 days.

Then I had to deal with the false libel claim against me by two TV personalities. This vexatious nonsense took up a considerable amount of what little spare time I had, and I was unable to follow up on my query after the requisite 10 days passed. I did, however, notice that HMCTS had taken its fee from my bank account.

But I had heard nothing more of the matter by mid-April, and when the website finally came back up I found that my claim still presented itself as a draft – and this raised my suspicions again. In a spare moment I emailed HMCTS with all the information I had, asking what was happening with my claim.

Another long silence.

Then on June 5 I received a response! Nearly three months after I made my claim, HMCTS finally deigned to respond – with a request for information I did not have. Apparently non of the reference numbers I had provided made sense to the organisation – even though I was quoting its own numbers to it. I had to write back, explaining:

“Your website crashed after I submitted it and is now claiming that it is merely a draft claim. But you took my money so clearly something else happened. Should I re-submit my claim (in the knowledge that your website is prone to crashing and may do so again)? If so, I will not want to pay another £25. Will you refund the amount paid on March 15? And how do you propose to compensate me for the delay? This matter has been left hanging for three months, because your site crashed and you could not respond until now.”

The follow-up response was a little quicker than the initial one – but I still didn’t receive it until today:

“Please click on the draft claim and submit again without entering any payment details. Only a single (original) payment should be taken and the claim will progress through. Should a second payment be taken, this is unlikely, this will be refunded into your account within a few days.

“Please note that claims remain in draft for a total of 90 days, after this they time they automatically expire.”

June 17 is 94 days from the date I submitted my claim.

I have written another email: “You have contacted me after the 90-day period my claim was permitted to remain in draft form expired. It no longer exists on the website.

“This will make it extremely difficult for me to submit it according to the terms you have described. Impossible, in fact.

“May I ask what is the point of offering me a solution that cannot be honoured?

“As I am sure you are aware, the process of drafting a claim on your site is long and detailed, and I am appalled at the thought that I will have to go through it all again… I also think I am well within my rights to say that my treatment by your service has been entirely unsatisfactory.

“I await a new proposal to resolve this matter.”

A website that crashes; contradictory reference numbers; an offer of resolution sent after it became unworkable – these are demonstrations of incompetence.

I am fast losing my faith in the ability of our law guardians to uphold their obligations.

To put it another way:

I’m fuming.

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Carillion crash means public may have to subsidise Tory privatisation yet again

This week alone shares in Carillion have plummeted by around 22 per cent [Image: Reuters].

Isn’t that a contradiction in terms?

Back in the 1980s, Margaret Thatcher sold us a pup. She told us private companies could run public services more cost-effectively than government. Either she was badly mistaken or she was lying.

Most voters believed her, though, and in the decades that followed, she and her successors have sold off as many public utilities and services as they could, hiring private contractors in to run crucial aspects of most of the others.

The Carillion case is indicative of what happens next.

The outsourcing company, which has maintenance contracts in the NHS, a contract for work on the HS2 rail link, contracts with the Ministry of Defence, and is a major supplier of rail infrastructure, is in serious financial trouble.

Its major lenders – banks including Lloyds and RBS – have rejected the company’s rescue plan and are urging the government to pay off its debts – using public money.

So these banks – who were themselves bailed out with public money when they caused the financial crisis that led to the Great Recession 10 years ago – are now saying they need the public to bail out this private company, because they won’t.

It is the most damning evidence possible that privatisation of public services is a failure.

The idea of privatisation was that the public wouldn’t have to pay for services. Instead, it seems we are being asked to pay time and time again.

We bailed out the banks once; now they want us to bail them out again, repaying their loans to Carillion.

No! Let the company go out of business and take the contracts back in-house.

Oh, but the Tories probably can’t manage that because the state no longer has the wherewithal to carry out that kind of work. Typical Tory short-sightedness.

Another brilliant example of the same stupidity is rail privatisation. Private companies took over rail services in the 1990s, and we were led to believe that this would lead to better services, with profits being ploughed into infrastructure and other improvements. Instead, the public subsidy has skyrocketed and so have fares; 70 per cent of our rail companies are owned by foreign concerns (some of them, ironically, nationalised) which means we are subsidising rail services abroad rather than funding improvements here, and those that aren’t seem to be in permanent financial difficulties, meaning more public money is used to bail them out. Look at the Virgin East Coast franchise.

Do you call that value for money? Because I don’t.

It should be no surprise that Chris Grayling is the transport secretary who has admitted Virgin overbid for the East Coast franchise. The company offered to pay too much and that is, we’re told, why it is in financial difficulty now. The same thing happened with the probation service when Mr Grayling was justice secretary.

The social media commentariat have been on the case, of course, so I refer you to a few people who understand the situation better than myself – for the benefit of those who won’t just take my word for it:

I don’t know about good, but grief is certainly an appropriate word.

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Government benefits squeeze confirms intent to shrink UK economy still further

Overbalancing: As the Tories continue to concentrate all the money in the top 10 per cent of earners, the UK economy will overbalance. We’re heading for another crash!

The minority Conservative government’s benefit freeze will take more than £300 out of working households’ budgets, meaning less cash to spend into the economy – which will shrink as a result.

The short-sighted move by narrow-minded Tory penny-pinchers means the UK’s economy will be contracting when the full effect of Brexit hits us – a phenomenon that is believed can only amplify the harm.

National economies work best when people at the lowest level of society receive enough money – not only to survive, but to spend on improvements to their homes and lives.

Poor families spend all their money into the economy, and the so-called “multiplier” effect means the cash adds several times its value to the national economy (depending on how it is spent) before it returns to the Treasury as tax.

In contrast, rich people spend only a fraction of their cash into the national economy and put the rest in their bank account – most probably in a tax haven, to ensure that the Treasury won’t receive the tax it is due and therefore starving the economy. Not only that, but huge tax cuts granted by the Tories since 2010 mean that the tax contribution by the rich has diminished significantly.

The whole process is part of the Tory “starve the beast” project described by This Writer a few days ago.

By depriving the poor of the money they need – simply to survive – the Tories are pushing millions of people towards deprivation and debt. There won’t be money available to pay the rent, to pay for cars or public transport, for heating, for food; there won’t be disposable income for luxury items.

Debt will proliferate, the economy will stall and crash – and then there won’t be any money for anyone.

The Tories don’t care because they don’t understand economics.

The Government has confirmed it will be freezing benefits until 2020 costing a typical working family around £300 per year.

Caroline Dinenage, a work and pensions minister, said the freeze for working age people who receive benefits will go on even as the state pension and some other benefits increase by three per cent, in line with inflation.

This will be a real terms cut in income of £315 a year for the typical working family with two children as the cost of living will eat further into their income, according to a report by the Resolution Foundation.

The freeze, which has been in place since 2015, has coincided with the longest fall in living standards in the past 60 years with the thinktank saying real disposable incomes are now to set to fall for 19 successive quarters.

In a report published before the budget, the foundation warned the freeze would worsen inequality which would take an average of £715 away from the poorest third of households whereas the richest third looks set to gain £185 from other tax breaks.

Some will see the cut partially offset by the increase in minimum wage, which will go up to £7.83 per hour from April, but many will still feel the squeeze as the Treasury hopes to save £1.9bn over the next year.

Source: Government confirms freeze on working age benefits minutes after Prince Harry wedding news revealed

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Osborne admits: Labour did NOT cause the Great Recession

George Osborne.

Took him long enough, didn’t it?

He also admits that the Tories had promised to match Labour’s spending plans, in an interview with Andrew Neil for The Spectator‘s Coffee House Shots on October 12 (they went back on that promise when they took office in 2010).

Here’s the relevant clip:

If you’d prefer the full interview, it’s here:

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Osborne admits: Labour did NOT cause the Great Recession

George Osborne.

Took him long enough, didn’t it?

He also admits that the Tories had promised to match Labour’s spending plans, in an interview with Andrew Neil for The Spectator‘s Coffee House Shots on October 12 (they went back on that promise when they took office in 2010).

Here’s the relevant clip:

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