Henry Paulson - Saviour of the world?

This blog has already this week paid tribute to the US Treasury Secretary in our posting "All Hail Henry Paulson...." linked here. It concluded by a statement that the incoming President should ..."rescue the middle classes of the world's only superpower from the state of Peonage to which they have now apparently been condemned." It appears President Bush and 'Hank?' Paulson are quite rightly not prepared to wait so long according to the headline news this morning of which the Telegraph item linked here, is an example. No such daring plan in the UK with its incompetent and mortally wounded government and advisers such as the dreadful three on Channel 4 News last evening a former SEC head, the EUmazed editor of the FT and The Times economics columnist Anatatole Something (full of crap), all crowned by completely moronic statements from one apparently called Alistair Milne of the Cass Business School (presumably attached to the Sir John Cass college in the city which I once proudly attended) on this morning's Today programme which took the BBC biscuit for wrongheaded analysis and incompetent reporting. All Britain got yesterday was a monstrosity of a bank presumably next in line for assault almost certain itself to collapse when UK property prices fall another twenty odd per cent even with a panic short term short-selling ban in place. Gordon Brown on Sky News this week (see the full interview tonight) showed he has no idea of the depth of the UK property price crisis, stating it was unlike that in Spain and other countries that had over-built. No indeed Britain's problem is far, far deeper the burst bubble resulting from incredible greed, buy to let to massed families of immigrants in conditions which would not even have been tolerated for the urban sprawls thrown up during the industrial revolution. Planning consents had to have gone out of the window which implies corruption almost across the board. Above is a picture of a house in Cambridge, I took it earlier in April this year, count the satellite dishes catching TV signals from Poland and calculate yourself the numbers of families, most with children, this single building must be housing. Disgraceful! That picture for me illustrates most clearly the non- ethics of the Blair/Brown years and the depths of the crisis Britain now faces as its inevitable result.