Polls go up in money’s puff of smoke
October 14th, 2008Willow - London
Personally I believe that in most situations in modern western life, there is nothing to fear but fear itself. Right now financial fear is a raging, infecting virus which makes the days of mere bird flu, terrorism and Vladimir’s grumpy lack of neighborliness look like innocent childhood fears.
Professionally, I know this is very good for my kind of business.
In recent days two troubled institutions - Gordon Brown and the Church of England - have been increasing their numbers - in polls and pews respectively - as everyone looks for God or man to lead us out of the trouble the self-styled Masters of the Universe got us into.
Let’s look at Gordon first. It may have taken him roughly a year to get around to it (because this crisis has actually been spiralling for that long in England, without any real government acknowledgement) but when he did he’s used it to his advantage with impeccable spin timing.
First, he used the fear to stave off numbers problems of his own. Labor’s new paymasters the unions believed him when he said this is no time for novices.
Second, the financial crisis, mach 356 (there’s a fresh outbreak daily) managed to take the focus away from the Tory party conference which David Cameron would have been hoping brought him another opportunity to talk directly to the voting public. David Cameron was unable to point out that it was this government, for whom Gordon Brown was the smug chancellor during the good times, that presided over unprecedented regulatory unravelling which has been a major reason for this problem. Cameron made the most of it by being united with the government to stand against the forces of the financial black hole, but he will be disappointed that he could not do more with his week in the sun.
All this, as a professional spinner, I can live with. It is the game, the business, of politics.
What I find egregious is that The Times on Friday ran a special editorial, by the PM, where he tells us that “Britain will lead the world out of this mess”
Sadly, we are all looking for a leader so badly, that he appears to be getting away with this twaddle. So much so that Tories I speak to, who just a few weeks ago were confident of success in 2010, now say uncertainly “I think we can still win the next election.”
Also galling was Gordon’s statement that he wants “cross-border supervisors” to monitor banks- implying that the “global problem” was caused by other, rogue countries with no rules. Actually, Gordon, I think you’ll find it is this country which has had the top ten worst supervision of its financial institutions. (In GDP terms, surely our 500 billion quid bailout is bigger than the US’s 700 billion quid one)
Even America’s banks had vastly better debt to equity ratios.
Gordon tries to make his bailout of the banks popular by stating how their wellbeing is vital to our daily lives. So why did he leave it all so late, leaving all the bankers to piss huge bonuses up against the wall, as my late grandmother would have said.
And why is he not being forced by journalists to answer as to why he hasn’t been regulating that wellbeing up until now.
Much more happily, the other spin-winner from all the gloom is that other previously-ailing institution - the Church of England.
The CofE, famous for its beautiful prayers, has posted a prayer for our dark financial times on its site, and it was visited 8000 times on Friday.
The church is also reporting lots of young, well-dressed financial types in its pews, no doubt searching for an answer to the chaos.
I wonder how sales of Richard Dawkins’ books are going.









