The more I think about it, the more Tom Wolfe's 1990s novel "A Man in Full" seems to strike a cord with the real life dramas of our present times. There's the "man in full" himself in the person of fallen financier (and cricket sponsor) Sir Allen Stanford, US President Obama's invocations of the "American Dream", whose shadow side has always been a nightmare for a significant sector of American society, and - let us not forget - Prime Minister Brown's visit to the Pope (by whom I mean the real one and not Catholic convert Tony Blair). Herein lie all the main ingredients of Wolfe's brilliant novel - Mammon, Politics and Religion - albeit these are set in Atlanta, Georgia rather than on the world stage. I can't recommend a better read just now.
Returning to the setting for another of Wolfe's novels, his 1980s "The Bonfire of the Vanities", the news on Wall Street today is not good, as the following press report shows :
"'There's perceived disappointment from the lack of clarity from the Treasury (Department) for what it will do with the financial sector," said Wasif Latif, portfolio managerat USAA Investment Management Co. "That's hitting financials regularly."
Stocks have fallen steadily over the past two weeks as investors lost confidence in multiple Obama administration programs aimed at bolstering the economy. The market's inability to rally signals that investors don't have a sense of when the recession, already 14 months old, will end.
"We're going through a tug of war between optimism and pessimism," Latif said. "When there is a lack of clarity, it becomes more of an emotional or psychological environment. The mood can sway on any given day based on the flow of news coming out.'''
Now it has also to be said that the unfolding dramas of the global banking and finance sector - as well as the unfoldment of the so-called "Real Economy" - are also pretty engrossing, and will one day, I am sure, come in for some "creative treatment" themselves. However, for anyone seriously interested in what the Coming of the Real Economy might mean I would suggest they look not too much further back than the 1970s, which, unlike the 1960s, should be much easier to remember, for those of us who there anyway. The 1970s also saw a global recession, with whose bitter legacy of de-industrialisation* this country and the United States, in particular, still live. Perhaps the Second Coming of the Real Economy will enable us to overcome this.
* An excellent book on this subject is "The Geography of De-Industrialisation", Martin & Rowthorn, Macmillan 1986
Friday, February 20, 2009
Monday, February 16, 2009
What's behind all this "Banker Bashing" ?
Along with big bonuses for the relatively few, the UK banking sector has created many average and, indeed, low-paid jobs. Thus we learn that the majority of Lloyds staff earn between £17-18 000 per year, which suggests that some earn rather less than this, as well as those who earn rather more. We also learn that the average bonus this time around is £1 000. Frankly, if Lloyds staff on the average and lower wages have a bonus, I really don't mind.
Besides, the present frenzy of "Banker Bashing" is, in my view, a useful distraction from the much wider spectrum of responsibility for the present economic crisis. After all, precisely what was the Treasury Select Committee doing several years ago, when there was already plenty of evidence of the "bubble" ? Not a lot, I suggest.
The fact is that a sort of collective delusion - some might say mass hysteria - had gripped (and, in some case, continues to hold) the consciousness, or lack of it, of vast sections of the public, private and, dare I say, voluntary sectors. This collective delusion brought with it the conviction that the boom of recent years could go on, and on, and on, and the belief - bordering on a religious fervour - that the economic bubble was, in fact, not just for real, but for ever.
It was not just the banking and wider financial sector but this Government - and its friends (until recently) in the media, construction/house-building and other "favoured" industries, that "sold" the economic bubble on; and, in particular, political apparats like former government economic adviser (and now doom merchant) Ed Balls, who, incidentally, is not going to apologise.
Besides, the present frenzy of "Banker Bashing" is, in my view, a useful distraction from the much wider spectrum of responsibility for the present economic crisis. After all, precisely what was the Treasury Select Committee doing several years ago, when there was already plenty of evidence of the "bubble" ? Not a lot, I suggest.
The fact is that a sort of collective delusion - some might say mass hysteria - had gripped (and, in some case, continues to hold) the consciousness, or lack of it, of vast sections of the public, private and, dare I say, voluntary sectors. This collective delusion brought with it the conviction that the boom of recent years could go on, and on, and on, and the belief - bordering on a religious fervour - that the economic bubble was, in fact, not just for real, but for ever.
It was not just the banking and wider financial sector but this Government - and its friends (until recently) in the media, construction/house-building and other "favoured" industries, that "sold" the economic bubble on; and, in particular, political apparats like former government economic adviser (and now doom merchant) Ed Balls, who, incidentally, is not going to apologise.
Saturday, February 07, 2009
Blog from 2007 on Snow & Transport
There are some things in life that you can always rely on ! Please also see "Modal Shift is Key issue for West Midlands @ http://witchofworcester.wordpress.com/
Saturday, February 10, 2007 Have Car, Can't Travel : Have Feet, Can
The "snow storms" which have hit the West Midlands, and Worcestershire in particular, in the last couple of days highlight one the core areas of the region's unsustainability : the fact that people's mean travel to work (and other destinations) distances by car are the highest (or amongst the highest) in the country. One reason - probably the main one - for this is that the West Midlands was the last region in the country to encourage a policy of population dispersal from the major urban areas, like Birmingham and its hinterland conurbation. The consequent dispersed pattern of settlement, and associated mobility (travel rather than social !) patterns leads to excessive car dependency. This problem needs to be tackled as a matter of urgency by planners involved in the West Midlands Regional Spatial Strategy, which is currently subject to public consultation*. So, please, let's "walk the talk" for a change, and also put some real investment into the railways.
*Examination-in Public of Proposed Phase 2 Revision now underway (January-June 2009)
The following thoughtful comment was also received in February 2007 :
Julian Dobson said...
I agree that planners have a lot to answer for, but I think the issue runs deeper than that. You need to look at housing markets and why some areas - often the ones that are least accessible by public transport - command higher values than others; and why even when perfectly adequate public transport is available, people would rather swan around in 4x4s than demean themselves by getting on a bus.Having said that, living in Sheffield, which was once Bus City, I found four buses stranded on the hill outside my house last Friday night. Meanwhile the 4x4s were whizzing past. I, of course, was walking.More investment in railways? Absolutely. But that won't change a culture that identifies wellbeing with the car you drive (and that isn't just a male thing any more).
Saturday, February 10, 2007 Have Car, Can't Travel : Have Feet, Can
The "snow storms" which have hit the West Midlands, and Worcestershire in particular, in the last couple of days highlight one the core areas of the region's unsustainability : the fact that people's mean travel to work (and other destinations) distances by car are the highest (or amongst the highest) in the country. One reason - probably the main one - for this is that the West Midlands was the last region in the country to encourage a policy of population dispersal from the major urban areas, like Birmingham and its hinterland conurbation. The consequent dispersed pattern of settlement, and associated mobility (travel rather than social !) patterns leads to excessive car dependency. This problem needs to be tackled as a matter of urgency by planners involved in the West Midlands Regional Spatial Strategy, which is currently subject to public consultation*. So, please, let's "walk the talk" for a change, and also put some real investment into the railways.
*Examination-in Public of Proposed Phase 2 Revision now underway (January-June 2009)
The following thoughtful comment was also received in February 2007 :
Julian Dobson said...
I agree that planners have a lot to answer for, but I think the issue runs deeper than that. You need to look at housing markets and why some areas - often the ones that are least accessible by public transport - command higher values than others; and why even when perfectly adequate public transport is available, people would rather swan around in 4x4s than demean themselves by getting on a bus.Having said that, living in Sheffield, which was once Bus City, I found four buses stranded on the hill outside my house last Friday night. Meanwhile the 4x4s were whizzing past. I, of course, was walking.More investment in railways? Absolutely. But that won't change a culture that identifies wellbeing with the car you drive (and that isn't just a male thing any more).
Friday, February 06, 2009
The Best & Worst of BBC Radio
Over the past couple of week's I've heard some excellent, even groundbreaking, programmes on BBC Radio 4. Last week's "Crossing Continents" broadcast recordings made by a former member of the Mexican Mafia from various US penitentiaries. This was not the sort of programme I would normally listen to, but I found the content totally engrossing. On Tuesday of this week, was the final installment of Claudia Hammond's series on mental health services in Britain : State of Mind. I've listened on and off to this series which has been very good indeed. Similarly, both "The Investigation" of last week (on piracy off the coast of Somalia) and yesterday's programme on waste management (the "rubbish" rather than "The Sopranos" kind !) in the UK was extremely interesting. This is BBC Radio at its best.
So why, oh why has the quality of broadcasting on Radio 4's flagship "Today Programme" so deteriorated recently ? Admittedly, it's not all bad, but the tendency to descend into tittle-tattle about fellow members of the media "profession" is ever present. More and more, it is the BBC itself which is the subject of "The News", breaking the first rule of journalism - or so I was led to believe - that journalists (and other media types) themselves should never become the "Main Story". What's gone wrong, I wonder ?
So why, oh why has the quality of broadcasting on Radio 4's flagship "Today Programme" so deteriorated recently ? Admittedly, it's not all bad, but the tendency to descend into tittle-tattle about fellow members of the media "profession" is ever present. More and more, it is the BBC itself which is the subject of "The News", breaking the first rule of journalism - or so I was led to believe - that journalists (and other media types) themselves should never become the "Main Story". What's gone wrong, I wonder ?
Tuesday, February 03, 2009
The Problem of Social Pedagogy
According to the Merriam-Webster online dictionary, a "pedagogue" is "a dull, formal, or pedantic teacher".
It should come as no surprise, therefore, that a current pet project of the Department for Children, Schools and Families, headed by Ed Balls (in case anyone should forget !) is the creation of a cadre of "high status social pedagogues", a "new" professional group somewhere between that of social worker and teacher.
That's funny because I thought this was precisely the social position (or should I say class) occupied by New Labour itself !
I shall be exploring the subject of "Social Pedagogy" further at my "De-Constructing the New Labour Project blog : http://limits-2-growth.blogspot.com/
It might be remembered that Mr Ball's wife, Yvette Cooper, - still Financial Secretary to the Treasury ? - was until recently Minister for Housing, and the important subject of social housing for rent is dealt with @ http://witchofworcester.wordpress.com/ where I too engage in some social instruction, this time for policy makers.
It should come as no surprise, therefore, that a current pet project of the Department for Children, Schools and Families, headed by Ed Balls (in case anyone should forget !) is the creation of a cadre of "high status social pedagogues", a "new" professional group somewhere between that of social worker and teacher.
That's funny because I thought this was precisely the social position (or should I say class) occupied by New Labour itself !
I shall be exploring the subject of "Social Pedagogy" further at my "De-Constructing the New Labour Project blog : http://limits-2-growth.blogspot.com/
It might be remembered that Mr Ball's wife, Yvette Cooper, - still Financial Secretary to the Treasury ? - was until recently Minister for Housing, and the important subject of social housing for rent is dealt with @ http://witchofworcester.wordpress.com/ where I too engage in some social instruction, this time for policy makers.
Subscribe to:
Posts (Atom)