Just before the start of the baseball season for 2009, I went through the usual weighing up of which services I will be purchasing to enjoy baseball this year. Normally, I would subscribe to what used to be NASN (North American Sports Network), which has been rebranded to ESPN America to watch the odd Yankee's game, and then subscribe MLB's Gameday Audio package, so that I could listen to any of the games that aren't on ESPN America. This season seemed different, MLB were making noises about an affordable high definition video product which would allow me to watch every Yankee's game in the same quality as if I was watching it through my Satelite TV subscription. This, strapped to the fact that Gameday Audio is only streamed at 20kbps, which even for a speech only mono audio stream is awful, I thought why not, and signed up to a season of non-stop baseball, effectively widowing my partner for 8 months. Big mistake. Awfully big mistake.
Gordon Brown looks set for yet another bout of embarassment following his plans for a vote in the common's on scrapping MP's second homes allowance are dropped. Since his announcement, via Youtube, that a vote would come this week on the motion, it became increasingly clear that there would not be the votes needed to pass the bill.
Instead, the Prime Minister has requested that the Parliament Standards Watchdog bring forward its review of expenses to July, saying that "swift reform" was still needed. The Tories said that the government's planner were "decended into farce", which clearly seems to be the case, especially following an embarassing week for the government last week, which centred on the treasury and its budget.
It is becomming increasingly apparent that this government is falling apart, and is quite literally becoming a laughing stock. The Tory leader, David Cameron, hit the nail firmly on the head last week when he said that Labour Governments always end up in a mess and running out of money. Oh how true.
The big issue facing the government now is the risk of all their motions relating to MP's expenses being voted down in the common's, something which could happen as early as this week when a vote takes place on a much more watered down version than what Brown announced last week.
The Chancellor Delivers His Budget, Though He's Clearly Out of Touch
I could sense during Prime Minister's Questions moments before the budget, that the Government benches were preparing themselves for a barrage of spin, blame, and overly ambitious claims aimed to woo the British public, and also political positioning ahead of the certain general election within the next 14 months.
So, cue the Prime Minister to sit down, and the Chancellor of the Exchequer Alistair Darling to take to the despatch box. Before he even got to anything of substance, he spent nine whole minutes telling us what we already know, including that this is the worst economic turmoil for 60 years. Once he had finished with his rather self-obsessing pre-amble, it was on the with the main show, and here is where the Government spin machine went into full force. What I mean by that is, the Chancellor said; "Government action gives good grounds for confidence", "This budget will speed recovery", "We will not repeat the mistakes of the 30's depression", and "We expect the economy to start growing again by the end of this year".
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Well, those are pretty bold statements straight out of the gate, which gave everyone with an interest who was watching the budget, all the more reason to listen closely. These are claims that would take a somewhat sense of amazing economic genius to pull off. The Chancellor blamed the 2007 mortgage squeeze and also the failure of Lehman Brothers for bringing the financial system to its knees, and infact thoughout the budget, the Chancellor continued to blame the global financial slowdown for the problems facing the UK.
With the Chancellor now sounding like he's surely lost the plot, he started with the figures. The economy is forecast to shrink by -3.5% in 2009, revised from his last budget where he predicted growth. In 2010 he is forecasting growth of 1.25% and then in 2011 growth of 3.5%. The forecast moving forward from there is of growth of around 2.75% year on year. Rather interestingly, his next statement was about inflation, or more to the point, the now deflationary situation the UK see's itself in. The RPI, a leading indicator of inflation in the UK is forecast to be at -3% by September 2009, a deflationary position.
Considering a deflationary position of -3% entering the fourth quarter of 2009, I find it considerably optimistic, if not fantasy that the economy can make a sudden u-turn back into GDP growth. The GDP growth between the end of 2009 and 2010 will have to be over 4% to reach the chancellors target, without taking into account the deflation figure.
If you are still with me at this point, you will already begin to notice that a lot of the numbers don't quite add up or make sense. I thought that too, so does everyone else.
The public finances were anxiously anticipated as the make or break section of the budget and the Chancellor didn't let us down. Rattling through the numbers to the point where they were almost inaudible, he announced that the Government would borrow a record amount of money over the next five years. So much infact, that he will borrow more money in the next two years, than all of the previous governments since the formation of the Bank of England nearly 300 years ago, altogether. That is one incredible fact. So here's the Chancellor's planned borrowing in black and white for you;
2009: £175bn or 12.4% of GDP 2010: £173bn or 11.9% of GDP 2011: £140bn or 9.1% of GDP 2012: £118bn 2013: £97bn
Along with the astonishingly large amount of borrowing, the Chancellor is also going to claw more tax money in through the introduction of a 50% top line tax rate for those earning over £150,000 per year, or in simple terms, 50p in every pound earned. There is 2% on tobacco, which equates to effectively 10p on a pack of fags with immediate effect, 2% on booze, which is a couple of pence on a pint of beer (although we all know that pubs and breweries round up the figures so expect a 10p jump on a pint) again with immediate effect, and 2p a litre on fuel from September.
The chancellor announced a boat load of initiatives for climate change, but frankly, listening to everything thus far, I wasn't bothered one jot what he had to say about the car scrappage scheme, and the power station initiatve, but whilst we're on the subject, the car scrappage scheme is a load of junk, and the power station initiative is a load of hot air. I'll explain why another time.
The only other real highlight, in what has to be one of the final shouts of the wounded animal that is this Labour Government, was the promise to introduce a scheme presenting either a job or training to those under 25 who have been unemployed for more than 12 months. Great, either a job or training, or no dole. It might bring an end to lazy dossers leaving school with no qualifications and then sponging of society for life. A small glimmer of light in an otherwise dismal budget I think.
So, the economy is in a mess, the Chancellor has delivered a wildly optimistic budget, with little or no chance of his forecasts actually coming through, and the city just will not go for the numbers the chancellor quoted. As a direct result of the budget, the value of sterling will decrease, and gilts will become devalued. I honestly expect the government will also struggle to raise the finance they require over the next two years via the sale of gilts, and also wouldn't be shocked if the UK's current AAA credit rating is downgraded, further worsening the situation. The IMF's figures show the UK economy will still be contracting in 2010, when the Chancellor expects growth, and that will put strain on his borrowing power. I fully expect, if this Government is still in exsistance, that sometime in 2010, the IMF may well be tapped for a bailout. Talk about embarrassing. "Bankrupt Britain", I can see the headlines around the world now.
One thing is for certain, this budget has effectively ended any chance of the Brown government winning in the upcoming election.
To a point where its almost an obsession. In a normal baseball season, each team will play over 150 games, on an almost daily basis. I follow the New York Yankees, and I watch almost every game they play, with the only ones missed being when I'm away or have work commitments, and even then I'll catch up with the highlights afterwards. An inevitable part of this is near-obsession is that I bore my other half, friends and work colleagues to tears with baseball and yankees related nonsense.
Well, its nonsense to them anyway. So, I've decided that instead of taking out my baseball addiction on those closest to me, I would share my thoughts and wisdom with those who actually care about baseball. Cue MLBlogs, a site that is run by Major League Baseball for anyone to set up a blog and talk about the sport. Of course, I jumped at the opportunity, and now have a blog running here. Things are never simple with me though, so I just had to give the whole thing my touch, and wound up with my blog being accessible through its own domain; ukyankees.com
Oh yes, the UK baseball nut is blogging about.... well, watching the Yankees... cue the sigh of relief from the other half, family, and friends...!
The 2009 baseball season is now underway, even though by beloved Yankee's lost both of their opening games to the Orioles. But watching the games, courtesy of MLB's fantastic online video service MLB.tv, I can't help but get a feeling of emptiness, and it all boils down to the fact that the two people who got me gripped by this sport, are no longer on our tellyboxes talking about it. Of course, I'm talking about Jonny Gould and Josh Chetwynd.
And why? Well, I can confirm, and announce that early in September, my partner Rachael, and myself are expecting our first child! So, How does it feel??? Honestly? No different really for me, although its massively different for Rachael! All that I do know, is that saving-up over the next five months is a must, and then making sure our home is childproof rates very highly on the agenda!
I've been up quite late tonight, infact its nearly 4am. The reason why? I've been looking at the letters sent between the Bank of England and the Treasury, trying to figure out exactly what they are doing. I'm going to talk about two letters that are available on the Bank of England website that concern me greatly. I'd like to draw your attention to the letter from the Chancellor Alistair Darling to the Bank of England, and more imprtantly, the last page of the letter.
This week has seen a swathe of economic news in the United Kingdom, and whilst Gordon Brown is swanning off around the world to discuss the contents of the upcoming G-20 meeting, it is becoming increasingly obvious that he and his government are in denial about the depth of the situation and how to solve it. This opinion was strengthened today when Harriet Harman stood in for Brown at Prime Minister's Questions and came a dismal second to an on-form William Hague.
Citigroup, which has been at the butt of much critisism over the past few months, never ceases to amaze me. Firstly is their complete and utter mis-management leading to the almost-collapse of the bank, followed by the private jet fiasco. Now, they have announced that they will be continuing with their $400m sponsorship deal with the New York Mets baseball team which will see their new ballpark branded as the Citi Field. I can't help but think that the US taxpayer must be rather annoyed by this, considering Citigroup has tapped the US Government to the tune of $45bn in bailout money. Bank of America seem to have done the right thing in regards to their talks with the New York Yankees, and RBS in the UK is also dramatically cutting back on its sports relationships.
Last week, I ordered a BT telephone line to be connected in my new apartment. I did the application online, and recieved an email (along with all my very personal details, unencrypted) explaining my order and what would happen next. Now the email pointed out that I had ordered the connection of a new telephone line... and that was all.
Just a quick post this evening to share my utter disgust at the news I learned today. Citigroup, one of the banks that required bailing out using the US TARP system, or better known as the US Bailout Package, to the tune of a good few billion dollars, has purchased, according to the NY Post, a brand new executive jet, which generally retail between $50m and $250m apiece.
If you are a stuggling bank, requiring government help, what are you doing buying private jets?? Personally, they now deserve to go bust. If you want my personal opinion, they all should. If Barclays, and HSBC can shore up their balance sheets, then all the others should be allowed to fail, because it is obviously bad management. Anyway, quickly back to Citigroup, if they can buy jets, they should now be banned from government help, if they fail, it is their tough luck.
The World Economic Forum decends on Davos, Switzerland again this year, but without a serious contingent from the US and a good chunk of those that previously would be keynote speakers and expected guests. As the world's most mighty business leaders rub shoulders with heads of state, there is a somewhat downbeat tone to this year's summit of the best of business worldwide.
So, the 'almighty alliance' seem to have "finally" realised that we're into the 21st century, some 9 years after the rest of us! Not only have the fees for workplaces been reduced, but so have the fees for online broadcasting, something I've lobbied for, for years. Well finally, we're getting somewhere with what I've described as a "rather slow, antequated, and for the most part, rather lazy" organisation, in realising that times have changed, and that they may well have changed their perception of modern technology for the good of those using it.
... and it is getting worse. More companies going into administration, more companies cutting jobs, and more companies simply disappearing overnight. What's worse is this, the National Grid recorded a 'drop' in electricity usage upto and including Christmas, which shows that there is indeed, like we didn't know it, a real problem. So, are we in recession, or heading for a depression? I've got a few opinions on this, so if you are a staunch Labour supporter, or a Brown supporter, I suggest you read no further.
The Credit Crisis came steaming into the midlands today with news that LDV Vans in Washwood Heath would keep production on hiatus until well into February, and has suspended payments to suppliers, amid rumours that the company is seeking emergency talks with the Government to try to access some much needed funding to keep the company afloat.
Just before the start of the baseball season for 2009, I went through the usual weighing up of which services I will be purchasing to enjoy baseball this year. Normally, I would subscribe to what used to be NASN (North American Sports Network), which has been rebranded to ESPN America to watch the odd Yankee's game, and then subscribe MLB's Gameday Audio package, so that I could listen to any of the games that aren't on ESPN America. This season seemed different, MLB were making noises about an affordable high definition video product which would allow me to watch every Yankee's game in the same quality as if I was watching it through my Satelite TV subscription. This, strapped to the fact that Gameday Audio is only streamed at 20kbps, which even for a speech only mono audio stream is awful, I thought why not, and signed up to a season of non-stop baseball, effectively widowing my partner for 8 months. Big mistake. Awfully big mistake.
Gordon Brown looks set for yet another bout of embarassment following his plans for a vote in the common's on scrapping MP's second homes allowance are dropped. Since his announcement, via Youtube, that a vote would come this week on the motion, it became increasingly clear that there would not be the votes needed to pass the bill.
I could sense during Prime Minister's Questions moments before the budget, that the Government benches were preparing themselves for a barrage of spin, blame, and overly ambitious claims aimed to woo the British public, and also political positioning ahead of the certain general election within the next 14 months.
To a point where its almost an obsession. In a normal baseball season, each team will play over 150 games, on an almost daily basis. I follow the New York Yankees, and I watch almost every game they play, with the only ones missed being when I'm away or have work commitments, and even then I'll catch up with the highlights afterwards. An inevitable part of this is near-obsession is that I bore my other half, friends and work colleagues to tears with baseball and yankees related nonsense.
The 2009 baseball season is now underway, even though by beloved Yankee's lost both of their opening games to the Orioles. But watching the games, courtesy of MLB's fantastic online video service MLB.tv, I can't help but get a feeling of emptiness, and it all boils down to the fact that the two people who got me gripped by this sport, are no longer on our tellyboxes talking about it. Of course, I'm talking about Jonny Gould and Josh Chetwynd.
This week has seen a swathe of economic news in the United Kingdom, and whilst Gordon Brown is swanning off around the world to discuss the contents of the upcoming G-20 meeting, it is becoming increasingly obvious that he and his government are in denial about the depth of the situation and how to solve it. This opinion was strengthened today when Harriet Harman stood in for Brown at Prime Minister's Questions and came a dismal second to an on-form William Hague. 
Citigroup, which has been at the butt of much critisism over the past few months, never ceases to amaze me. Firstly is their complete and utter mis-management leading to the almost-collapse of the bank, followed by the private jet fiasco. Now, they have announced that they will be continuing with their $400m sponsorship deal with the New York Mets baseball team which will see their new ballpark branded as the Citi Field. I can't help but think that the US taxpayer must be rather annoyed by this, considering Citigroup has tapped the US Government to the tune of $45bn in bailout money. Bank of America seem to have done the right thing in regards to their talks with the New York Yankees, and RBS in the UK is also dramatically cutting back on its sports relationships.
Last week, I ordered a BT telephone line to be connected in my new apartment. I did the application online, and recieved an email (along with all my very personal details, unencrypted) explaining my order and what would happen next. Now the email pointed out that I had ordered the connection of a new telephone line... and that was all.
Just a quick post this evening to share my utter disgust at the news I learned today. Citigroup, one of the banks that required bailing out using the US TARP system, or better known as the US Bailout Package, to the tune of a good few billion dollars, has purchased, according to the NY Post, a brand new executive jet, which generally retail between $50m and $250m apiece.
 
So, the 'almighty alliance' seem to have "finally" realised that we're into the 21st century, some 9 years after the rest of us! Not only have the fees for workplaces been reduced, but so have the fees for online broadcasting, something I've lobbied for, for years. Well finally, we're getting somewhere with what I've described as a "rather slow, antequated, and for the most part, rather lazy" organisation, in realising that times have changed, and that they may well have changed their perception of modern technology for the good of those using it.
... and it is getting worse. More companies going into administration, more companies cutting jobs, and more companies simply disappearing overnight. What's worse is this, the National Grid recorded a 'drop' in electricity usage upto and including Christmas, which shows that there is indeed, like we didn't know it, a real problem. So, are we in recession, or heading for a depression? I've got a few opinions on this, so if you are a staunch Labour supporter, or a Brown supporter, I suggest you read no further.
The Credit Crisis came steaming into the midlands today with news that LDV Vans in Washwood Heath would keep production on hiatus until well into February, and has suspended payments to suppliers, amid rumours that the company is seeking emergency talks with the Government to try to access some much needed funding to keep the company afloat.
