Tuesday, January 20, 2009

Welcome to the Casa Blanca Bazzer and Meesh

Today is a landmark day in the history of modern mankind, and the significant of the winds of change are not lost on insurance blogger who grew up not contemplating that today was remotely possible in his lifetime.

The white dream died in Dallas and I watched the women cry. They cried again when the black dream died in Memphis in 1968 and we watched quietly as the fists were raised in defiance in Munich a few months later.

A few years later I was honoured to watch Kevin Keegan kick a ball into the back of a net at the same spot where the fists were raised, but my first thoughts were about Palestinians.
Years later I had the privilege of standing on the spot in Berlin forWorld Cup Football where Jesse Owens stuck two fingers up to Hitler, and funnily enough I'm still thinking about Palestinians.

But for all the power nobody contemplated today was possible

So whats this got to do with Insurance?

We'll without boring old insurance we would not be welcoming Barack and Michelle to the White House.

why I hear you ask?

Well for one of its many sins Insurance is partly responsible for the Slave trade.
Shippers, Owners, Insurance brokers, Lloyds Names, Gamblers etc all funded slaving ships and many of todays Insurance Companies and Brokers made the foundations of their businesses through slavery and risk. Shipping, Slavery and Insurance were intimately bound together as a business practice.


So you could argue that those Insurance companies who we shall remain nameless have abetted the hastening of global multi-culturalism.

Whatever!

Good Luck Barack, you've already created a good zeitgeist. Until America deals with the toxic debt, despite the goons in Whitehall's best efforts, we are a hundred percent reliant upon the origin of the problem containing the solution.

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Monday, January 19, 2009

RBS shares plummet - The public votes!

So where do we start, it's a historic day in UK economics for many reasons not least the UK Goverment offering a 50 billion further bailout to the banks at our expense, and underwiting the toxic debts of the UK banks with a bad debt insurance policy.

You can read about all this stuff on the news sites, but what particularly interest us is the way that the Goverment's banking help package has helped put RBS to the sword!

Not content with sucking up 37 millon pounds of our money to own 70% of the company in the Autumn the Government looks like its bank bailout package has backfired upon the Goons who control RBS.

On the announcement of the latest rescue package the City has just responded with the biggest single corporate loss in UK history - RBS shares are currently down nearly 70% of their trading value this morning, making the bailout worth nothing!

Share trading has probably stopped by the time I've finished writing this.
Where this leaves RBS's insurance arm which includes Direct Line Churchill etc. remains to be seen. Probably going to get snapped up very cheap by the likes of one of the big suitors that have been courting it for the last year.

Insuranceblogger would like to point out that we foresaw this months ago (read the posts) and incidently would like to see any none performing bank go to the wall. Whatever happened to the free market economy - Ha! Ha!

Now's the time for 0% interest rates Mr Brown - great a free toxic mortgage!!!

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