Thursday, 20 November 2008
cut price designer gowns from the financial pages
Today's papers are all full of stories of retailers' sales in the run up to Christmas. The M&S one day 20% Sale seemed to provoke the headline although the journalists took the easiest route to reporting it as further signs of doom and gloom.
I listened to Sir Philip Green (He of Arcadia & BHS) this morning and thought he expressed well the retailers' talking up of the situation about giving customers something and owing it to staff and the economy to try to keep things running. Its good to hear some positive spin alongside all the negatives.
The deregulation of money markets ten years ago (Chancellor Brown, by any chance?) allowed banks to gamble twice the prudent level of debt creating much of the current deficit.
Another high street retailer was front paged as on sale for one pound today and further illustrates the cavalier consequences of captains of industry rewarded with multi million bonuses last year who looked the other way whilst the bad betting occurred.
I'm sure Gordon can't just be deflecting attention from his own part in the deregulation, blaming America, attempting to gain tacit international profile and coming up with some pre-election giveaways? Surely not.