Budget, bank collapses, Liverpool knocked out of the Champions League, all of which ensures England’s humiliating defeat to France is forgotten and is just fish and chip paper, for those who are old enough to remember how they used to be wrapped.
The collapse of SVB (Silicon Valley Bank) is just very unfortunate timing and is NOT the start of another banking/financial crisis. The run-on Credit Suisse is an easy target, as the bank has endured its fair share of troubles in the past.
Granted, it is still to complete its restructuring, and I do not want to get into the technical guff of Tier 1 Capital Ratios and all that, but they are in a strong position. Support from the Swiss National Bank also provides additional assurances the market requires.
People on social media comparing SVB with Credit Suisse is like comparing a cauliflower steak with a fillet steak. Pointless. They are completely different institutions and how they operate. People shorting Credit Suisse and trading in the secondary market, only makes the case worse for the bank.
This is the dangerous side of social media. The GameStop situation was another classic example of how infectious it can be. If someone asked me which would I choose, I would pick the one that has been around a lot longer than I have, is not a fad, has a good structure, been a staple for generations, I choose fillet steak. (Credit Suisse)
So, if you fill up your Challenger 2 tank on a regular basis, have a young family and thinking about going back to work, and your other half benefits from large pension contributions, you are a winner. If you run a business or work in property-related sectors, then congratulations, here is your wooden spoon.
I am a proud Conservative. However, when the chancellor makes comments like, he wants to create “the most pro-business, pro-enterprise tax regime anywhere” and then proceeds with an increase to corporation tax to 25%, I do ponder my actual mental well-being.
This was an opportunity to boost the economy, boost British businesses and inject some much-needed ‘feel-good factor’ for everyone. The housing market is linked to the economy’s overall health and what did he do??? Chuff all, that’s what. My colleague Damien Druce sums it up perfectly in his LinkedIn article.
Oh, and as for the utter nonsense that is his “Brexit pub guarantee” as he lost all leave of his senses??? The draught relief is a nice little touch, but this is not going to save thousands of pubs and the hard-working publican’s livelihood, is it? The hospitality sector, especially a traditional pub needs far more support than draught relief and was another opportunity missed.
Only Balls & Horses Bo11ocks
I have only spoken to one person who claims to have won any money at the Cheltenham festival this week, and I do not believe he has. England face the World number one nation this weekend in Ireland. After a record defeat to the number two nation France, I am not holding out much hope. A bit like the budget.
On the plus side, writing about fillet steaks has got me salivating. An order has been placed and I will have something to accompany a lovely bottle of red, which will help me drown my sorrows on Saturday evening…