Thursday's prospects
- 6 Dec 07, 10:28 AM
Robert Morgan is today's programme producer. Here's his early email to the team.
Good morning,
There are quite a few good stories today. Home Secretary Jacqui Smith has just announced plans to extend the period that terrorism suspects can be held without charge for up to . In an attempt to win over critics, it is planned to give MPs a role in any decision to let police hold suspects for more than the current 28-day limit.
There's the interest rates decision at 12 noon, a new Abrahams story and the continues. Do come to the meeting armed with ideas on these and other stories.
We've got a strong film on a new potential miscarriage of justice from John Sweeney and Richard Pattinson.
Doubt cast on baby death verdict - read John's story in full
See you in a minute,
Robert
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As we all eagerly (none more eagerly than the FTSE!) await the expected cut in interest for banks (punters will expect an increase for personal debt), a little perspective on the effectiveness (or not) of the strategy of such cutting from across the pond:
On Sept. 18, it practiced its cutting swing for the first time in over four years, lopping off half a point. Confident it had the hang of it, the Fed took another slice out of rates on Oct. 31, this time a quarter of a point. In both instances, stocks rallied in expectation of, and response to, the moves, only to fall back rather quickly.
More specifically, on Sept.18, the Standard & Poor's 500 index stood at 1519.78; it managed to get as high as 1565.15 on Oct.9, only to retreat to 1500.63 10 days later. When rates were lowered on Oct. 31, the S&P, again in anticipation, had been rallying for a couple of weeks and reached 1549.38. Alas and alack, by the end of November it was only 1481.14. In other words, today, two cuts later and despite last week's ferocious rally, share prices have yet to recover to where they were when the Fed began to hack away at interest rates.
Maybe the impact of next week's action will prove more enduring. Or maybe, as we've suspected for quite a while now, the vast and not always benign changes that have so transfigured the financial system in the past decade or so under the Fed's complacent watch and often with its encouragement, have robbed it of much of its clout.
Happy Christmas all you happy shoppers!
Bah! Humbug!
Scrooge McDuck
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As we await the expected cut in interest for banks (punters will expect an increase for personal debt),
a little perspective on the effectiveness (or not) of the strategy of such cutting from across the pond:
On Sept. 18, it practiced its cutting swing for the first time in over four years, lopping off half a point. Confident it had the hang of it, the Fed took another slice out of rates on Oct. 31, this time a quarter of a point. In both instances, stocks rallied in expectation of, and response to, the moves, only to fall back rather quickly.
More specifically, on Sept.18, the Standard & Poor's 500 index stood at 1519.78; it managed to get as high as 1565.15 on Oct.9, only to retreat to 1500.63 10 days later. When rates were lowered on Oct. 31, the S&P, again in anticipation, had been rallying for a couple of weeks and reached 1549.38. Alas and alack, by the end of November it was only 1481.14. In other words, today, two cuts later and despite last week's ferocious rally, share prices have yet to recover to where they were when the Fed began to hack away at interest rates.
Maybe the impact of next week's action will prove more enduring. Or maybe, as we've suspected for quite a while now, the vast and not always benign changes that have so transfigured the financial system in the past decade or so under the Fed's complacent watch and often with its encouragement, have robbed it of much of its clout.
Happy Christmas all you happy shoppers!
Bah! Humbug!
Scrooge McDuck
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The baffling thing to me is that the Government keep saying that they are being asked for the 42 days by police/security officials for future contingencies. So how could they know how much time they will need as such an event has not happened as yet? I am all for contingency planning but this is farce. It does not make the government more popular and does not reassure the public so far as I can see. When a toadie like Lord Goldsmith says he does not see the need for an increase .....
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Would you consider a brief item on Think Tanks for a future programme? The term has come into common useage, yet most viewers have only a vague idea of what they are. We could look at their aims, political affiliations, and (ahem) sources of funding, successes and failures and key personalities. A synopsis of the TT's profile could be run as a stream of text at the foot of the frame, in future programmes, when they are mentioned. It would interest saddoes like me and could pad out that quiet newsday when New Labour's not having a crisis and no missing canoeists turn up.
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I know you are experiencing budget cuts at Newsnight and I sympathise deeply. However, there can be no excuse for using a tabloid hack like John Sweeney on an esteemed programme such as your own. It seems that the last 20 minutes of the programme is now reserved for news 24 cast offs. Sadly you are becoming architects of your own demise.
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Didn't the police have to ask a magistrate for more time to hold a villain in the old days? Couldn't they ask a judge for more time to hold a Super Villain? I don't see why it has to be set in stone such that having all but nailed your man, you have to let him go. Or, alternatively, if you have nothing on him but don't like his attitude, you can hold him for 41 days while his life disintigrates.
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