Quote of the Day

HM the Queen on Proust (as envisaged by Alan Bennett in his new story, An Uncommon Reader):

“Terrible life, poor man. A martyr to asthma, apparently, and really someone to whom one would have wanted to say, ‘Oh do pull your socks up’ “.

From yesterday’s Guardian.

Shtum

John Lanchester has a terrific review of Alastair Campbell’s diaries in the current London review of Books. Excerpt:

Relations between government and media in Britain are always going to be oppositional. For the Labour Party, there is a further complication, in that newspapers tend to have proprietors, and those proprietors tend to be right-wing. The choice is between ignoring the relevant newspapers or courting them. New Labour chose to do the second thing, on the basis that the press, especially the Murdoch press and especially especially the Sun, had played a central role in beating Labour in the 1992 general election. When Blair took over as leader in 1994, he had an overwhelming sense that he needed to court the press, in particular the party’s traditional enemies on the right. As he said in 2000,

“Under Thatcher . . . they got drunk on the power she let them wield and then they tore Major to shreds, in part with our complicity. Also, for pragmatic reasons, we entered into a whole series of basically dishonest relationships with them and now they realised that. They realised that they actually have less power than they did and they see us as all-powerful and they want their power back. So there was no point in all-out war, because at the moment we have the upper hand.”

The person to whom Blair said that was Alastair Campbell, whom he appointed to run his press operation shortly after becoming party leader. It is worth noticing how accurate Blair’s sense of the press-government relationship is: it makes you wonder, if he saw things so clearly, how on earth he could have put Campbell in charge. There is a structural problem with the government and the press; there is a historical problem with Labour and the press; so this was always going to be a tricky subject for Labour in office. Who to put in charge of this complex, delicate area? I know: let’s find our angriest, shoutiest, most tribal, most aggressive party loyalist. As Craig Brown joked in the Mail on Sunday, it is as if, instead of turning to Doctor Watson for advice, Sherlock Holmes had instead consulted the Hound of the Baskervilles. Campbell is a political journalist who, as part of a not-all-that-complex self-loathing, despises political journalists, a recovering drunk of the type that is angry with everybody all the time, a foul-mouthed natural bully who genuinely hated most of the people it was his job to deal with on a daily basis, and made no secret of it. ¡Olé! Sign him up!

Reading the Diaries, one has to remind oneself that in terms of Blair’s relations with the public, the book mostly covers the good years, when we more or less still believed him. You would never know that from reading Campbell. Right from the start he is boiling with rage. Barely a page passes without someone being called a twat, prat, cunt or wanker. He combines a remorselessly tribal and one-sided approach with a complete conviction about his own high moral purpose. All this adds up to his being, in the phrase of Charles Moore, ‘the most pointlessly combative person in human history’.

It’s a very perceptive piece in which Lanchester identifies the two black holes in the diaries — the excising of all relevant material about the Blair-Brown relationship; and any account of Campbell’s own sinister briefing activities.

$100 laptop reviewed

Ed Felten got his hands on one of the laptops, and then had the great idea of giving it to a 12-year-old friend of his to review. (After all, the machine is designed for kids.) He then published the resulting review on his Blog. It’s a good read. This is how it concludes:

All in all, this laptop is great for its price, its job, and its value. It is almost perfect. Just speed it up, give it a little more battery charge hold, and you have yourself the perfect laptop. I’m sure kids around the world will really love, enjoy, and cherish these laptops. They will be so useful. This program is truly amazing.

Markets crisis explained

“In the last week people have had to meet margin calls by selling equity positions. The quant strats [quantitative funds] have been hit hardest and it’s become a bit of a perfect storm. Prime brokerages are increasing margin requirements so you have a self–fulfilling prophecy and spiral down,” said one senior banker.

So that’s clear then. Explanation courtesy of Daily Telegraph.

For a less elliptical account, see Irwin Stelzer’s column this morning.

Slidecasting

Here’s something I’ve been waiting for — Slidecasting. It’s a creation of SlideShare.net which enables one to synchronize PowerPoint slides and audio files.

To create a slidecast, you upload slides to SlideShare.net. The associated audio file can be hosted anywhere on the web. Then you link the slides and audio by using an online synchronization tool. When someone plays the slidecast, the audio is streamed from its location and plays with the slides. And it’s free. I’ve seen some examples, and it looks good. The only question is: where’s the catch?

Sub-prime idiots

Well, well. I go on holiday and look what happens when my back was turned: a full-blown financial panic. The thing that always baffles me about stock and securities markets is the recklessness of their participants. It was obvious to the meanest intelligence years ago that the US sub-prime racket was nuts because it involved lending money to people whom you knew would not be able to repay it. And now it seems that the entire western banking system was actually turning a blind eye to this obvious fact and absorbing the associated risk. And central banks are pouring money on the flames in the hope of dousing the fire.

Another funny fact about the financial services industries: they want to be free of government interference — except when they screw up, when they expect governments and central bankers to bail them out. As the Guardian put it in a Leader today:

Financiers constantly tell the rest of us to leave them alone. The best regulation, we are told, is the lightest regulation; any more and they will take their ball and will play elsewhere. Apart from when they are in trouble, that is, and then the chaps in the City and on Wall Street sound so interventionist they might as well be speaking French.

Gavyn Davies (ex Goldman Sachs) writes in the same vein:

It all started in the US, where mortgage lending to low-grade borrowers remained absurdly excessive, even after the housing market peaked in mid-2005. With housing in a state of freefall, many of these so-called sub-prime mortgages went under, and the hedge funds that had placed large bets on the health of these debtors were under water too. The Federal Reserve, the US central bank and a crucial regulator, will face serious questions about why it allowed this leverage to build up. Ever since the days of its former chief, Alan Greenspan, the Fed has been far too willing to permit the financial sector to build excessive risks and then to bail out the failing institutions by easing monetary policy when the proverbial hits the fan. Ben Bernanke, Greenspan’s successor, needs to rethink this strategy, but he has a crisis to handle first.

Does it matter? Alas, yes: our pensions are mixed up in this somewhere.

Facebook funnies

I keep getting emails from Facebook saying “So-and-so has added you as a friend. We need to check that you are in fact friends with so-and-so. To confirm this friend request, follow the link below…”. But for a while now, the link hasn’t worked. Is it possible that their system is wilting under the exponential strain? I hate being unintentionally rude.