Care To Follow Suit, Gordon ?

Barack Obama scares the life out of me because of all his spending commitments and his apparently certainty that the government throwing money it hasn't got at everything in sight is the cure to all America's woes.

But, when any Head of State has got the balls to go on national television and say unequivocally that they got something wrong, I'm impressed. And saying "I screwed up" in quite unequivocal enough for me. Admitting mistakes isn't something that comes naturally to politicians, so any that do it always benefit from the element of surprise.

It remains to be seen whether such honesty becomes the norm or whether it's just a one-off. I hope it's the former.

Who knows, maybe this departure from standard political behaviour will inspire others to similar candour. Maybe Gordon Brown is just about to follow the example, put his hand up and say "I screwed up" on the pointless VAT cut, the 10p tax debacle, the debt colossus and the run on sterling.

While we're waiting, I'm just nipping down to Ladbrokes to put a fiver on Porky Pig on the 3 o'clock Flying Stakes, taking off from the rooftop over the road from me this afternoon...

Republicans - Praise Be

I'd just like to say a very brief "Congratulations" to the Republican Party in the House of Representatives, every one of whom refused to support Barack Obama's insane fiscal stimulus package.

It almost (but not quite) helps me feel a little better about the way Gordon Brown is throwing our money away like there's no tomorrow to see the Americans doing the same thing; at least we won't be the only ones paying off debt for the next 50 years. But the world needs a strong American economy, and chucking $825 billion down the tube will only prolong and deepen the pain.

I thought there might be a danger that some Republicans would get swept away in Obama Madness (sorry, I refuse to call it Mania) and feel the need to support him, if only to be seen as going with the political mainstream of the day. But they've had the balls and common sense to steer well clear.

On this morning's Today Programme John Humphreys asked the BBC's America correspondence whether Obama's so-called "rescue package" is going to work. Bloody stupid question.

From Brown To Obama, Things Are Going To Be Smelly

While the liberal Establishment and accompanying media work themselves into a lather about the inauguration of Barack Obama (Jim Naughtie sounded close to tears yesterday) back in Cloud Cuckoo Land Messers Brown & Darling still seem utterly convinced that you can spend your way out of a financial crisis.

Throwing our good money in such hot pursuit of the bad that's already disappeared down the proverbial drain exposes us to more risk than ever before, massively (immeasurably, in fact) increases our exposure to toxic assets, and the ramifications will be felt for decades to come. As we stare into the bottomless put that is Bail Out II, two things are crystal clear: 1) Bail Out I has failed, and 2) the Government has absolutely no idea what it is committing itself (us) to. It is, as George Osborne said yesterday, an utterly blank cheque. And who's to say there isn't going to be a Bail Out III ? Or IV ? Make no mistake, this one could run and run.

It would be nice to think that over the pond a dose of common sense is about to be administered. Sadly, it ain't so. Obama reminds me of one T. Blair; long on optimism, charisma and rhetoric, decidedly short on specifics, and absolutely bereft of anything that doesn't involve more government intervention and expenditure. Doubtless many Americans will bask in false hope for a few months, just as many Britons did (not this one, mind !) post May 1997. But the US of A is heading the same as we are - more tax, more spend, more government control, less individual freedom.

Two traditional bastions of the free world are becoming less free by the day. And by the Bail Out.