You might be surprised to know that there has been, to date, no debate in the House of Commons about the financial crisis. On Monday of this week (3 November) the Lords had their first debate on the subject. Lord Taylor of Warwick summarizes the main points in this blog post, concluding "you do not have to be a prophet to make a profit. However, this recession is a time for fresh, creative thinking out of the box. We cannot have a financial system which allows a hedge fund boss to pay less income tax than his office cleaner. It is time for fresh thinking. Seek and Ye Shall fund."
The House of Lords is such a civilized place. Baroness Murphy writes her account of the debate on the Counter Terrorism bill on the same blog (Lords of the Blog). "One of the “noble and learned” Lord Lloyd of Berwick’s amendments was graciously accepted by the Minister, “noble and gallant” Lord (formerly Admiral) West, but a second one he resisted but suggested an alternative of his own. I listened very carefully but thought the arguments finely balanced. In the end I voted for Lord Lloyd’s amendment. The votes cast were equal, 130 on each side, which caused a great deal of consternation on the part of the Clerk who had clearly never encountered this before. The Blue procedure book was consulted and it emerged that the amendment could only prevail if a majority voted for it, so a tie meant it was lost. West is a listening Minister, he’s inclined to refer to himself as a simple sailor, but one can see how he became an admiral, he’s certainly steering his departmental ship in the Lords in admirable fashion."
And on the matter of the US election, of the many blogs and comments about it today, my favourite is author Nick Hornby's post, both for the story he tells about "Its been a long time coming", and for his list of UK newspaper headlines this morning (bear with it, it is worth reading to the bottom, and hence the Mail's take on world events.)