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Cutting the Interest Rate in England Won't Work

The Bank of England (BOE) took the unusual step of cutting it's interest rate by 1.5% (150 basis points) to 3.0%. The measure sent many in the European financial world into a coma since the BOE's normal modus operandi is to be conservative and reactive when making changes to its interest rates. I do have one question for the "Old Lady of Threadneedle Street". Haven't we seen this economic strategy before? Do the words "Federal Reserve" mean anything you? No, well how about "Bernanke" or "Greenspan". What have you been doing the past two years, watching the tele?

Martin Weale from the National Institute of Economic and Social Research comments on the BOE cutting its lending rate:

I understand that the BOE is trying to be proactive in reversing the downturn in the UK economy, but slashing interest rates will lead the British markets into the same complications that plaques the US - which is overextended or undocumented mortgages. Considering that European Central Bank cut its lending rate a half of a percentage point to 3.25% and the Swiss National Bank cut its target band to 1.5% - 2.5% range the BOE should "slow its roll" just a little bit.

The International Monetary Fund revised its earlier growth forecast projecting the economies of the United States, Europe and Japan will contract 0.3% in 2009. Considering the actions of the BOE this week, no wonder IMF changed its mind.

Tommy Bowden: Close Only Counts in Horseshoes

I was not at all surprised when I heard the news that Tommy Bowden resigned as the football for Clemson University. Other than the announcement during the middle of the 2008 season, I believe many were sad about the situation, but not shocked. I am proud to be a Clemson man and I make no bones about it. As an alumnus of Clemson (Class of 1987) and a supporter of Clemson Athletics, I have followed Clemson football since the days of Steve Fuller, Jerry Butler, and Dwight Clark in 1978, through the moments of NCAA National Championship quarterback Homer Jordan, to William and Michael Dean Perry, through Mike Eppley, Rodney Williams, Charlie Whitehurst, to the current 2008 edition. I believe Tommy Bowden’s departure has as much to do with the past 30 years of Clemson football as it does with this disappointing 2008 season for the Tigers. My reasons are the following:

Reason #1 – Clemson, once king of the hill in the Atlantic Coast Conference (ACC), has now entered the abyss of FBS (formally Division I-A) football.

Clemson has won the ACC title 13 times in its history, the most titles of any school in the ACC. However, Clemson’s last ACC title came under coach Ken Hatfield in 1991, a year that signaled that a new sheriff was coming to town; Sheriff Robert (Bobby) Cleckler Bowden. Starting in 1992, Bobby Bowden’s high-powered, pro-style offense either won or shared the ACC title 12 or the next 14 years, including 11 straight victories ending in 2003. Although Tommy won three of the last four meetings against his father, Tiger fans have just now started to feel better about playing the Seminoles. By the way, I sat with my brother Clarence in a wet and cold Death Valley to unfortunately witness in 1988 Florida State rips Clemson fans hearts out with the infamous “puntrooski.” Since the ACC started divisional play in the 2004-2005 season, Clemson has yet to win the ACC Atlantic Division to play for the ACC Championship with the winner going to a BCS bowl game.

Reason #2 – The Bowl Championship Series raised the stakes for winning at Clemson.

A seven or eight-win season decades ago kept a coach employed at a BCS football program until retirement, not anymore. With a 12-game schedule, the Clemson football community considers three or more losses in a year unacceptable.

Reason #3 – Clemson’s national championship in 1981 has put too much pressure on Clemson teams during the following years.

There is a unwritten hope at Clemson, that one year Clemson will regain the form that led Danny Ford to coach that national championship team. It is a hope I believe that has hurt Clemson football more that it has helped. After 1981, Clemson went on probation and never has played at that level since then. Clemson, it is time to appreciate the 1981 team, but no longer compare future teams by the 1981 performance.
Perhaps the most significant reason for Tommy Bowden’s departure is

Reason #4 – The hiring of Tommy Bowden in 1999 produced expectations from the Clemson football family that ultimately Coach Bowden could not meet.

Prior to 1999, Tommy Bowden coached Tulane to a 13-0 season capped with a Liberty Bowl victory. Clemson fans were ecstatic at Bowden’s hiring. They felt that at last Clemson would have the fast-paced offense that would make Clemson consistently a top ten-football program that could compete with such teams as Oklahoma, Ohio State, LSU, Southern Cal, and Florida. The Clemson Athletic Department under the leadership of Athletic Director Terry Don Phillips made substantial capital investments in its facilities including an addition to the West end zone at Clemson Memorial Stadium as well as giving Tommy Bowden a contract extension. Prior to the extension, there were reports that Tommy Bowden strongly considered leaving Clemson to become the head football coach at Arkansas.

Under Tommy Bowden, Clemson had good years, but not the great years that Clemson fans were hungry for some time. Clemson developed a reputation as a program that started out the gates fast, but stumbled at the finish. During the last five years, rumors of Bowden’s head on the chopping block were a common occurrence. Only a long awaited win against Florida State in 2003 prolonged Tommy Bowden’s tour of duty. The wheels began to fall off in 2007 after a nationally televised win against Florida State, which I believe, gave the Clemson football players a false sense of confidence. After a 4-0 start, Clemson suffered difficult losses to Virginia Tech and Boston College and ended the season with a loss to Auburn in the Chick-fil-A Bowl to finish with a 9-4 record.

Clemson fans viewed the 2008 season as the season with no excuses. Writers predicted Clemson to win the conference having a very favorable schedule without the Tigers playing Miami and Virginia Tech. The Tigers #9 preseason ranking indicated that Clemson would regain the ACC crown and play in its first BCS bowl game. However, after an embarrassing season opening loss to Alabama viewed by a national audience, Clemson won just three of its first seven games, with only one win against an unranked BCS team under Bowden (North Carolina State). With signs of disunity with Bowden’s coaching staff and with the players, the Clemson program collapsed with an emotionally and mentally exhausted Tommy Bowden to tell Terry Don Phillips “No Mas.” Tommy had enough and wanted to get on the fun wheel before Phillips pushed him off.

Looking back, perhaps the theme to Tommy Bowden’s tenure was the 1994 hit by Naked Eyes “Promises, Promises.”