Credit Crunch-Accountability

[flipbrit]

Credit Crunch-Accountability

Posted by: flipbrit Today, 08:52PM

Labour, I have had it with Labour! John Humphries is brilliant in blasting the DWP Secretary, he

said in Germany, people are working 3 days, 2 days are paid by the German government, that's government working and doing something substantial to taxpayers, It seems people are losing jobs and home , billions paid to banks but not enough to help taxpayers in the UK!

I'm so livid, here or in the US, millions are paid in bonuses, OUT OF TAXPAYER'S MONEY! serves CEOs right there are death threats on these scandalous CEOs now.

Please let me know your thoughts, money takes precedence over Ethics in this global recession, do you think there will

ever be a change now that people know the effects of such misaligned responsibilities......

[????]

....subsidising dodgy bankers or subsidisng dodgy popstars, taking the moral highground is a risky old business....

[Huguenot]

Hmmmm...

Gimme this death threat logic again?

[mockney piers]

From The Anglo-Saxon Chronicle (via private eye)

"AD 1125. In this year sent the King Henry, before Christmas, from Normandy to England, and bade that all the mint-men that were in England should be mutilated in their limbs; that was, and that they should lose each of them in the right hand, and their testicles beneath.

This was because the man that had a pound could not lay out a penny at market. And the Bishop Roger of Salisbury sent over all England , and bade them all that they should come to Winchester at Christmas.

When they came thither, then they were taken one by one, and deprived each of the right hand and the testicles beneath. All this was done within the twelfth-night.

And that was all in perfect justice, because that they had undone all the land with the great quantity of base coin they all bought"

Aaaah, the good old days huh?

[flipbrit]

quite mockney piers, we need the old eye for an eyetooth for a tooth aye?

[Huguenot]

and yea the mint-men did reflect as they cupped their gonads that they only printed the fake money because the townspeople were hammering at their door demanding it and threatening them with eviction if they didn't

and they dids't consider it somewhat hypocritical that the same tosspots who were mutlitating them for imaginary cash were the same buggers taking 120% mortgages out

and as the flames licked higher they wondered why the w@nkers that are oh so clever now didn't have the same view when they were buying 46 inch flatscreen TVs every month that were twice their salary...

[mockney piers]

Point taken, but I have been going on about the cheap credit time bomb and the ludicrous nature of basing it on perpetual house value increases for a long time!!

None of this was unpredictable, it's just every one went ma?ana ma?ana.

Now, catastrophic climate change......aaah sod it, I'll just leave my 52 inch plasma bought on the never never on all night, nothing bad will happen in my day will it ;-)

[Brendan]

It is a point but a bullshit point. It is the responsibility of a government to make sure that financial intuitions do not lend to people outside of their means and also do not lend money which they don?t actually have.

If they were not offering 120% mortgages house prices would have stayed down accordingly and people wouldn?t have needed 120% mortgages.

But no, letting banks play silly buggers with the national economy for short term profit is what the free market and ultimately our enshrined freedoms are all about.

[snorky]

flipbrit Wrote:

-------------------------------------------------------

> Credit Crunch-Accountability

> Posted by: flipbrit Today, 08:52PM

>

> Labour, I have had it with Labour! John Humphries

> is brilliant in blasting the DWP Secretary, he

> said in Germany, people are working 3 days, 2 days

> are paid by the German government, that's

> government working and doing something substantial

> to taxpayers, It seems people are losing jobs and

> home , billions paid to banks but not enough to

> help taxpayers in the UK!

>

> I'm so livid, here or in the US, millions are paid

> in bonuses, OUT OF TAXPAYER'S MONEY! serves CEOs

> right there are death threats on these scandalous

> CEOs now.

>

> Please let me know your thoughts, money takes

> precedence over Ethics in this global recession,

> do you think there will

> ever be a change now that people know the effects

> of such misaligned responsibilities......

Stop this and stop it now

The press is now on full lambast mode, rallying its readers to storm the BoE and string the city fat cats up by their red braces. These are the same papers who enjoyed a mutual masturbation fest with their property porn and celebrity culture jaunts

YOu Buy the papoers, you support the system in whatever guise is has been remarketed , you vote for your chosen colour of party every few years, you take the bad times and the good times. We are lucky it could be said, that our good times far outnumber our bad times - for the vat majority of the world, the opposite is true

When you really want to make a change, then good, when you fancy a grumble because things in the last year havent been as good as the others the last decade, then you have no case

in 3 years time, we will be on the up , full team ahead capitalism. By the end of this summer, we will have hit the bottom and will be buimping along, waiting for the lift to get things going again ( I know what I am talking about here, although you may think I am a jerry Spinger watching pot addled doley ).Like all other downturns, the new improved good times will ensure that for the vat majority of us, we will relegate the memories intio archival Black & White stock footage

[Brendan]

And all of Britain will once again be laughing at all those stupid backward countries that properly regulate their economies so as to avoid the human cost of boom and recession.

Governments serving their people? Communist is what that is.

Who is gonna pimp you out to the fat cats for the next few years? The blue pimps or the red pimps?

[snorky]

North Korea doesnt experience Boom & Bust - thats the model we should be aiming to emulate

[????]

yup...it justs trundles along on bust quite happily (not counting the odd famine)....I'm more in favour of spunking all our remaining assets on a huge blow out spending frenzy like Iceland....we could start by say, printing more money.........brilliant

[Brendan]

Yes the only other possible option is cold war style communism so best we keep it like this hey.

The free market is like Newtonian Physics. It behaves very well and can be relied upon within certain parameters but when you start going to extremes outside of those parameters its principles don?t work so well.

Now if only we had some kind of organisation to run the whole system for us and make sure it functions properly. Perhaps one that we employ through a system of taxation and elect democratically ever few years, wouldn?t that be a grand idea?

[mockney piers]

Remember we're in the free world. Therefore the markets should be free too.

That way they work in the optimum fashion free (see there it is again) from pinko regulation, we've all seen what happened to socialism goddamit.

Trade should be free too, free for us to shove our goods unimpeded anywhere we want and free to buy the resources unimpeded wherever we want too.

Whilst we're at it money should be free too, I mean it's just paper, you can just print the stuff (or buy your own debt or whatever), it's not like it's worth anything is it!!

Next stop, love...

[Brendan]

mockney piers Wrote:

-------------------------------------------------------

> It's just paper, you can just print the stuff

> (or buy your own debt or whatever), it's not like

> it's worth anything is it!!

Go on own up, that is a direct crib from Fixing Your Economy for Dummies by Bobby G Mugabe. A book currently on the prescribed reading list at Threadneedle Street.

[Marmora Man]

Just a wild, off side argument but ............

The FSA wasn't shouting to the banks that their policies were wrong, the credit rating agencies were happily marking everything AAA and directors & shareholders were reaping huge rewards without any danger of having to pay them back if it all went wrong.

So is the answer more regulation, more legislation and more credit or is there an alternative?

If banks weren't regulated, weren't able to insure their financial position and weren't protected by limited liability legislation - ie if the bank failed then the owners / shareholders would be personally responsible for the debts the bank owed - would the banks have been more conservative in their financial and lending policies?

The analogous argument is that instead of seatbelts & airbags every car should have a 12" spike in the centre of the driving wheel to concentrate the driver's mind on safe driving.

Another thought .... Only the Bank of England may issue legal tender but it's not backed by anything tangible - hence quantitative easing (aka pending inflation). Perhaps we could return to free banking and allow any bank to issue banknotes. I'd bank with any bank that really offered to "pay the bearer the sum of one pound" if it was to be paid in something tangible such as gold, silver or another tradeable commodity. Whereas the BoE can only give me another equally worthless BoE pound note if I attempted to call on the "promise to pay" statement.

[????]

we can't go back to the gold standard as good old Gordon sold it all off at the lowest point in the market, even his treasury civil servants advised......sh1te for brains in charge of us during the worst economic crisis since the Great Depression, makes you want to cry,

[Brendan]

Good point. Here's another idea.

Not more regulation just proper regulation and less credit. It?s not unprecedented.

Do not allow any organisation (including the government) to lend if they don?t have the liquidity to back it up. Put strict rules on the terms of consumer credit (what interest rates can be charged and how much people are allowed to borrow).

The long term effect, an economy where financial services are no longer disproportionately profitable compared to other industries but are robust and stable. And a stronger more stable economy based on actual wealth and productivity.

Also a whole lot of very pissed off financiers who are no longer allowed to scam money off the top by letting the bottom collapse. So in reality a situation you won?t get from either on Britain?s 2 political parties.

[mockney piers]

the problem being that humans are terrible at coming to rational judgements regards probabilities, leave alone risk, we're a bit all or nothing.

Thus millions are terrified of flying despite the relative safety, but people drove for years with what basically amounted to a spike in front of them and millions died, and it's seatbelts and airbags that have saved the lives of further millions.

And hence boom or bust. "yeeeeah, it'll all be ok spend spend spend...oh no it gone tits up, run for the hills, save save save"

[Marmora Man]

More in the same vein: Free Banking

[Huguenot]

Can you imagine this conversation?

The bank are willing to lend me 120% of the value of my house, but THE GOVERNEMENT WON'T LET ME. B@STARDS. HOW DARE THEY LEGISLATE. I KNOW MY VALUE THE GOVERNMENT KNOW F*CK ALL...

That's ridiculous bullshit.

[????]

Yup, let's face it, many of us are culpable to one degree or another - greed, believing what we wanted, irrational behaviour, herd behaviour, over optimism...tis the nature of the beast...and now most of us are going to pay the price, some a higher one than others

[Brendan]

I suppose its about as ridiculous as, ?Who do they think they are telling me how fast I can drive. My car does 160mph and I?m a good driver. Bastards!?

You?re always going to get someone being an idiot. Doesn?t mean we have to listen to them.

[????]

..especially if it weighs a ton

[Brendan]

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