The Masked Tulip Posted September 5, 2011 Share Posted September 5, 2011 The old boys network maybe? Bailouts funded via QE probably went straight into the bonus pot... Yes, that is exactly what went on IMPO. I also think they had no understanding of how bad things truly were and thought that the 'short' downturn was an opportunity to fleece the tax-payer for billions. Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted September 5, 2011 Share Posted September 5, 2011 I might sell my £45 quid stake in them today...I only paid about £600 quid for that great investment. I've been waiting for them to bounce back :lol: :lol: I've a distant family member who got burnt very badly in the stock market, on banking shares from the sounds of it. Ironically he is an accountant I played with banking shares in 2008, fortunately I never held them for more than a few hours, although in hindsight that was a few hours too many Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 5, 2011 Author Share Posted September 5, 2011 Yes, that is exactly what went on IMPO. I also think they had no understanding of how bad things truly were and thought that the 'short' downturn was an opportunity to fleece the tax-payer for billions. Unfortunately, for them, they've made the tax payer even more angry than they would have been. The tax-payer now wants their pound of flesh. I personally would happily see RBS bankrupted and the whole lot of them put out on the street to fend for themselves. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 5, 2011 Share Posted September 5, 2011 An 'expert' on the Today programme's 6.15am business news slot was talking about the impending lawsuit against British banks in the US. He opined that if the case goes anywhere, HBOS and Lloyds/TSB could probably weather the storm, but that RBS would be buggered without an additional taxpayer bailout. It would be interesting for Anglo-American relations, to say the least, if the government decided to let RBS sink under such circumstances. why are we, in fact, why did we, even consider bailing out a bank that carried out open fraud on its shareholders, its customers and its creditors? If a private investor or entity can bring about a lawsuit, why cant charges be laid at the door of the executives involved in the activities leading up to the issues....and if they have a cast iron aliby, why worry about the lawsuit? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted September 5, 2011 Share Posted September 5, 2011 Yes, that is exactly what went on IMPO. I also think they had no understanding of how bad things truly were and thought that the 'short' downturn was an opportunity to fleece the tax-payer for billions. If they could get another couple of years of fraudulently gained money what would they care? They carry on in the knowledge that another quisling has been elected to see them alright. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted September 5, 2011 Share Posted September 5, 2011 The old boys network maybe? Bailouts funded via QE probably went straight into the bonus pot... That is exactly where some of it is going. The Sunday Times reporting multiple individual pension pots in excess of £1M, all Quango heads "highly talented" and "worth every penny" no doubt. Quote Link to comment Share on other sites More sharing options...
singlemalt Posted September 5, 2011 Share Posted September 5, 2011 Yes, that is exactly what went on IMPO. I also think they had no understanding of how bad things truly were and thought that the 'short' downturn was an opportunity to fleece the tax-payer for billions. +1 Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted September 5, 2011 Share Posted September 5, 2011 I'd've thought it's more likely the ECB and IMF leaving Greece in a huff, plus the Italians not implementing the austerity measures they've sort of said they would. Merkel wants Germany to save the Eurozone but she has lost elections again. German Chancellor Angela Merkel’s party suffered its fifth election loss this year after she failed to sway voters in her home state with a campaign based on her handling of the euro-area debt crisis. The Social Democrats, the main opposition party nationally, took 35.7 percent to win yesterday’s election in Mecklenburg- Western Pomerania, preliminary results show. Merkel’s Christian Democratic Union had 23.1 percent, its worst tally since voting began in the state in 1990 after reunification that year between West Germany and the former communist East Germany. The result in the eastern state where Merkel’s election district is located means her national coalition has been defeated or lost votes in all six German state elections so far this year as voters resist her bid to prevent a euro-region breakup by putting more taxpayer money on the line for bailouts. http://www.bloomberg.com/news/2011-09-04/merkel-s-euro-gambit-ends-in-home-defeat.html Quote Link to comment Share on other sites More sharing options...
The Spaniard Posted September 5, 2011 Share Posted September 5, 2011 I just wonder why they can't print and spend it on infrastructure projects.. any particular reason other than the banks must be allowed first dibs? The BoE issues 'base' money which (physical cash excepted) is accessible only to the banks. It is used by them to settle inter-bank movements of 'broad' money, the numbers in our bank accounts, the money we use to run our economy. This broad money is lent to us at interest. Under this rather weird two-tier rent-a-currency money system there is no way for the government to issue and spend money directly into the economy. To acquire money it must tax, borrow or earn. The cartel of commercial banks forms an impenetrable interface between us, the money users, and the publicly owned BoE which supposedly issues 'our' currency. Neat, innit? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted September 5, 2011 Share Posted September 5, 2011 Merkel wants Germany to save the Eurozone but she has lost elections again. So Merkel was born and brought up in East Germany? So Capitalism is placing all its hopes on a 'child of communism'? Ironic. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted September 5, 2011 Share Posted September 5, 2011 (edited) Merkel wants Germany to save the Eurozone but she has lost elections again. Not too sure if Merkel is that keen on saving those bloody PIGS. Certainly no workable bailout has been thought up. If anything Sarkozy and Merkel have been remarkably arrogant and the markets remarkably complacent. While the PIGs were wallowing in their debt there was that surprising market rally. No matter that the PIGs houses were falling down and Rome was burning. Edited September 5, 2011 by crashmonitor Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 5, 2011 Author Share Posted September 5, 2011 (edited) has it gone below -2%....yes it has -2.18% EDIT: The BBC are blaming the euro-zone again: http://www.bbc.co.uk/news/business-14785694 "Stock markets have continued the slide they began late last week as fears over Italian and Spanish debts have reasserted themselves." Imagine what wil happen when they realise we are even more f***ked What I found amazing at the weekend was reading Darlings comments that Brown/Merv thought the problems weren't that bad. What bit of banking collapse didn't they get ? EDIT2: Top 5 losers Royal Bank of Scotland Group -8.21% Barclays -7.63% Lloyds Banking Group -4.89% Winners: No winners If RBS was a horse, they'd shoot it. Edited September 5, 2011 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 5, 2011 Share Posted September 5, 2011 Yes, that is exactly what went on IMPO. I also think they had no understanding of how bad things truly were and thought that the 'short' downturn was an opportunity to fleece the tax-payer for billions. And those bonuses went on buying London property - reinflating the bubble there... Which pushed up national house price indices... Meaning that vendors across the country didn't drop their asking pirces... And means we still don't have the long overdue HPC. :angry: Quote Link to comment Share on other sites More sharing options...
ingermany Posted September 5, 2011 Share Posted September 5, 2011 RBS down 8%. 22p...it has halved in value since the beginning of summer. This is getting worrying again. . Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 5, 2011 Author Share Posted September 5, 2011 And those bonuses went on buying London property - reinflating the bubble there... Which pushed up national house price indices... Meaning that vendors across the country didn't drop their asking pirces... And means we still don't have the long overdue HPC. :angry: You've got to hand it to the bankers/liebour government. They did what we thought they couldn't do...keep the bubble going....for a while. Sadly, they've made things much worse....which I didn't think possible. The government should butt out of the economy and free markets and stick to making the occasional law to make the country a better place. Same with local councils, collect the bins, clean the streets and leave us to lead our lives. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted September 5, 2011 Share Posted September 5, 2011 Could be an interesting day/week. 8:31 a.m. FTSE down 1.6% already....looks like it dropped off a cliff when the stock market opened. Everything is teetering but as it is Labor Day Public Holiday in the US I dont think the main event is likely to be this week. I would put a 7 day pause button on Financial Armageddon. Now the traders are all back from their Hols I definitely expect something to give this month, Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted September 5, 2011 Share Posted September 5, 2011 Was just looking at this: http://www.guardian.co.uk/business/2011/sep/05/stock-markets-fall-imf-chief-warns-crisis And noticed: Lagarde warned that Europe's banks needed to be recapitalised, to give them protection from losses on their reserves of sovereign debt. So.. Sovereign countries need to give money to the banks to protect them from losses from those same sovereign countries being in debt. Something about that seems wrong to me. Quote Link to comment Share on other sites More sharing options...
newbie Posted September 5, 2011 Share Posted September 5, 2011 RBS down 8%. 22p...it has halved in value since the beginning of summer. This is getting worrying again. No doubt every counterparty of RBS fully expects to get 100p on each pound that RBS owes it. The taxpayers will pick up the tab, even if it destroys the economy. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 5, 2011 Author Share Posted September 5, 2011 I remarked to the countess this morning what a beautiful sunny morning it was. It's raining now. Quote Link to comment Share on other sites More sharing options...
Terribad Posted September 5, 2011 Share Posted September 5, 2011 If RBS was a horse, they'd shoot it. Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 5, 2011 Share Posted September 5, 2011 The Tories are now in power and supposedly against QE. He himself was allegedly against QE I remember Cameron saying on TV he was in favour of _more_ QE, right after the elections. Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 5, 2011 Share Posted September 5, 2011 I just wonder why they can't print and spend it on infrastructure projects.. any particular reason other than the banks must be allowed first dibs? Before they spend they must first cut long term welfare commitments under the guise of financial duress. It's repeated by so many different sources and so often this must be a critical objective. Quote Link to comment Share on other sites More sharing options...
Noginthenog Posted September 5, 2011 Share Posted September 5, 2011 (edited) The US & EU economies are clearly slowing, banks are suffering under the uncertainty of being sued by the fed, collapse seems near. I bet they go for a form of QE3 very soon, coordinated in the UK/US and maybe the EU. To QE3 or not to QE3, that is the question! Most of us discussing on this forum have some idea of what is going on, even if we are only guessing on what the medium to long term effects of these keynesiun policies will be. In a possible deflationary environment, they are creating demand. However 98% of the electorate have no idea of what QE does, and nor do they care, they just see the governments and central banks 'acting' to help save their investments.... One day, they will wake up Edited September 5, 2011 by Noginthenog Quote Link to comment Share on other sites More sharing options...
Terribad Posted September 5, 2011 Share Posted September 5, 2011 I remember Cameron saying on TV he was in favour of _more_ QE, right after the elections. His word is hardly an indicator of what he thinks or will actually do. He also thought labour's spending plans were excellent, worthy of copying, and we could "share the proceeds of growth", like it was going to continue forever. That said, I do actually believe he is a very clever man. He has convinced the whole country, against a lot of resistance, that the government must, and is, cutting government spending. Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 5, 2011 Share Posted September 5, 2011 So Merkel was born and brought up in East Germany? So Capitalism is placing all its hopes on a 'child of communism'? Ironic. Yes, it's also ironic that Lagarde should tell her to act in undemocratic ways reminiscent of the old communist dictatorship. Quote Link to comment Share on other sites More sharing options...
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