Thursday, Nov 15, 2007
Why is he saying this?
The Telegraph: Markets poised for severe fall, says King
We were set for a good 20pc correction in October but the markets went to early in August. The latter part of November could be the real stocks shake out.
Posted by sold 2 rent 1 @ 07:22 AM (697 views) Add Comment
5 Comments
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1. paul said...
Some classic quotes here:
"Mr King said he had not considered resigning over the Northern Rock crisis, and denied that the UK financial system had been damaged by the episode."
No damage to the UK financial system? Banking runs are the stuff of grainy black and white silent Hollywood movies, not the recent Bloomberg live feeds outside the Doncaster branch of Northern Crock. Who's he kidding?
"The underlying structures are sound," he said. He added that he was confident that UK banks would weather the coming storm, as they calculate their losses, saying: "The big five banks have made over the past few years about £100bn of profits."
Unfortunately, they pissed that money up the wall on hookers, cocaine, penthouses and fast cars.
There is no cushion.
2. bingo said...
Actually they had assets which they valued at £100bn, this is different from actual profit. Anyway, I am sure, absolutely sure that someone at Barclays claimed to have no more than £75ml exposure to these CDO/SIV and any of the other related bad debt vehicles that were/are out there. I have used Barclays for many years as both my personal bank and for my business and this credit crunch and the related issues haven't really put me off them, even though I knew they were lying when they understated their exposure, what has really made me think about switching away from them is the reports (Sunday Times) of them funding the Zambian land grab and helping to cause starvation and misery in that country in return for being allowed to continue to open branches there (34 new branches this year I think the article stated). Now that, to me is absolutely disgusting and immoral. I am not naive enough to think that Banks wouldn't kill for a few quid, but I am completely sickened by this situation. They are criminals and I don't want to be associated with them anymore...
3. Ttimgg said...
Bingo
I bank with the Cooperative Bank. They are pretty good and have an ethical investment policy. No idea what their exposure is though ...?
4. Icarus said...
bingo - did you mean Zimbabwe? Barclays funded Mugabe's Marauders' land grabs 'to improve productivity in agriculture'. So far there is no evidence that the investment has paid off.
5. Stevie Dee said...
I believe you meant Zimbabwe. But you are right, if this is true of Barclays, it is truely scandalous. But the nutters took over the show years ago, and with it has gone much morality. A man once said "greed was good", this man actually ended up in prison.
Back to this article. Recommend you watch the following link from the BoE website. Mervyn was not half twitching, and his colleague, well he sounded a bit crokey, as if a politician had deposited one of these fan graph's in a very unusual place.
http://streamstudio.world-television.com/CCUIv3/frameset.aspx?ticket=117-118-5815&browser=ie-11-10-7-9&target=en-default-&status=ondemand&stream=wm-video-300