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Dave Spart

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Everything posted by Dave Spart

  1. If this drug dealer has 25 houses presumably he has 25 keys?
  2. By terrifying coincidence the Large Hadron Collider is the antipode of Fukushima. (Just kidding - the Japanese have suffered enough with an earthquake, tsunami and nuclear catastrophe without turning the Earth into a piece of interstellar Swiss Cheese).
  3. This is one of the most appalling demonstrations of Catastrophe Theory : a long period characterised by the illusion of safety then BANG! Such are the similarities between the failure of nuclear power and the failure of nuclear finance.
  4. A capital gains tax is not such a good idea as the seller would just pass it on to the buyer when the property is sold. Better is an annual tax levied during the ownership that cannot be passed on to the buyer thus avoiding instant massive HPI. Land Value Tax works pretty much this way. CGT on the sale of property would just mean borrowers would need bigger mortgages just to pay the tax.
  5. Think of it as karate performed with a hint of lemongrass.
  6. It's Singapore not Japan and the bank I'm referring to is European.
  7. Missing from that list is ex-President Suharto of Indonesia who, somehow (by entirely honest efforts I'm sure), is worth $65bn but then he's probably missing from that list on account of being dead. It was also reported in the news recently that Libya's Gadaffi Duck is worth about the same.
  8. Certainly it would be pointless if only one bankster, no matter how prominent, served a six month jail sentence once. I think the author meant every guilty banker each serving a sentence once; that would definitely have an effect. If there were any justice it should be each banker receiving punishment each time they transgress but as it is no banker seems to receive punishment regardless of how frequently or severely they break they do. I now work for a bank in Singapore and experienced some quite aggressive behaviour from a trader and witnessed some highly dubious behaviour from a director neither of which you would ever see in the Actuarial profession. When news broke recently that this bank's Seoul operations had been raided with Regulatory Officers bearing Confiscation Orders (to take control of files/computers etc) suddenly the director's usual cockiness turned to a look of fear. When I stood my ground with the trader (I practice Muay Thai and Krav Maga) he got the message and learned to treat me with respect. Trust me, once these guys realise that danger is not just theoretical and can apply to them too they turn to jelly. They're all fiat and no fists and would be suicidal with the thought of jail.
  9. So, hunger pangs will get people rioting but neither usury, rentiery nor destitution will. I'm lovin' it.
  10. IIRC that bank had to go Barcap in hand to the Arabs when the proverbial hit the fan. IIRC further, they also got some of the TARP money too. If they paid him 40m for having saved the banks ass, did they also ask him to repay past earnings to make good for his part in causing the sh1t storm in the first place? Or was it an Inside Job?
  11. At least the old GM didn't profit from knowingly pushing 'gear' that risked the global economy; this though is different: its gangster's protection money by another name. Last week I closed both accounts with that bank so the vile Barclays gang won't profit from me directly ever again. I look forward to the day when a British politician finds the courage to stand up and tell it like it is: Modern banks are nothing more than legalised protection rackets. No wonder Mervyn King is surprised the people aren't more angry than they are. FACT : THERE IS A CABAL IN BARCLAYS.
  12. Ironically 300,000 pounds was about average house price at the peak IIRC and 7.9 trillion is about the size of the Labour Party's overdraft.
  13. "Nice to have a family. A man should take care, see that nothin' happens to them." Frank Nitti, The Untouchables.
  14. What you're suggesting is that banks should, despite all that's happened, continue to be allowed to lend to any Tom, Dick or Harry regardless of their income, job or assets? That is, you are saying that every individual, regardless of their abilities should be treated equally? Wow! Phew! Its a good job our current form of democracy doesn't work that way or we'd be in real sh1t. Er, actually it does!
  15. You shameless usurer's apologist! In case you didn't know, the banks did just this albeit indirectly when mortgage borrowing limits were set at 3.5 times income. Banks used to be responsible institutions, they knew all too well that many too people genuinely were, with the greatest of respect, gullible and unsuspecting as you put it and needed protecting from themselves. Not anymore, and the upshot of the banks ending this practice has been the bankrupting of the West. This is what Mervyn King was talking about and this is what has made so make HPCers see red so long (literally in Eric's case! ). News flash : Locust swarm seen over China.
  16. During that period of dangerous HPI I, like many HPCers regularly pointed out, with quite some consternation and bitterness, that the boom would lead to bust. Well, we've been proven right in the most spectacular way. Being educated up to the eyeballs however has its downsides; that ocean of knowledge sloshing your head inhibits wit and stymies the soundbites that University of Life professors live their arrogantly simplistic lives by. So ladies and gentlemen, without further ado: When someone asks you "Why is a credit-based consumer boom such a bad idea?' the answer is simple: "Because during such a boom, instead of borrowing to create wealth, people borrow to buy symbols of it." You can create wealth using only its means never its symbols. During good times too any people forget that a loan is a means to an end and not the end in itself. Banks are no-one's friends; they will lend to anyone and will menace borrowers for the money back whenever it takes their fancy. They don't care what you borrow money for - it could be bubble gum for all they care; they just want the money back plus their cut, or else. Instead of borrowing from banks to buy vases with twigs in (to make oneself feel important) you'd be better off building a company to make vases with twigs in. Factories may the lack the social status of a home full of designer trinkets, but they don't just sit there simply 'being': Industry makes the wealth that can later be spent on status. Business comes before pleasure and the Chinese know this all too well. Aided by banksters, abetted by off-shoring and flattered by property pornographers this was the fundamental lesson the West forgot, hence bankruptcy.
  17. Gordon Brown really knew how to woo the electorate, didn't he? The headline to this story could have read "One of world's least admired leaders snubs one of world's most admired" Apparently the knighthood was snubbed because Jobs had previously declined to appear at a Labour Party conference. What a glaring example of how bent the honours system must be. http://www.telegraph.co.uk/technology/steve-jobs/8354215/Gordon-Brown-blocked-knighthood-for-Steve-Jobs.html
  18. The irony is that this is going to create loads of work for actuaries - just when Solvency II is getting serious.
  19. I have never seen such strong recomendation for a movie at Rotten Tomatoes: http://www.rottentomatoes.com/m/inside_job_2010/
  20. Inside Job wins Oscar for Best Documentary 2011! http://www.bbc.co.uk/news/entertainment-arts-12278412
  21. As far back as 2003 I angrily coined the phrase "The New Land Barony" to describe the pricing out ordinary folks by rentiers and, lo, it came to pass. :angry:
  22. DVD released this week on Amazon. http://www.amazon.com/Inside-Job-Matt-Damon/dp/B0041KKYBA See customer reviews.
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