sunonmars
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Posts posted by sunonmars
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I feel sorry for old Merv. He looks terribly strained. There's a smug chap questioning him just now. Smug and relaxed. Seems to feel he is above reproach, but I don't trust folk like that. Smiles too much. Smiling as he slips the knife between Merv's. ribs.
"A man may smile and smile and be a villain"( Hamlet, Act I Scene V)
Heres hoping Merv loses the rag and blows
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I'm feeling strangely reassured about the BOE, but very scared about the FSA and Mr Darling.
I've never understood how some 3rd rate politician like SuperDarling is head of the Treasury, surely it should be a qualified economist like Merv.
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is it just me or is this grilling not doing the Govt any favours. Its throwing up more unanswered questions than anything else.
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ooh he wont publish the letter sent to the chancellor, he says go to him, haha subtle drop ball back to Darling.
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Thats what I was about to say - now didnt darling and co state quite clearly that NR was "solvent?"
NR are looking very very bad... que more queues and withdrawls..
So Darling lied through his ASSets then..... Now having previously worked in a mortgage brokers a long long time ago when they were considered decent, under FSA you had to have certain amount of cash at any point in trading now if NR did not have that then, the FSA should have come in and withdrawn licence to trade.
illiquid
Definition 1
That which cannot quickly and easily be converted into cash, such as real estate, collectibles, and thinly traded securities.
Definition 2
A company which does not have sufficient cash flow to meet its operational needs and its debt obligations. opposite of liquid.
insolvent
Definition
Unable to meet debt obligations. opposite of solvent.
Does anyone see much difference
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The Govt is having its, yeah but no but yeah but no but I did not mean that moment.
Note to General Public, "you are getting shafted right up the ars&"
Feck me if the GB public lap up this bullsh^t then they deserve everything they get.
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did Merv say that Northen Rock was illiquid, basic speak for insolvent really, so they had no business bailing it out.
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http://www.bloomberg.com/apps/news?pid=206...&refer=home
Sept. 19 (Bloomberg) -- The Bush Administration reversed policy, allowing Fannie Mae and Freddie Mac, the nation's two largest providers of mortgage finance, to expand their investments in an effort to make mortgages easier to get.
Where the feck does the USA think it is going to get the money to fund all this............ yes you guessed it the rest of the world will pick up the bill. These tw^ts wont stop until they have bankrupted it all.
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I think its disgusting actually, the BOE was made independent so that when crisises like this came there was no political interference so that they could raise interest rates without consultation with Whitehall and take the hard decisions.
Now its clear we have no need for a governor of the BOE as Brown seems to be doing it anyway. You may as well sack the MPC and the Governor.
Browns playing a mega power game and its very clear, I just hope Merv makes it open warfare and drops them in it.
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Well the way this lot is carrying on recklessly, they are bound to feck it up soone rather than later.
They are increasingly looking like the proverbial blind man stumbling along and then falling into the open manhole in the road.
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Hey wheres the BOE to bail them out with guarantees for investors money!
No sign of SuperDarling yet.
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http://www.ft.com/cms/s/0/43a7b3ac-66a2-11...00779fd2ac.html
What volatility... and what a gamble...
Seriouslym I mean WTF, are they mental?
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People wonder why a majority of Brits now want out of the EU now, go figure!
When your country of birth no longer supports you but every other hanger on, then you know its time to go.
Lots of us all warned that the Bulgarian and Romanian entry to the EU would be the straw to break the back because of its massive homeland corruption and ruthless organized gangs. Didnt take long to prove did it.
I personally feel that the EU is a doomed thing and there is going to break up eventually and it may be the Titanics that start it, Britain, France and Germany.
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economic suicide if they do
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and here we go again, everyones about to pay for the big US bailout. What a bunch of w&nkers.
Why bother, these guys will do anything to hold up the pretense until it comes crashing down like the Hindenberg.
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I bloody hope the pensions losses people and the unions and the people suffering because of Brown make him eat dirt with this latest wheeze of theirs.
This Govt needs to be made to take responsibility for what its done. Its war now.
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I think you could take 95% (of main listed companies) and make a case that their operations were way more professionally run, were not making risky bets to garner market share and were not personally raking in excessive salary/bonus packages. On that basis they should have every right to be propped up by the BOE and NOT have to go and pay some retail bank 5% over base rate for the pleasure of borrowing money.
The propping up has all the hallmarks of panic and not thinking it through the consequences before they opened their gobs, another classic Labour method.
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Some friends an i debated this last night and I dont think the chancellor can just rewrite laws and regulations like that, you cant just rewrite compensation schemes like that, its just not possible.
Also we discussed that conceivably the Govt has put themselves in a very perilous position to be sued by others if they fail to rescue others. They need to be very sure of what they are saying as its possible they regret it.
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My partner said this to me last night that this was gonna backfire spectacularly. Now everyone will expect to be bailed out and the old "i'll spend like running water" is going to escalate.
Now we have all those who lost millions when they would not bail out the pensions and now I am hearing from friends in unions that all the unions are asking well if you can afford to bail out banks what about our pay rises you wont give us. I think Brown has made a mistake on a massive scale here.
I am also thinking that this has set a dangerous precedent in that doing so, could other institutions conceivably in the future sue the govt for not bailing them out when they had done so previously to another bank. Can of worms?
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Clearly you must be imagining things - inflation is only 1.8%.
That's guaranteed by the government and they would never tell fibs.
Jesus if inflation is 1.8% then I'm obviously deaf dumb and blind when walking down any high street for a shop.
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It came as a suprise (to me at any rate) that Ed Balls didn't get the Treasury. He was the natural heir really. I reckon he turned the job of Chancellor down and got education instead. No way was he going to be the fall guy.
And where is our beloved leader anyway? He was never off the telly, during F&M and the bomb attacks. He seems to have gone to ground.
Doing what most ratbags do when they know they have been bad, in the safe house, hence Darling pushed out the door of no 10 to the slaughter.
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In my opinion, when the public wakes up to those headlines tomorrow, there will be even more panic than today as I really think it will just make them go "oh holy batsh^t".
What those headlines are basically saying is the govt is in panic mode. The people dont trust Labour as it is and this has all the hallmarks of a wet fart thats about to follow through.
We are going to see an unprecedented collapse in confidence from tomorrow, brace yourself, we are in for a scary ride.
What we are seeing is something extraordinary, something most people have never seen in their lives and thats a run on a bank followed by a huge attempted bail out by the govt. It is going to scare the living hell out of them. The fact that 2 more banks are heavily rumoured in the media to be in trouble suggests this is not over by a long shot.
Anyone think the times got the picture of chancellor darling absolutely spot on, he looks like he knows hes been dropped in it and is totally fecked.
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http://investing.reuters.co.uk/news/articl...ARES-EXTEND.xml
£2bn of £24bn = 8.33%
loving the Northern Wreck, what a great name.
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Personally love the lines below. read the comments below the article, pure class.
http://www.telegraph.co.uk/opinion/main.jh...9/17/dl1701.xml
Mr Brown made mistakes as Chancellor which, with pleasing karma, are rebounding on him as Prime Minister.
He is responsible. His opponents should say so.
Mervyn Getting A Bo((ocking On Sky News Now
in House prices and the economy
Posted
Hey they borrowed all that toxic sh^t, they have to take the consequences of said sh^t. Its like, hey i borrowed £500,000, sorry i'm a bit stretched this month, can you Mr BOE, please pay my mortgage. In simple words Feck right off.