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shedfish

Here We Go Again

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http://www.telegraph.co.uk/finance/newsbys...st-lending.html

The Government is planning to use nationalised lender Northern Rock as a "good bank" to ratchet up lending to consumers and businesses as part of its most dramatic offensive so far to stop the economic downturn.

The Prime Minister yesterday indicated he was readying fresh action to thaw out the financial system and attacked the past "irresponsible" lending of British banks now being supported by the taxpayer.

these people are insane

see also

Treasury to burn midnight oil on 'bad bank' scheme

http://www.telegraph.co.uk/finance/newsbys...ank-scheme.html

smoke me a chapati i'll be back for breakfast

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http://www.telegraph.co.uk/finance/newsbys...st-lending.html

these people are insane

see also

Treasury to burn midnight oil on 'bad bank' scheme

http://www.telegraph.co.uk/finance/newsbys...ank-scheme.html

smoke me a chapati i'll be back for breakfast

theyre trying to make it sound like everything will be fine, tax payers are going to pay for it, so bad bank gets all the bad assets, iam just wondering if theres any plan to get the money back plus inflation.

No such thing as a free lunch in finance someone has to pay it and its you.

Follow sweden hey it lost/cost them 3 % of its gdp, and the banks didnt like the contract between banks and government, and we all know if UK Gov follows the same route, the agreement between both parties will be weak, no one seems to be telling that side of the story.

Edited by crash2006

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Can the tax payer really fill the massive void left by the world money markets spurned on by feverish speculation and debt?

tax payer can fill the void, the problem is do you want to be poor while others become rich, or do you want to be poor and the others poor aswell, i go for 2.

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Problem is how do we spend it, consumers are cutting back meaning companies are

not restocking so cutting production. Like with cars.

Unless

He lends capital to pay costs like wages, which make thing very weird.

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This is SIGNIFICANT. Its only now dawned on Gordo that banks have been lending 'irresponsibly' in the UK. Till recently, this was a problem that started in America !! Is this a slip up or is the penny only dropping on the wise one .. admissions of failure are not his style ..!!

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so long as this good bank lends on normal multiples to people who can verify earnings then in my opinion this doesn't change anything in terms of hpc. I think a lot of what has been announced today is just froth so that it looks like he is doing something. It won't change anything.

Gordon is a ****, 'things can only get better.........' lmao

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Fancy getting a mortgage through Northern Rock which has such a bad history?

Me neither, and most people would avoid them as well

Edited by Yorkshire Lad

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It feels to me that we must surely be nearing some kind of "tipping point" in relation to the UK economy.

The government has been reduced to trying to keep some kind of sweaty, desperate grasp on things by reacting to events, rather than controlling them.

I kind of raised this point on another thread, as I'm genuinely curious to know what others may think. I'm not sure whether I'm being overly pessimistic/alarmist in my views.

The problems as I see them are -

1. We're heading into a nasty, prolonged recession at a point where personal indebtedness (both secured and unsecured) is at an all time high.

2. UK banks, through a combination of greed and lax regulation, have funded this over exposure to debt. Consequently they are faced with write downs large enough to threaten their ability to operate on a day to day basis.

The Mad Jock is trying to avert disaster (i.e avoid losing the next election) by tearing up his own fiscal rule book and throwing eye-watering sums of cash into the system in order to keep the credit tap partially open.

I've heard within the last few days ideas mooted which once upon a time would have seemed beyond the pale :

- Government backed car loans.

- A tax on savings.

- Quantative easing.

No-one in the government even seems capable of discussing the dilemma we face with any genuine passion, conviction, or intelligence. They haven't got an ounce of gravitas between them. Instead they trot out a few lame, lame, "Don't blame me guv" soundbites.

You can smell their weakness.

So what do you think will happen?

I'm hoping for a key event to finally make them sag at the knees and keel over dead before they can do any more damage.

In the 70's the Labour Party finally ran out of cash and were reduced to negotiating a loan through the IMF. In the 90's the Tories lost the last of their tattered credibility when George Soros spotted an arbitrage opportunity with the pound.

Surely reality is going to catch up with Gordon Brown soon?

Edited by simpleton

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So he wants to lend more and criticise irresponsible lending in the same statement - he's schizophrenic

Doublethink.

War is peace.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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