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By 2005 It Was Obvious

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This could have been stopped.

Why wasn't it?

http://www.mailonsunday.co.uk/news/article...-years-ago.html

Bank of England governor was warned of Northern Rock collapse two years ago

By SIMON WALTERS

Last updated at 23:29 15 December 2007

Mervyn King

Mervyn King was alerted to Northern Rock's possible collapse two years ago

Concern: Gillian Shephard forecast trouble

Bank of England governor Mervyn King was warned two years ago that Northern Rock was in danger of collapse ? but he brushed the concern aside dismissively.

Former Tory Cabinet Minister Gillian Shephard told Mr King she feared a 'day of reckoning' because Northern Rock was consistently offering cut-price home loans.

Mr King responded by telling her she did not understand banking and insisted there was nothing to worry about. The confrontation took place in 2005 when Mr King went to the House of Lords to address Conservative peers.

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This could have been stopped.

Why wasn't it?

http://www.mailonsunday.co.uk/news/article...-years-ago.html

Bank of England governor was warned of Northern Rock collapse two years ago

By SIMON WALTERS

Last updated at 23:29 15 December 2007

Mervyn King

Mervyn King was alerted to Northern Rock's possible collapse two years ago

Concern: Gillian Shephard forecast trouble

Bank of England governor Mervyn King was warned two years ago that Northern Rock was in danger of collapse ? but he brushed the concern aside dismissively.

Former Tory Cabinet Minister Gillian Shephard told Mr King she feared a 'day of reckoning' because Northern Rock was consistently offering cut-price home loans.

Mr King responded by telling her she did not understand banking and insisted there was nothing to worry about. The confrontation took place in 2005 when Mr King went to the House of Lords to address Conservative peers.

it also want his job to meddle with NR... that was taksed out to the ever watchful and feared FSA

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I found this site when NR was collapsing because when I googled about it, a thread from this site from 2004 came up where a poster was saying that NR would declare itself bust in 12 months if it carried on with its insane business model. Out by 2 years (because s/he thought HPC would get going in 2005) but in essence correct. Reading that thread and a couple of others stopped me from naively buying NR shares, which I was considering doing in the belief they were oversold............now thinking the same about Barclays. Someone stop me again please!

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OT.... but by 2005 it was obvious to me that I was never going to get another job in the UK as a practicising scientist* because the bio/pharm industry had left the (UK) building for other shores. Shores which were interested in things other than the 'Paint your living room beige, sell it for twice what you paid, buy a 4x4 and call yourself a property developer' or 'selling imaginary financial instruments which only exist if you believe in them' industries..

*working in my extremely high profile field where I have an extensive track record of successfully developing new products

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OT.... but by 2005 it was obvious to me that I was never going to get another job in the UK as a practicising scientist* because the bio/pharm industry had left the (UK) building for other shores. Shores which were interested in things other than the 'Paint your living room beige, sell it for twice what you paid, buy a 4x4 and call yourself a property developer' or 'selling imaginary financial instruments which only exist if you believe in them' industries..

*working in my extremely high profile field where I have an extensive track record of successfully developing new products

I did biochem at university nearly a quarter of a century ago and it was obvious to me then that science was screwed in this country. Everyone I know who stayed in the field is now abroad (Aus and the US mainly). I and 3 other people I graduated with went on to become a chartered accountant after our degrees.......something of far less value than biochemistry but exponentially more rewarding, at least in the UK. We are probably a living indictment of why this country is where it is today.

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I did biochem at university nearly a quarter of a century ago and it was obvious to me then that science was screwed in this country. Everyone I know who stayed in the field is now abroad (Aus and the US mainly). I and 3 other people I graduated with went on to become a chartered accountant after our degrees.......something of far less value than biochemistry but exponentially more rewarding, at least in the UK. We are probably a living indictment of why this country is where it is today.

Agreed: Not a SINGLE ONE of my peers/friends/ex-colleagues, to the best of my knowledge, is still a practicising scientist or engineer in the UK.

What does that say about our country? (Rhetorical question)

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This could have been stopped.

Why wasn't it?

gordon brown was written to in 2002 to explain that the loosening of borrowing was beginning to cause a housing bubble. it was totally ignored. all gordon wanted was the crown. he thought he could control the feel good factor. pretty soon the tv got onto it, the public got onto it and he didnt have the guts to stop it.

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OT.... but by 2005 it was obvious to me that I was never going to get another job in the UK as a practicising scientist* because the bio/pharm industry had left the (UK) building for other shores. Shores which were interested in things other than the 'Paint your living room beige, sell it for twice what you paid, buy a 4x4 and call yourself a property developer' or 'selling imaginary financial instruments which only exist if you believe in them' industries..

*working in my extremely high profile field where I have an extensive track record of successfully developing new products

I thought the British pharmaceutical industry was supposed to be one of the big success stories of recent years - understand where your coming from though - a bloke I know whose a scientist moved to Denmark because the wages are so dire here - he could have earned more as a trainee copper than he was getting offered in industry with a PhD - brains don`t seem to rate here -social class is more important with law careers and banking carrying all the prestige ( up till six months ago that is !) ...

Edited by Wires 74

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gordon brown was written to in 2002 to explain that the loosening of borrowing was beginning to cause a housing bubble. it was totally ignored. all gordon wanted was the crown. he thought he could control the feel good factor. pretty soon the tv got onto it, the public got onto it and he didnt have the guts to stop it.

LIAR LOANS were in plain sight at that time, and it took the BBC another year to summon up the balls to do an expose on it.

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I thought the British pharmaceutical industry was supposed to be one of the big success stories of recent years

WRONG........ The whole industry got sucked up into the GSK monster,* destroying jobs and real value along the way, purely to feed the pockets of the City. Dont confuse the activities of UK-listed pharma companies on the FTSE with real life activity in labs, factories etc in the UK. GSK swallowed Beechams, Wellcome etc etc.... try and find sites/jobs once owned by those great companies now in the UK. They've gone, mostly now covered with executive slave boxes, incidently to feed the pockets of the square mile spivs.

Rest of your post is RIGHT, though.

*cited as the biggest example, and to simplify for bite-sized reading.

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I work with a number of scientists many have teenage children, not one of them would recommend a career in science to their children!

Agreed: Not a SINGLE ONE of my peers/friends/ex-colleagues, to the best of my knowledge, is still a practicising scientist or engineer in the UK.

What does that say about our country? (Rhetorical question)

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Thanx to the Caledonian twit the BoE was powerless to do anything anyway at that time but Mervyn couldn't possibly admit then that he was a sidelined poodle of no consequence.

The financial establishment strutted like the **** it was confident that an industry generating 30% of GDP couldn't be wrong about anything and Brown was its political chief basking in the glow of his miracle economy and " prudence ".

In any decent society these people would be prosecuted for fraud but ironically the only place that could happen is the USA.

Mervyn was just another posturing preening little ***** with as much balls as the emasculated FSA he allegedly resented.

They will suffer for this.

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In case you havent realised the Government and BoE do not interfere where there is an obvious case of a business in the process of failing but instead choose to wait until said business has already FAILED.

The reason we are given is simply that offering support to a failing business would hasten the downturn and news of any assistance would immeadiately prompt market activity (i.e. Shorting) that might have otherwise been avoided.

The other reason, unpublished, is likely that until failure is achieved the government and BoE cannot make policy changes or sweeping new policies.

It does not matter therefore that this mess 'could have been avoided' simply that current economic policy is non-interventionist until failure is reached/imminent. It does not matter that for a certain amount of risk and considerably less taxpayer money much of the present situation might have been averted, our government would rather wait to see businesses fail before providing assistance.

The lesson to learn here is dont wait until your currency is worthless and you have no job - the government wont do anything to help 'you' until EVERYONE's money is worthless and NO-ONE has a job.

In the words of one famous poster 'PROTECT YOURSELF' because quite simply the government won't.

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WRONG........ The whole industry got sucked up into the GSK monster,* destroying jobs and real value along the way, purely to feed the pockets of the City. Dont confuse the activities of UK-listed pharma companies on the FTSE with real life activity in labs, factories etc in the UK. GSK swallowed Beechams, Wellcome etc etc.... try and find sites/jobs once owned by those great companies now in the UK. They've gone, mostly now covered with executive slave boxes, incidently to feed the pockets of the square mile spivs.

Rest of your post is RIGHT, though.

*cited as the biggest example, and to simplify for bite-sized reading.

Indeed its not about adding value. Uk pharma has morphed into monster conglomerates where short term profit and adding in layers and layers of box ticking management (who's role seems to be to make sure its someone else who takes the blame, while they trouser as much as they can) rules.

As with other industries they have/are outsourcing the actual hard stuff, in this case the scientific work as fast as they can, while keeping the non-scientific roles in-house. For the scientific roles they still have the aim has been to drive down wages - notwithstanding that to be a reallly *good* scientist takes great skill, so that they are finding it difficult to recruit the top brains they really do need.

Because of all this big pharma is presently morphing into giant advertising agencies for pharmaceutical products. With the real value being drained away, and the companies becoming laded down with spiv's.

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  • 285 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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