Jump to content
House Price Crash Forum
Sign in to follow this  
Converted Lurker

Did Andrew Neil Really Say "bankers Are W@nkers" Last Night On This Week?

Recommended Posts

Will Hutton was on defending the UK and the great British pound, asked what the probability is now of a depression and Portillo interupted him and said 100%, Hutton just blustered some *stuff*. This media help for the govt was getting a bit desperate and tedious, get the sense that it's now turned and not before time.

Share this post


Link to post
Share on other sites
Will Hutton was on defending the UK and the great British pound, asked what the probability is now of a depression and Portillo interupted him and said 100%, Hutton just blustered some *stuff*. This media help for the govt was getting a bit desperate and tedious, get the sense that it's now turned and not before time.

Hid did indeed and it came as a bit of a shock. Seemed to shock Portillo and Diane too.

Share this post


Link to post
Share on other sites
Will Hutton was on defending the UK and the great British pound, asked what the probability is now of a depression and Portillo interupted him and said 100%, Hutton just blustered some *stuff*. This media help for the govt was getting a bit desperate and tedious, get the sense that it's now turned and not before time.

Yes, Andrew did say bankers are w8nkers, and Hutton was as worried looking as ever. He does not foresee the bottom until 2011/2012, and is worried about sterling tanking and national disaster. :o

Share this post


Link to post
Share on other sites
Hid did indeed and it came as a bit of a shock. Seemed to shock Portillo and Diane too.

+1

He really did!

Share this post


Link to post
Share on other sites
Will Hutton was on defending the UK and the great British pound, asked what the probability is now of a depression and Portillo interupted him and said 100%, Hutton just blustered some *stuff*. This media help for the govt was getting a bit desperate and tedious, get the sense that it's now turned and not before time.

Every time Hutton appears on telly he looks like he needs a shrinks couch.

He's got a ghostly, haunted, hunted look about him.

Portillo just sat there watching him corkscrew himself in the ground.

Mesmerising.

Share this post


Link to post
Share on other sites
Guest Steve Cook
Will Hutton was on defending the UK and the great British pound, asked what the probability is now of a depression and Portillo interupted him and said 100%, Hutton just blustered some *stuff*. This media help for the govt was getting a bit desperate and tedious, get the sense that it's now turned and not before time.

The media types are waking up to how stupendously terrible the state of things actually are and are simply positioning themsleves behind the growing awareness and revulsion by the general public

Share this post


Link to post
Share on other sites
The media types are waking up to how stupendously terrible the state of things actually are and are simply positioning themsleves behind the growing awareness and revulsion by the general public

Hi Steve, yep it's changed recently hasn't it? Perhaps a lot of media folk simply needed a few months to get their heads around the failure of the first bailout. The govt can't fight the mass unemployment, once that kicks in it kicks off in the media I reckon.

Share this post


Link to post
Share on other sites

Thank you for posting.

30-34 mins in:-

Neil asks Hutton "What is the risk of a depression"

Portillo chips in: 100%

Hutton replies: "GDP falls of 3-4% this year, falling throughout 2010 and not recovering until 2012/13"

Prefers to call it a pro-longed recession.

Hutton also calling for Northern Wreck to ramp up lending and effectively become the UK's main structural investment bank to massively expand UK bank lending capacity to try and repair the funding gap left by the foreign banks which have exited (£700bn??).

This program should replace the 6pm news. People should hear this stuff instead of Gordon's 10 second soundbite nonsense.

Share this post


Link to post
Share on other sites
Hutton also calling for Northern Wreck to ramp up lending and effectively become the UK's main structural investment bank to massively expand UK bank lending capacity to try and repair the funding gap left by the foreign banks which have exited (£700bn??).

It rather sticks in the throat though, that the most culpable and most vulnerable bank (well the first to fall anyway) should be the chosen one, don't you think?

Share this post


Link to post
Share on other sites
Thank you for posting.

30-34 mins in:-

Thanks for filtering it and saving me from the first half hour. ;)

It is impressive, isn't it. I loved the pause before "100%" - and find it telling how "depression" was the unanimous verdict.

Share this post


Link to post
Share on other sites

Andrew Neil asked what the worst case scenario was if Britain was to lose credibility and the response was: interest rates would have to go up, asset prices would drop further (houses) and public spending would have to be cut.

Is it just me or doesn't that sound great?

Share this post


Link to post
Share on other sites
Thanks for filtering it and saving me from the first half hour. ;)

It is impressive, isn't it. I loved the pause before "100%" - and find it telling how "depression" was the unanimous verdict.

Don't worry, I suffered more than enough on your behalf.

Share this post


Link to post
Share on other sites
Andrew Neil asked what the worst case scenario was if Britain was to lose credibility and the response was: interest rates would have to go up, asset prices would drop further (houses) and public spending would have to be cut.

Is it just me or doesn't that sound great?

It would sound great if it were more than a mere possibility - it would be good if it could be relied upon.

It would be political suicide, however, to even think that this outcome is acceptable... which is why I've got an eye on UK sovereign debt (though I'm not sure what I'm watching out for) hoping to gain some insight into what the outcome is most likely to be.

Share this post


Link to post
Share on other sites
It would sound great if it were more than a mere possibility - it would be good if it could be relied upon.

It would be political suicide, however, to even think that this outcome is acceptable... which is why I've got an eye on UK sovereign debt (though I'm not sure what I'm watching out for) hoping to gain some insight into what the outcome is most likely to be.

But isn't the point that if our level of debt looks incredible to the rest of the world then we will have no option but to go down that road?

Share this post


Link to post
Share on other sites
But isn't the point that if our level of debt looks incredible to the rest of the world then we will have no option but to go down that road?

If it were Britain in its predicament in isolation, then there would be no other option but to raise interest rates dramatically (as happened in ~1992) in order to preserve the value of the currency in the context of spirally yields on sovereign debt (as potential investors stay away from bond auctions.)

This, however, is not a predicament on a national scale - it is global. It matters what other governments choose. If governments everywhere behave similarly - and the price of privately held assets plummet worldwide... then I'd expect there to be a continued demand for sovereign debt... even if yields are poor... at least for the foreseeable future. Of course something interesting would happen at some point in the future when private assets become sufficiently cheap that they're worth the risk... and investors decide to re-allocate their capital. In principle, this could be managed... but organising a tightrope walk like this would not be my idea of fun.

Share this post


Link to post
Share on other sites
If it were Britain in its predicament in isolation, then there would be no other option but to raise interest rates dramatically (as happened in ~1992) in order to preserve the value of the currency in the context of spirally yields on sovereign debt (as potential investors stay away from bond auctions.)

This, however, is not a predicament on a national scale - it is global. It matters what other governments choose. If governments everywhere behave similarly - and the price of privately held assets plummet worldwide... then I'd expect there to be a continued demand for sovereign debt... even if yields are poor... at least for the foreseeable future. Of course something interesting would happen at some point in the future when private assets become sufficiently cheap that they're worth the risk... and investors decide to re-allocate their capital. In principle, this could be managed... but organising a tightrope walk like this would not be my idea of fun.

I think it would be remarkable if all countries decide to hold hands and descend into the abyss at the same pace. Despite it being in everyone's interest to work together, countries are inevitably going to break rank at some point - prisoner's dilemma. It seems to me that the UK is heading into deeper trouble more swiftly than Europe or the US. So in that case we will need to take action to save our currency before others.

Share this post


Link to post
Share on other sites
Hutton also calling for Northern Wreck to ramp up lending and effectively become the UK's main structural investment bank to massively expand UK bank lending capacity to try and repair the funding gap .......

i.e. MORE LIAR LOANS!!!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.