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The Losers Win, The Winners Lose

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Here's a seemingly mundane and innocuous article that sums up what's wrong with the system today:

NATIONWIDE, the UK's biggest building society, will take a £250m hit for the government's compensation safety net when it unveils a fall in profits this week.

Graham Beale, chief executive, has already called the amount it will have to pay under the Financial Services Compensation Scheme "daylight robbery of our members".

Profits were expected to be lower than last year as building societies share the difficulties of the wider financial sector.

But Nationwide will include a charge and provision for the full amount it contributes to the scheme, which pays out to consumers when banks fail.

The levy was introduced to pay for failures such as Bradford & Bingley and the Icelandic banks, but has caused uproar among building societies, who believe they are being punished for their prudent bookkeeping. One source noted that Nationwide is paying more into the scheme than Lloyds.

The building societies claim the levy is disproportionate because it is based on the amount of retail deposits they hold. Beale took up the issue at the Building Societies Association conference in Harrogate, where he called for the scheme to be changed "to prevent a repeat of this injustice".

I seriously wouldn't want to be working at the BoE, FSA, HM Treasury or in the City right now.

Ironically, they're probably blissfully unaware of the level of public resentment - after all, they were completely oblivious to the impending financial crash. It's all so 'Marie Antoinette'. MPs have been mystified at the public outcry at their largesse on expenses, and we all know that the investment bank fraternity are laughing at the stupidity of a system that pays them when them win and magically also pays them when they lose.

They're probably right to be sanguine and we'll no doubt struggle our way through this.

But if we don't - and I'd put that probability at something like 10-15% - I do hope they have some sort of exit plan. After the MPs' expenses fiasco I don't think anyone is going to be untouchable.

I hope this doesn't come across as an alarmist or extreme post. I'd like to think it's a rational one. If the population gets royally screwed, then that same population is going to be seeking retribution from those who did the screwing.

You guys at the top – I hope you know what you're doing, because if you get it wrong...

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Here's a seemingly mundane and innocuous article that sums up what's wrong with the system today:

You guys at the top – I hope you know what you're doing, because if you get it wrong...

Nothing will happen, because we're British.

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I suspect that over the coming 12 months the publics anger will significantly increase against Estate Agents as well as politicians and Bankers. During the 1990s HPC Estate Agents became real hate figures for the public and the same is happening in this bust. It was only a matter of weeks ago that an annual national survey, reported in the national press, revealed that the % of the public that don't trust Estate Agents has moved up to 99% (I believe this is a record since this survey started).

I think Estate Agents are only adding fuel to the fire of the publics anger and resentment against Estate Agents through their working against the market, rather than with the market strategies. Their asking price setting strategy continues to prevent huge swathes of the public from entering the property market - people are becoming more and more aware of how high house prices have been central to breaking the economy and causing millions to lose their jobs - the public are becoming more and more aware that if house prices come down to sensible long term levels they then will be able to get a mortgage, buy a home, increase the quality of their lives, etc. but that Estate Agents are doing everything they can to stop this through unrealistically high asking prices and constantly trying to talk the market up - the public are becoming more and more aware that Estate Agents are constantly telling lies when they talk the market up, say it is a good time to buy, that prices aren't falling in this area, prices are about to shoot up, etc. and the public are becoming more and more resentful at they way Estate Agents are treating the public like fools/idiots. Just look at all the readers comments, left on a daily basis, on newspaper websites.

Estate Agents are seen as low life at the best of times but during a bust this intensifies many times over.

Estate Agents could easily address all this - but they never do and harm their own business and profits through this inaction.

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Here's a seemingly mundane and innocuous article that sums up what's wrong with the system today:

I seriously wouldn't want to be working at the BoE, FSA, HM Treasury or in the City right now.

Ironically, they're probably blissfully unaware of the level of public resentment - after all, they were completely oblivious to the impending financial crash. It's all so 'Marie Antoinette'. MPs have been mystified at the public outcry at their largesse on expenses, and we all know that the investment bank fraternity are laughing at the stupidity of a system that pays them when them win and magically also pays them when they lose.

They're probably right to be sanguine and we'll no doubt struggle our way through this.

But if we don't - and I'd put that probability at something like 10-15% - I do hope they have some sort of exit plan. After the MPs' expenses fiasco I don't think anyone is going to be untouchable.

I hope this doesn't come across as an alarmist or extreme post. I'd like to think it's a rational one. If the population gets royally screwed, then that same population is going to be seeking retribution from those who did the screwing.

You guys at the top – I hope you know what you're doing, because if you get it wrong...

it's that realisation of how bad is it going to get, when that hits you then you start really thinking.

When the riots start proper in the US and martial law is used, people might start to realise just how bad it WILL get.

We are about 12-18 months behind the US.

Just think how the US elections were covered in the UK, they were on 24/7 on every channel.

Do you now see any coverage AT ALL of the huge amounts of US people living in cars & vans, & the subsequent food queues ?

Why do you think the ALL UK media are not covering this AT ALL ?

:ph34r:

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the compo scheme was not new.

It has been in place for many years.

Banks and financial companies HAVE to join to get their licence. Its an insurance they pay for protecting their own customers and others...its a pool.

the Chief exec should not be bleating...he SHOULD have had this charge in his sights at all times.

He should stand down.

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Gordon's Britain is full of perversity.

1. Single mothers get more in benefits that a married couple earning double income up to £30,000

2. Those in debted because they have binged on debt have their much reduced interest rate at the expense of the prudent

3. Those who decided to hold off buying because house prices were to high are now being frozen out by those that are being helped by this government to stay in a house they cannot afford.

4. The likely hood is that the government will inflate this problem away, think about that. The losers become the winners because they decided to take on debt.

There are many more examples.

The Britain Gordon has built means that throughout all stratas of society the losers are the winners and the winners are the losers.

Viva la revolution................'Pass me the gun darling'.

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I suspect that over the coming 12 months the publics anger will significantly increase against Estate Agents as well as politicians and Bankers. During the 1990s HPC Estate Agents became real hate figures for the public and the same is happening in this bust. It was only a matter of weeks ago that an annual national survey, reported in the national press, revealed that the % of the public that don't trust Estate Agents has moved up to 99% (I believe this is a record since this survey started).

I think Estate Agents are only adding fuel to the fire of the publics anger and resentment against Estate Agents through their working against the market, rather than with the market strategies. Their asking price setting strategy continues to prevent huge swathes of the public from entering the property market - people are becoming more and more aware of how high house prices have been central to breaking the economy and causing millions to lose their jobs - the public are becoming more and more aware that if house prices come down to sensible long term levels they then will be able to get a mortgage, buy a home, increase the quality of their lives, etc. but that Estate Agents are doing everything they can to stop this through unrealistically high asking prices and constantly trying to talk the market up - the public are becoming more and more aware that Estate Agents are constantly telling lies when they talk the market up, say it is a good time to buy, that prices aren't falling in this area, prices are about to shoot up, etc. and the public are becoming more and more resentful at they way Estate Agents are treating the public like fools/idiots. Just look at all the readers comments, left on a daily basis, on newspaper websites.

Estate Agents are seen as low life at the best of times but during a bust this intensifies many times over.

Estate Agents could easily address all this - but they never do and harm their own business and profits through this inaction.

I am seriously scared and I must make it clear to Alfie Moon that I am not and never have been an Estate Agent.

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I am seriously scared and I must make it clear to Alfie Moon that I am not and never have been an Estate Agent.

D Vardy's Shadow - when have I ever said you were an Estate Agent? I really don't think you need to be scared however as Estate Agents just love your approach to asking prices - that is: high asking prices are good and low asking prices are bad for people that want to buy property.

D Vardy's Shadow - are we going to get yet more of your immature silliness?

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D Vardy's Shadow - when have I ever said you were an Estate Agent?

To be strictly accurate, you accused me of Estate Agent Apologism

I really don't think you need to be scared however as Estate Agents just love your approach to asking prices - that is: high asking prices are good and low asking prices are bad for people that want to buy property.

I never said high asking prices were good - the nearest I got was to say that overpricing favours the bold buyer by putting off the timid buyers and that the deterrent effect of overpricing on buyers may actually be taking the Halifax and Nationwide index down a little bit faster.

D Vardy's Shadow - are we going to get yet more of your immature silliness?

Rasberry in your face, you pompous git.

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I am seriously scared and I must make it clear to Alfie Moon that I am not and never have been an Estate Agent.

Heh heh. Mr Moon absolutely hates EAs. However, I personally think that he does not really understand how they work. In his mind, EAs can arbitrarily name a price they want to sell a house for and vendors would have to agree and go along with it.

I agree that a lot of EAs are spikey haired knobs, but I my view one can work around them. I do not feel hatred towards them, I feel a mixture of pity/contempt.

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Heh heh. Mr Moon absolutely hates EAs. However, I personally think that he does not really understand how they work. In his mind, EAs can arbitrarily name a price they want to sell a house for and vendors would have to agree and go along with it.

<lightbulb moment>He's FRIGHTENED by Estate Agents :lol::lol::lol: </lightbulb moment>

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