Total_Injustice Posted June 17, 2009 Share Posted June 17, 2009 So it didn’t take long… “Chancellor Alistair Darling is to announce later that he does not plan fundamental reform of the way UK financial institutions are regulated.†“Mr Darling will say the current regulatory system is not to blame for the credit crunch, according to speech extracts released by the Treasury.†“The current system has been widely criticised for failing to prevent excessive risk taking at banks.†“The existing tripartite system, which was introduced by Prime Minister Gordon Brown when he was chancellor, relies on the Financial Services Authority, the Treasury and the Bank of England to regulate financial institutions.†(Link) The tripartite system is great. Just promise reform and pass the buck until the sheeple lose interest. Replace hidden ‘risky’ debt with state sponsored debt and return everything back to ‘normal’. House prices are the key to 'the recovery' they will not be allowed to plummet. Our taxes will effectively be paying the mortgages of all those 'rescued' over the past few months, and those on 0.5% interest rates, and all those who buy in the future. Where's a Bond failure when you need one! Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted June 17, 2009 Share Posted June 17, 2009 We need a general election and we need to kick these idiots out the door. Quote Link to comment Share on other sites More sharing options...
Tonkers Posted June 17, 2009 Share Posted June 17, 2009 Where's a Bond failure when you need one! I don't know, Quantum of Solace was pretty bad. Quote Link to comment Share on other sites More sharing options...
PunK BeaR Posted June 17, 2009 Share Posted June 17, 2009 Peoples minds have been diverted away from this by the media and the never-ending expenses scandal. After all, a few million in hooky expense claims is far more important than the goverment robbing our economy of billions for their corporate masters. :angry: Quote Link to comment Share on other sites More sharing options...
Icantbelieveitsnotbutter Posted June 17, 2009 Share Posted June 17, 2009 So, just to remind ourselves, we need a global statesman to get a global solution and a global regulator and global co-ordination otherwise it will all fail. Only one man is capable of bring everyone together to get a joint action plan, or else it will all fail. Then we the headlines subside and the focus moves on, we go it alone..... Quote Link to comment Share on other sites More sharing options...
Sybil13 Posted June 17, 2009 Share Posted June 17, 2009 (edited) This article is not as bad as REFORM IS DEAD , is it? Clearly what we had failed, and yes perhaps one would have to be naive to think it could work better in the future, but Darling isn't saying this is the end of looking at how that regulation failed does it? More Intrusive Mr Darling said that regulation still needs to be improved."It needs to be more intrusive and needs to ask harder questions," he told the BBC. "Too many people did not understand the risks to which they were being exposed," he said. "You've got to make sure you've got the right people there to make the right judgments. .................."Having stabilised the banking sector, we are faced with the challenge of building a stronger, more efficient and more resilient financial sector in the future," he will say. "Anyone who thinks that we can carry on as if nothing has happened should think again. In every country we are paying a huge price for this crisis. Not just the financial cost but also a profound social and human cost," he will add. .............."I strongly believe that the process of learning lessons has to start in the boardroom. Bank boards must have the right people, skills and experience to manage themselves effectively… their focus must be long-term wealth creation, not short-term profits." I am sure this is not going as far as is needed , but it is not saying that previous recommendations by the FSA and IPPR will not be implemented does it? Article with Ref to FSA Regulation IPPR The Madness of Mortgage Lenders Someone posted this at the weekend quite interesting from 2003: Mortgage Lending Ranked Low- Risk despite crash fears Edited June 17, 2009 by Sybil13 Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted June 17, 2009 Author Share Posted June 17, 2009 Peoples minds have been diverted away from this by the media and the never-ending expenses scandal. After all, a few million in hooky expense claims is far more important than the goverment robbing our economy of billions for their corporate masters. :angry: Some of you might remember my petition to Government on Lending Reform – it only got 209 signatories so it was not a success. The point it makes though is very relevant to this BBC story line: “By stating their aspiration for mortgage lending, the government will provide better understanding of their stance towards future lending, and enable the public to make their own judgment of the likelihood of lending regulation and reform.†(Link) My advice to everyone is to never listen to polititians. If there lips are moving they are lying. Just watch there actions – this is where the truth is to be found. Quote Link to comment Share on other sites More sharing options...
Boomer! Posted June 17, 2009 Share Posted June 17, 2009 I don't know, Quantum of Solace was pretty bad. It was total shlt! Quote Link to comment Share on other sites More sharing options...
Sybil13 Posted June 17, 2009 Share Posted June 17, 2009 We need a general election and we need to kick these idiots out the door. The problem there is where are we going to find someone who is not an idiot to vote in? Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted June 17, 2009 Share Posted June 17, 2009 We need a general election and we need to kick these idiots out the door. Because of course the next lot to get in, i.e. the Conservatives, are bound to regulate their cronies in the financial sector, aren't they? Not. Quote Link to comment Share on other sites More sharing options...
spivT Posted June 17, 2009 Share Posted June 17, 2009 Because of course the next lot to get in, i.e. the Conservatives, are bound to regulate their cronies in the financial sector, aren't they?Not. no, the tories want to give more powers to those nutters at the BoE. I don't know what's more worrying...an org that makes a lot of noise but does SFA [the fsa] or the opposite. happy days. Quote Link to comment Share on other sites More sharing options...
Austin Allegro Posted June 17, 2009 Share Posted June 17, 2009 I don't know, Quantum of Solace was pretty bad. Quote Link to comment Share on other sites More sharing options...
Sybil13 Posted June 17, 2009 Share Posted June 17, 2009 Reuters Darling to Reform Darling will call for tighter regulation not just in Britain but also around the world, arguing all institutions with the potential to destabilise the financial system should be regulated, whether they are banks or insurers. Reminded of the Telegraph Article in March 2009 after the FSA announced it would be considering mortgage caps etc that said: With the value of property still in freefall Edmund Conway asks four experts why the housing market has failed to follow the upward trend of shares Since hitting a low of just above 3,500 points earlier this month the FTSE 100 index of benchmark shares has rebounded almost 10pc higher. The explanation, say strategists, is clear: use almost any method of valuing the equities and they look extremely cheap. So why has the housing market not enjoyed the same fortune? Granted, property values simply don't move about as fast as the stock market. But on most metrics house prices, which have fallen by around 20pc on most bases since peaking in late 2007 yet every major economist expects prices to fall by a further 10pc or 20pc in the coming months. In part this is because, like equity markets, house prices usually tend to overshoot in a crash. There is every chance shares drop back beneath their recent lows in the coming months as it transpires that there is more bad news in store for the world economy. But in part it derives from a fundamental fear that this housing crash is not like every other. The problem, according to a range of economists surveyed by The Daily Telegraph, is that the rise in house prices in recent years was due less to supply and demand fundamentals − the famous mismatch between the paucity of new homes being built and the glut of people wanting to buy − than to the cheap availability of mortgages. If, as some suspect, this credit super-boom will be followed by a long-term drought, whether because banks simply do not recover fully or because the Government imposes new regulations on lending, the implication may be that house prices simply never recover. Given that Lord Turner's review last week mooted the possibility of a limit for loan-to-value ratios, Capital Economics founder Roger Bootle says: "What Lord Turner is suggesting seems to be a recipe for much lower house prices." Whether this transpires is yet to be seen but don't expect prices to stop falling any time soon. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted June 17, 2009 Author Share Posted June 17, 2009 This article is not as bad as REFORM IS DEAD , is it? Clearly what we had failed, and yes perhaps one would have to be naive to think it could work better in the future, but Darling isn't saying this is the end of looking at how that regulation failed does it? More Intrusive I am sure this is not going as far as is needed , but it is not saying that previous recommendations by the FSA and IPPR will not be implemented does it? Article with Ref to FSA Regulation IPPR The Madness of Mortgage Lenders Someone posted this at the weekend quite interesting from 2003: Mortgage Lending Ranked Low- Risk despite crash fears I read the articles and listen to the politicians. Then I watch and see what happens. So often the two are in complete contradiction. This post is worth a read: Link The Government are the ultimate VI. As such the purpose of reform needs to be made transparent. Labour are "the party of the many". The many that can be fooled into thinking that the Government have got their best interests at heart. Quote Link to comment Share on other sites More sharing options...
The Spaniard Posted June 17, 2009 Share Posted June 17, 2009 The Government are the ultimate VI. As such the purpose of reform needs to be made transparent. Labour are "the party of the many". The many that can be fooled into thinking that the Government have got their best interests at heart. I would say that the money system was the ultimate VI. Governments are themselves governed by its strictures. No political party can claim truthfully to be the party of the many while at the same time supporting a money system that forces "the many" to borrow at interest their very means of exchange from an essentially parasitic commercial banking system. Quote Link to comment Share on other sites More sharing options...
judas Posted June 17, 2009 Share Posted June 17, 2009 We need a general election and we need to kick these idiots out the door. And replace them with who? The conservatives would have deregulated more than labour. The Lib Dems are not ready to run the country. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted June 17, 2009 Author Share Posted June 17, 2009 Here's a link to the interview (Link) At about 1:20 in, is he trying to say that the sheeple are as much to blame? 'Personal Responsibility' is a euphemism for 'No Leadership'. - The BoE were scared of putting the brakes on for fear of criticism. - I see no hard policies on mortgage lending. - The Government / financial system are VIs. Here comes the next boom… Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.