cashinmattress Report post Posted June 17, 2009 'Gagging' bankers will cause second meltdown Britain is sleepwalking into a financial crisis that will dwarf the present one, according to Liberal Democrat treasury spokesman Vince Cable. The expenses scandal has drawn attention from issues which caused the banking crisis, leaving bankers 'gagging' to get back to their old ways, he told Metro. 'It is a mistake to treat this banking crisis like a flu - it is actually like a heart attack with a big chance of a relapse,' Mr Cable said. The former chief economist for Shell said banks starting to make big profits again might be looking to award big bonuses this Christmas. He added: 'It is clearly what people in the City are gagging for. They cannot wait to get back to their old ways - awarding big bonuses for taking big risks behind closed doors - and the same problems will follow.' The banking system has been propped up with hundreds of billions of pounds of government funding worldwide as a result of bankers masking and selling on bad debts as good ones. But, as Mr Cable warned Westminster to stop looking inward and focus on such pressing issues, Gordon Brown stayed firmly on expenses. The prime minister yesterday apologised to GMB union members for the 'totally irresponsible' behaviour of some Labour MPs in what he called 'the worst political scandal for 200 years'. Meanwhile, his communities minister was last night facing another inquiry into his expenses. A complaint against Shahid Malik is to be investigated by the parliamentary standards commissioner. And MP Jim Devine, accused of submitting a dodgy wiring bill, was last night banned from standing in the next election by Labour's notorious 'star chamber'. Amen, brother! Share this post Link to post Share on other sites
GrinAndBearIt Report post Posted June 17, 2009 Vince should be made Chancellor. NOW. Share this post Link to post Share on other sites
R K Report post Posted June 17, 2009 Ah, it's not a thread about Mandelslime then. Share this post Link to post Share on other sites
PotNoodle Report post Posted June 17, 2009 More sound sense from Vince Cable. Share this post Link to post Share on other sites
OnlyMe Report post Posted June 17, 2009 Cable buckled. When the chips were down he was all for bailing out the same shysters he is (and had in the past) exposed. Talks the talk but can't walk the walk. Share this post Link to post Share on other sites
self Report post Posted June 17, 2009 I find it astonishing that Cable is the only one who seems to know what he's on about. It's this guy that would make me consider voting Lib Dem at the general election. Until the economy is sorted out, nothing is going to change. Brown can bleat on and on about Tory cuts, but anyone with half a brain can see THERE IS NO MONEY. Share this post Link to post Share on other sites
Wait & See Report post Posted June 17, 2009 Cable buckled. When the chips were down he was all for bailing out the same shysters he is (and had in the past) exposed.Talks the talk but can't walk the walk. He knew a run on the UK banking system would have been worse, I rekon. Share this post Link to post Share on other sites
Wait & See Report post Posted June 17, 2009 THERE IS NO MONEY. The money is gone, but we still have paper and ink. Share this post Link to post Share on other sites
Injin Report post Posted June 17, 2009 He knew a run on the UK banking system would have been worse, I rekon. For him and the state, yes. Share this post Link to post Share on other sites
mspL4 Report post Posted June 17, 2009 No Money? Print More then, "They" can print it for the Banks to lend out to us at Interest, thus enslaving us for the rest of our lives, but "They" can't print more money for all these shortfalls in the Budget? Why Not? mspL4 Share this post Link to post Share on other sites
Wait & See Report post Posted June 17, 2009 For him and the state, yes. What about the poor, hungry pensioners queing up in the rain. Have a heart Injin. In other news, discussions about a BA bailout breakdown - Share this post Link to post Share on other sites
self Report post Posted June 17, 2009 There's only so much money you can print though? Unless you have an infinite number of printing presses. This shit can't go on forever. Share this post Link to post Share on other sites
OnlyMe Report post Posted June 17, 2009 No Money?Print More then, "They" can print it for the Banks to lend out to us at Interest, thus enslaving us for the rest of our lives, but "They" can't print more money for all these shortfalls in the Budget? Why Not? mspL4 Base rate 0.5% Business loan rates / overdrafts - up to 20%. Result big fat bonuses for the bankers, putting the squeeze on businesses was the way that the bankers stole taxpayer money through the BOE/govt. Cable is part of the problem, he wimped out. Any bank runs could have easily been backstopped. Share this post Link to post Share on other sites
Joey Buttafueco Jr Report post Posted June 17, 2009 Base rate 0.5%Business loan rates / overdrafts - up to 20%. Result big fat bonuses for the bankers, putting the squeeze on businesses was the way that the bankers stole taxpayer money through the BOE/govt. Cable is part of the problem, he wimped out. Any bank runs could have easily been backstopped. Are you saying the bank is able to borrow at 0.5%? Are you saying they are lending at up to 20% risk free? Share this post Link to post Share on other sites
OnlyMe Report post Posted June 17, 2009 Are you saying the bank is able to borrow at 0.5%?Are you saying they are lending at up to 20% risk free? In between those figures that is effectively what they are doing as any losses are being sold on to the taxpayer, so they keep on creaming off the bonuses, not serving the greater good of businesses (because they are buggering them as well) and at each step they are just using their power as first user of inflationary money. That is why RBS bankers were leaning out of the window taunting the plebs outside waving their notes. Share this post Link to post Share on other sites
PotNoodle Report post Posted June 17, 2009 "Work for nothing for a month... ?????" Branson: A....HAHAHAHAHA !!!..........................BROWN: A.....HAHAHAHAHA !! Share this post Link to post Share on other sites
Joey Buttafueco Jr Report post Posted June 17, 2009 That is why RBS bankers were leaning out of the window taunting the plebs outside waving their notes. Is this the windows that don't open? Share this post Link to post Share on other sites
Wait & See Report post Posted June 17, 2009 (edited) "Work for nothing for a month... ?????"Branson: A....HAHAHAHAHA !!!..........................BROWN: A.....HAHAHAHAHA !! "I'm getting on with the handjob" Edited June 17, 2009 by Wait & See Share this post Link to post Share on other sites
OnlyMe Report post Posted June 17, 2009 Is this the windows that don't open? OK, waving from their air-con suites then. Share this post Link to post Share on other sites
ShedDweller Report post Posted June 17, 2009 Are you saying the bank is able to borrow at 0.5%?Are you saying they are lending at up to 20% risk free? I don't know about the borrowing .. but I would suggest that a large number of overdrafts are now 100% risk free .. I'm the customer of a family engineering company in the South of England. Chatting with the owner .. they are the only company down there who are still giving overtime .. They are with HSBC and have been since 1974 when the company was founded .. No leases on the plant .. no liabilities .. only debts are a £20,000 overdraft with the HSBC. "As part of a general review" they were asked to get an official valuation of their plant (paid for by the customer and costing several hundred pounds) ... He's paying 16% on the overdraft .. and he has (conservative) 1/4million in plant .. Where is the risk in that ? Share this post Link to post Share on other sites
Wait & See Report post Posted June 17, 2009 (edited) "Another jumper I see. Thats what happends when banks behave irresponsibility.........cutting bonuses, I ask you" Edited June 17, 2009 by Wait & See Share this post Link to post Share on other sites
OnlyMe Report post Posted June 17, 2009 I don't know about the borrowing .. but I would suggest that a large number of overdrafts are now 100% risk free .. I'm the customer of a family engineering company in the South of England. Chatting with the owner .. they are the only company down there who are still giving overtime ..They are with HSBC and have been since 1974 when the company was founded .. No leases on the plant .. no liabilities .. only debts are a £20,000 overdraft with the HSBC. "As part of a general review" they were asked to get an official valuation of their plant (paid for by the customer and costing several hundred pounds) ... He's paying 16% on the overdraft .. and he has (conservative) 1/4million in plant .. Where is the risk in that ? Perfect example thanks. Gouging. Share this post Link to post Share on other sites
Bloo Loo Report post Posted June 17, 2009 Base rate 0.5%Business loan rates / overdrafts - up to 20%. Result big fat bonuses for the bankers, putting the squeeze on businesses was the way that the bankers stole taxpayer money through the BOE/govt. Cable is part of the problem, he wimped out. Any bank runs could have easily been backstopped. I thought the high rates were to cover for risk. They take a lot and put it away...for the rainy day they expect. but no, they cream it off. but not to worry, as Brown has now got a generation of greedy fracker bankers who know it doesnt matter...they can keep their jobs, their bonuses, their pensions, all courtesy of your truly. Share this post Link to post Share on other sites
oracle Report post Posted June 17, 2009 Brown can bleat on and on about Tory cuts, but anyone with half a brain can see THERE IS NO MONEY. there is PLENTY of money,it just needs to be deployed more effectively. subsidising chavspawn and ambulance-chasers seeking legal aid is not efficient use of taxpayers money! Share this post Link to post Share on other sites
winkie Report post Posted June 17, 2009 Invest in jobs, not houses No more self cert liar loans based on fictitious tax free income...easy money. Share this post Link to post Share on other sites
