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Snugglybear

Laying The Foundations Of The Next Economic Bubble

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Nobody, apparently, has learned anything.

http://www.guardian.co.uk/business/2009/ju...y-banking-money

Some snippets

'From the crowded bars of Canary Wharf to the corporate hospitality village at Wimbledon, memories are fading fast. Less than a year after the collapse of Lehman Brothers brought the banking system to its knees, London's financial community is shaking itself down and getting back to the business of making money. "We are like goldfish," says Jon Macintosh, a Mayfair hedge-fund manager. "We swim once around our bowl and when we complete the circle everything looks new."'

"So is the City just getting back to its old tricks? Some argue that what is happening is even worse than going back to normal. The Liberal Democrat Treasury spokesman Matthew Oakeshott is one of a number of critics who fear the conditions are being put in place for an even bigger bubble next time. His concern is that banks are being encouraged to take big risks again because they know the taxpayer will always bail them out if it goes wrong. Even those that have not taken government money, such as Barclays, can trade more aggresively than ever – safe in the knowledge that the government guarantee is not just a theoretical insurance policy, but a very real competitive advantage."

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I couldnt agree more.

If someone said to you, bet on Andy Murray to win Wimbledon 2009, bet £200,000 on 5:1 meaning if Andy Murray won y uo would get £1 million quid. If he lost, the government would give you £200,000 back, on the condition, that you get some bad press, your ceo has to be routed out and you all chant "Its the right thing to do".

One way bet. Where do I throw my money ?

The only thing banks have learnt is they can take any type of risks with money and the taxpayer will bail them out again and again. The mosre risk you take the more likelyhood of state intervention when things will go wrong.

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In some ways I see this as a potenitally good thing.

The banks have only survived so far with bailouts from the taxpayer.

As Mervyn King has been pointing out there is nothing left the taxpayer will be able to give.

The next bubble won't get bailed out and the banks will go under. (Fingers crossed).

Edited by Dave Spart

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In some ways I see this as a potenitally good thing.

The banks have survived so far without bailouts from the taxpayer.

As Mervyn King has been pointing out there is nothing left the taxpayer will be able to give.

The next bubble won't get bailed out and the banks will go under. (Fingers crossed).

Que?

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In some ways I see this as a potenitally good thing.

The banks have only survived so far with bailouts from the taxpayer.

As Mervyn King has been pointing out there is nothing left the taxpayer will be able to give.

The next bubble won't get bailed out and the banks will go under. (Fingers crossed).

Yes perhaps, but in the meantime we will all have to have sh!tty lives for the next ten years whilst the cycle goes round.

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Nobody, apparently, has learned anything.

"We are like goldfish," says Jon Macintosh, a Mayfair hedge-fund manager. "We swim once around our bowl and when we complete the circle everything looks new."'

effin disgrace :angry: to belittle the economic crisis with such a flippant remark - Jon Macintosh needs stringin up fookn cnt

:angry:

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"We are like goldfish," says Jon Macintosh, a Mayfair hedge-fund manager. "We swim once around our bowl and when we complete the circle everything looks new."'

effin disgrace :angry: to belittle the economic crisis with such a flippant remark - Jon Macintosh needs stringin up fookn cnt

:angry:

I'm surprised he remembers.

p-o-p

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effin disgrace :angry: to belittle the economic crisis with such a flippant remark - Jon Macintosh needs stringin up fookn cnt

:angry:

I am so reassured by the idea that our economic wellbeing depends on people with the intellectual capacity of a goldfish.

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London's financial community is shaking itself down and getting back to the business of making money.

Money for itself of course, whilst salting away their ill gotten gains into offshore trusts to avoid tax. And its not "wealth generation" but zero sum scimming off.

Fecking scum. Imprison the lot. The next time their casino debts need paying, the public kitty will be bone dry and it will be "kill a banker" time as the social underclass won't go much on foregoing their benefits to keep City chavs in champagne.

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I couldnt agree more.

If someone said to you, bet on Andy Murray to win Wimbledon 2009, bet £200,000 on 5:1 meaning if Andy Murray won y uo would get £1 million quid. If he lost, the government would give you £200,000 back, on the condition, that you get some bad press, your ceo has to be routed out and you all chant "Its the right thing to do".

One way bet. Where do I throw my money ?

The only thing banks have learnt is they can take any type of risks with money and the taxpayer will bail them out again and again. The mosre risk you take the more likelyhood of state intervention when things will go wrong.

I think you are spot on there - surely this is all just re-enforcing bad behaviour making the situation even worse? Lets face it, even if the bankers had an inkling that they would be bailed out for their mistakes, until last year they can't have been 100% sure.

All that has happened thus far is that banks know 100% that they will be bailed out if they ****-up!

BRILLIANT!

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