eric pebble Posted July 8, 2009 Share Posted July 8, 2009 Click on player 4 paragraphs down: http://news.bbc.co.uk/1/hi/business/8139752.stm Quote Link to comment Share on other sites More sharing options...
punter Posted July 8, 2009 Share Posted July 8, 2009 "The big issue of the day, which I don't think this White Paper will address at all, is that since it took over the banks... the government's let the situation drift," he told the BBC. "An enormous amount of taxpayers' money's gone in. It's not clear that credit is coming out to perfectly good solvent companies. "We've still got a credit crisis. The bonus culture is running amok and the government is adopting an entirely passive role through its shareholding body UKFI and that's not good enough." - Vince has no problem with the state taking over banks, he just thinks it can be managed better with 'regulations' and 'rules' to 'get credit flowing again' he is stupid and dishonest. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted July 8, 2009 Share Posted July 8, 2009 "The big issue of the day, which I don't think this White Paper will address at all, is that since it took over the banks... the government's let the situation drift," he told the BBC."An enormous amount of taxpayers' money's gone in. It's not clear that credit is coming out to perfectly good solvent companies. "We've still got a credit crisis. The bonus culture is running amok and the government is adopting an entirely passive role through its shareholding body UKFI and that's not good enough." - Vince has no problem with the state taking over banks, he just thinks it can be managed better with 'regulations' and 'rules' to 'get credit flowing again' he is stupid and dishonest. I agree. Weak, very weak, even from those that saw the problems coming, he rolled over and was perfectly happy for the taxpayer to be lumped with the bank losses when it happened. The big tent owns everybody in it without exception. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 8, 2009 Share Posted July 8, 2009 "taxpayer Should Not Be Underwriting These Casino, operations". Well err. thanks for nothing Vince. No they shouldn't but they are, and the Casino operations arguably "own" the system of government and the taxpayer! Quote Link to comment Share on other sites More sharing options...
SleepyHead Posted July 8, 2009 Share Posted July 8, 2009 Why does every politician think that credit must be restored to pre-boom levels. Even Vince Cable! Are hundreds of "Coffee Republic" stores, selling fancy and expensive coffee to Estate Agents and Mortgage Advisers on their lunch break, a perfectly viable business? I would say without a debt fuelled boom, housing bubble and credit drunk homeowners........ NO. None of them get it. Quote Link to comment Share on other sites More sharing options...
Timm Posted July 8, 2009 Share Posted July 8, 2009 Why does every politician think that credit must be restored to pre-boom levels. Even Vince Cable!Are hundreds of "Coffee Republic" stores, selling fancy and expensive coffee to Estate Agents and Mortgage Advisers on their lunch break, a perfectly viable business? I would say without a debt fuelled boom, housing bubble and credit drunk homeowners........ NO. None of them get it. I think much of the problem is that they do get it. They get the fact that when the system collapses, there are going to be millions of people who thought that they had savings, pensions, jobs and homes who err... don't. Whoever is holding the potato at that point will advance directly to the nearest lamp post. Quote Link to comment Share on other sites More sharing options...
Wait & See Posted July 8, 2009 Share Posted July 8, 2009 I think much of the problem is that they do get it.They get the fact that when the system collapses, there are going to be millions of people who thought that they had savings, pensions, jobs and homes who err... don't. Whoever is holding the potato at that point will advance directly to the nearest lamp post. +1, spot on. Quote Link to comment Share on other sites More sharing options...
VacantPossession Posted July 9, 2009 Share Posted July 9, 2009 (edited) +1, spot on. Yep. Dear Vince knows exactly what is going on but daren't say it lest the Liberal spin meisters flog him with a wet flannel. No politician is allowed to say what we all know is true: Injecting tax payers' cash into the black hole just creates a bigger black hole. I think perhaps more than 80% of the population of HPC all agreed on this right from the beginning. But outside these portals it is almost a subject of faith. To deny the existence of a tangible bail out is rather like standing up in a catholic stronghold and declaring aetheism. Thus the nation holds on desperately to this pathetic myth that stuffing endless cash into the economy will save it, and the press dutifully follows, with rare exceptions. Just how deep this is now etched into the veins of nearly every person in the UK is easily seen. Just argue against the myth and you will be shouted down as being a negative and cynical luddite. No-one wants to face the truth. Edited July 9, 2009 by VacantPossession Quote Link to comment Share on other sites More sharing options...
Authoritarian Posted July 9, 2009 Share Posted July 9, 2009 (edited) I've long been a skeptic of Cable and his comment about getting credit flowing again proves what a fool he really is. The point is we're awash with money in the UK, many have made small fortunes playing the housing market and they need the economy to crash to buy back in. He wants to scare people into believing that no new credit = no money = broken economy, this takes no account of the money already in existence. Edited July 9, 2009 by chefdave Quote Link to comment Share on other sites More sharing options...
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