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eric pebble

Jeff Randall: Bankers Are Jumping For Joy, But They Don't Live In The Real World

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Bankers are jumping for joy, but they don't live in the real world

"Had the proverbial Martian landed among us this week, somewhere near London's financial district, his antennae would have been twitching with positive vibrations. Britain's banks have been reporting their half-year results and �€“ glory be! �€“ they were presented as a clear sign that good times are just around the corner. Yes, the upturn is on its way.

But as Mr Martian begins to look beyond the weird world of bank bosses and their public-relations sophistry, he quickly becomes befuddled. He doesn't understand Planet Earth and neither, it seems, do many of the Square Mile's cheerleaders.

In the real economy, where millions of consumers are being stretched on the rack of over-indebtedness and rising unemployment, the credit crunch's impact is not only still hurting - it's getting worse."

ANOTHER superb article from Jeff Randall. He hits the nail on the head so well.

Read the rest here:

http://www.telegraph.co.uk/finance/comment...real-world.html

Edited by eric pebble

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"Underneath £724 million of losses was compelling evidence that Gordon Brown and Alistair Darling were sucking up their own exhaust when they told us that the state's bail-out of the Rock was secured on a "good quality" mortgage book. In fact, the bank is sitting on one of the most vulnerable mortgage portfolios of any mainstream lender."

Excellent stuff.

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Guest BoomBoomCrash

I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock. I imagine he exercised rather more due diligence when he was working in the private sector.

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I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock.

Sir Vince of Cabal has since fallen from grace...

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We are heading over the cliff. I don't care how many economists attempt to bluff their way out of this one - the fact remains that our debts will cripple us as a nation for decades to come.

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Spending an extra 50 bill on the economy would have shocked us 12 months ago - now it hardly gets a mention on the BBC News.

Thankfully, the Mail, Times and Telegraph... and FT... are headlining this tomorrow morning... some journos still understand how fecked the country is.

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I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock. I imagine he exercised rather more due diligence when he was working in the private sector.

I never get Vince- half the time going on about the problem of debt, half the time calling on yet more govt debt.

When i see him up against real people (last time the editor of the FT) i get the distinct impression he hasnt got a clue either.

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We are heading over the cliff. I don't care how many economists attempt to bluff their way out of this one - the fact remains that our debts will cripple us as a nation for decades to come.

Sadly, I think you are right.

All this talk of recovery -- pure B0ll0CKS.

And - the news of the BOE £50 extra billion injection today has really rattled the VI's and their PR friends [or "sophistry" as Jeff Randall so rightly calls is] ...... Big Time. :rolleyes:

Edited by eric pebble

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What's the big deal? It's only another £1000 per head in taxes.... or £2,500 per tax payer.... peanuts compared to house prices.

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I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock. I imagine he exercised rather more due diligence when he was working in the private sector.

Yes he did. But with the slight difference that he meant it to happen sooner and with a hands-on approach, rather than give a shitload of money to Ron Sandler for his own benefit.

In-topic, Randall is superb once again.

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I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock. I imagine he exercised rather more due diligence when he was working in the private sector.

He wanted to get it done quickly.

Your solution would have been what exactly? Tell the people queuing in the street their money no longer exists? Good luck with that...........

Randall is pretty much accusing Brown and Darling of er....what's the best word.....deceit.

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I particularly liked this bit:

In the Thatcher recession of the 1980s, when unemployment rose from 5.3 per cent of the working population in 1979 to 11.9 per cent (3.3 million people) in 1984, the London stockmarket did not merely rise in every one of those years, it jumped for joy: 4.3 per cent up in 1979, 27.1 per cent in 1980, 7.2 per cent in 1981, 22.1 per cent in 1982, 23.1 per cent in 1983 and 26.0 per cent in 1984.

This, I'm afraid, is the pachyderm in the parlour. Over those six years, while unemployment was more than doubling, the stockmarket followed suit – and with good reason. The massive shakeout of labour enabled management to restructure businesses and slash costs. Profitability was restored at many companies that had been dismissed by investors as industrial dodos. I suspect we may be about to experience something similar.

I think he's right. As an economy, we are shaking off absolute reams of bloat and excess capacity, whch may be driving recent stock market rallies. In a way though, it will be killing the golden goose, as our consumer reliant economy falls apart and stops consuming due to the job losses.

The fact that we've been living in a big HPI driven ponzi scheme is going to make this much worse than the 1980s recession ever was.

Edited by Kyoto

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I particularly liked this bit:

I think he's right. As an economy, we are shaking off absolute reams of bloat and excess capacity, whch may be driving recent stock market rallies. In a way though, it will be killing the golden goose, as our consumer reliant economy falls apart and stops consuming due to the job losses.

The fact that we've been living in a big HPI driven ponzi scheme is going to make this much worse than the 1980s recession ever was.

And the recession in the 80's was a direct result of Labour policies

Just as the recession from 2010 onwards will be the due to the policies of Nu Labour.

Will the Conservatives get the blame again?

Or have the British people finally learned their lesson.

Socialism doesn't work.

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And the recession in the 80's was a direct result of Labour policies

Just as the recession from 2010 onwards will be the due to the policies of Nu Labour.

Will the Conservatives get the blame again?

Or have the British people finally learned their lesson.

Socialism doesn't work.

Socialism. It's working for you though innit? Can't be asked to work because you are better off on benefits innit? With your shiny new fridge innit?

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He's the best. The VI's absolutely HATE him! :P

Do they though?

Or is Jeff Randall just part of the circus? Mr Punch?

Bread and Circuses, dog and pony shows.

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I particularly liked this bit:

I think he's right. As an economy, we are shaking off absolute reams of bloat and excess capacity, whch may be driving recent stock market rallies. In a way though, it will be killing the golden goose, as our consumer reliant economy falls apart and stops consuming due to the job losses.

The fact that we've been living in a big HPI driven ponzi scheme is going to make this much worse than the 1980s recession ever was.

I'm afraid you're right. We haven't even BEGUN to experience the worst yet....

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I particularly liked this bit:

I think he's right. As an economy, we are shaking off absolute reams of bloat and excess capacity, whch may be driving recent stock market rallies. In a way though, it will be killing the golden goose, as our consumer reliant economy falls apart and stops consuming due to the job losses.

The fact that we've been living in a big HPI driven ponzi scheme is going to make this much worse than the 1980s recession ever was.

Do you (and Eric) actually remember the early 80's recession? My dad lost his job, with it his company car and we had to trade down our house. However because of rampant HPI (well, I generally) in the 1970s the house my parents bought in 1972 for £8,000 they sold for £38,000 in 1982; they bought a place that needed everything doing to it for £20,000, my Dad learned DIY and went back to college for a couple of years, fixing uo the house in his spare time. So I think the statement in bold is b0ll0cks, personally.

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Chateau B0ll0CKS, 2009 vintage :lol: .

Nearly - the one that was 'highlighted' for you all in the news(by the Occult) in a recent USA 'staged' "theft" was Chateau MOUTON Rothschild > ie you 'Moutons' now belong to us!

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I'll just point out that HPC hero Vince Cable supported the nationalisation of Northern Rock. I imagine he exercised rather more due diligence when he was working in the private sector.

I'm not sure he supported it for the reasons you think he supported it.... very little to do with the quality of its assets.

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Do they though?

Or is Jeff Randall just part of the circus? Mr Punch?

Bread and Circuses, dog and pony shows.

Well done - you KNOW 'they' speak with "Forked tongues" ie Dubble-speak and false 'staged' opposite views!

Learn to question most of what you 'hear' from the media!

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We are heading over the cliff. I don't care how many economists attempt to bluff their way out of this one - the fact remains that our debts will cripple us as a nation for decades to come.

We're actually paying off our individual debts quite quickly as a nation now - I'm optimistic. It's the national debt I'm not so sure about. But that's where QE works a treat...

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