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the_austrian

The Reality Is, No One Anticipated The Scale Or Synchronised Nature Of The Global Financial Crisis That Struck In 2008

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Why do they deny that it was anticipated?

Brown 'ignored' warnings re toxic loans and financial crisis

http://waugh.standard.co.uk/2009/08/brown-...ial-crisis.html

259lg6t.jpg

"It was the April 07 G7 Finance ministers meeting in Washington. It was a rotating chair and the Germans were rotating the meetings. And at the time if you recall the Germans were quite concerned about hedge funds and private equity as being a future source of problems in the market place.

"And Bob Steel, who was the Under-Secretary to the Treasury, who was fighting these German efforts at the time, felt that it would be helpful if two hedge fund managers came down and address the finance ministers and central bankers on the last day. So I was invited along with Paul Singer, who has gone public now, he was the other manager.

“Paul got up and proceeded to give a tour de force presentation on the coming crack-up in structured finance, how all these structures were very unstable and triple A [the ratings given to the securities] was not going to be triple A..."

UPDATE: The Treasury has a response.

A spokesman says: "The reality is, no one anticipated the scale or synchronised nature of the global financial crisis that struck in 2008. There is no doubt it was fuelled by excessive risk taking by many financial institutions around the world. The UK Government acted decisively to avert the collapse of our financial system and through the G20 we are working to ensure we learn the lessons of the crisis and reform the system for the future."

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We can sleep safely knowing that the Treasury do not read this site or listen to Roubini.

Which have been screaming this prediction since 2003.

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It's one of those situations we find so often in Government when they deem it expedient to simply deny the truth. There's not much you can do in that situation, they are beyond reasoning with.

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Why do they deny that it was anticipated?

Brown 'ignored' warnings re toxic loans and financial crisis

http://waugh.standard.co.uk/2009/08/brown-...ial-crisis.html

259lg6t.jpg

"It was the April 07 G7 Finance ministers meeting in Washington. It was a rotating chair and the Germans were rotating the meetings. And at the time if you recall the Germans were quite concerned about hedge funds and private equity as being a future source of problems in the market place.

"And Bob Steel, who was the Under-Secretary to the Treasury, who was fighting these German efforts at the time, felt that it would be helpful if two hedge fund managers came down and address the finance ministers and central bankers on the last day. So I was invited along with Paul Singer, who has gone public now, he was the other manager.

“Paul got up and proceeded to give a tour de force presentation on the coming crack-up in structured finance, how all these structures were very unstable and triple A [the ratings given to the securities] was not going to be triple A..."

UPDATE: The Treasury has a response.

A spokesman says: "The reality is, no one anticipated the scale or synchronised nature of the global financial crisis that struck in 2008. There is no doubt it was fuelled by excessive risk taking by many financial institutions around the world. The UK Government acted decisively to avert the collapse of our financial system and through the G20 we are working to ensure we learn the lessons of the crisis and reform the system for the future."

Quite frankly, I would take with a pinch of salt what a hedge fund manager who was talking their book has to say. However, I remember when the BIS report came out in the Mar 2007 talking about bank capital getting decimated.

Edited by kilroy

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What I find incredible is the arrogance of saying that no one anticipated the crisis. None of the other main parties perhaps, although the Lib Dems and Vince Cable would likely argue with that... but no one, what anywhere?

Like most people they won't listen until their interests are served by listening, meanwhile everyone suffers.

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It's one of those situations we find so often in Government when they deem it expedient to simply deny the truth. There's not much you can do in that situation, they are beyond reasoning with.

Well when you can control the state media and provide favours for media owners then you can say what you want. Say it often enough and with conviction an the masses will follow you.

After all just imagine what would have happened if those nasty Tories would have been in power.

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Well when you can control the state media and provide favours for media owners then you can say what you want. Say it often enough and with conviction an the masses will follow you.

After all just imagine what would have happened if those nasty Tories would have been in power.

The trick they play is in narrowing the perceived range of possibilities.

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These experts and guardians of public finance surely can't be that incompetent, therefore they must be 'fibbing' - an expensive fib mind.

It is so incredible to pretend no-one saw it coming that it's almost plausible. Of course, the evidence of awareness of potential problems shows otherwise. These gimps were and remain part of the problem.

What I find incredible is the arrogance of saying that no one anticipated the crisis. None of the other main parties perhaps, although the Lib Dems and Vince Cable would likely argue with that... but no one, what anywhere?

Like most people they won't listen until their interests are served by listening, meanwhile everyone suffers.

If memory recalls Teresa May was also on the money with warnings...

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Why do they deny that it was anticipated?

Brown 'ignored' warnings re toxic loans and financial crisis

http://waugh.standard.co.uk/2009/08/brown-...ial-crisis.html

259lg6t.jpg

"It was the April 07 G7 Finance ministers meeting in Washington. It was a rotating chair and the Germans were rotating the meetings. And at the time if you recall the Germans were quite concerned about hedge funds and private equity as being a future source of problems in the market place.

"And Bob Steel, who was the Under-Secretary to the Treasury, who was fighting these German efforts at the time, felt that it would be helpful if two hedge fund managers came down and address the finance ministers and central bankers on the last day. So I was invited along with Paul Singer, who has gone public now, he was the other manager.

“Paul got up and proceeded to give a tour de force presentation on the coming crack-up in structured finance, how all these structures were very unstable and triple A [the ratings given to the securities] was not going to be triple A..."

UPDATE: The Treasury has a response.

A spokesman says: "The reality is, no one anticipated the scale or synchronised nature of the global financial crisis that struck in 2008. There is no doubt it was fuelled by excessive risk taking by many financial institutions around the world. The UK Government acted decisively to avert the collapse of our financial system and through the G20 we are working to ensure we learn the lessons of the crisis and reform the system for the future."

Because they and their illuminati handlers were the cats skimming off the cream in the form of Banker Bonuses due to the Global 'money-go-round.

if you have a long enough memory, the city boys, namely Lloyds Insurance did a practice 'pass the parcel' scam a few yrs ago!

http://www.independent.co.uk/news/business...dal-486887.html

"MEPs call for action on Lloyd's scandal";

MEPs call for action on Lloyd's scandal

By Jason Nisse, Business Editor

Sunday, 16 January 2005

MEPs are set to launch a legal action over the UK Government's failure to properly regulate the Lloyd's of London insurance market.

MEPs are set to launch a legal action over the UK Government's failure to properly regulate the Lloyd's of London insurance market.

An investigation by the European Commission found that the market lacked financial controls, failed to tell the Government about important financial problems, and pressured accountants to give it a clean bill of health.

The abuses took place over a 20-year period, in which time investors at Lloyd's - known as Names - lost more than £8bn. The Government's failure to stop this scandal breached European directives, the commission's investigation concluded.

However, because the Treasury had acted to bring in the City's financial watchdog, the Financial Services Authority, to regulate Lloyd's, the commission took no action against the Government.

This decision has angered MEPs, who are preparing to take the commission to the European Court of Justice over its decision not to act.

A meeting of the European Parliament's legal affairs committee takes place this week when the issue is expected to be raised. If the committee votes in favour of action, the Parliament's president, Josep Borrell, is obliged to take the case to court.

Gordon Brown was Chancellor of the EX-Chequer at No 11 for over 10yrs - HE was overseer of these City frauds - look how he and his GOVT officials squirmed out of being held to account!

Failure to regulate calls as far back as 2004!

Corrupt to the Core!

Edited by erranta

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