loginandtonic Posted December 3, 2009 Share Posted December 3, 2009 http://page.politicshome.com/uk/friday_4th_december_2009.html 'price' because they invented money to 'pay' it, that money is not there as such, we all get to work to produce it over the next, what, 20 to 40 years? Quote Link to comment Share on other sites More sharing options...
Pole Posted December 3, 2009 Share Posted December 3, 2009 This guy doesn't look worried... Quote Link to comment Share on other sites More sharing options...
Errol Posted December 3, 2009 Share Posted December 3, 2009 Darling and his Economic advisors? Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 3, 2009 Author Share Posted December 3, 2009 This guy doesn't look worried... that fairy's halo would seem to be doing something for mr darling's liquidity ratio if you look closely Quote Link to comment Share on other sites More sharing options...
uptherebels Posted December 3, 2009 Share Posted December 3, 2009 This guy doesn't look worried... What is Vince Cable doing over there in the corner? Quote Link to comment Share on other sites More sharing options...
Pole Posted December 3, 2009 Share Posted December 3, 2009 (edited) They had their Xmas Party over at 11 Downing Street today. Hence the pics... Looks like someone's having fun here! Edited December 3, 2009 by Pole Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 3, 2009 Share Posted December 3, 2009 850 billion? Who, what, from where does this figure come? QE is, depending on which figures you believe, somewhere between 175 billion and 225 billion. There is a huge leap from there to 850 billion! Would love to know more about the details behind this 850 billion? Quote Link to comment Share on other sites More sharing options...
XswampyX Posted December 4, 2009 Share Posted December 4, 2009 that fairy's halo would seem to be doing something for mr darling's liquidity ratio if you look closely That's not a halo, his flies are open! Quote Link to comment Share on other sites More sharing options...
CarbonBasedLifeform Posted December 4, 2009 Share Posted December 4, 2009 850 billion 850 thousand millions clearly affordable Quote Link to comment Share on other sites More sharing options...
R K Posted December 4, 2009 Share Posted December 4, 2009 He's wearing a fluffy white merkin. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 4, 2009 Author Share Posted December 4, 2009 That's not a halo, his flies are open! He's wearing a fluffy white merkin. who are these women at the party + have i paid for them aswell out of my tax money? thats nice of me. and is that a used contraceptive on the floor? Quote Link to comment Share on other sites More sharing options...
Cogs Posted December 4, 2009 Share Posted December 4, 2009 (edited) who are these women at the party + have i paid for them aswell out of my tax money? thats nice of me. and is that a used contraceptive on the floor? BoE MPC I think. That blonde looks like a definite interest rate hawk to me. Edited December 4, 2009 by Cogs Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 4, 2009 Author Share Posted December 4, 2009 850 billion? Who, what, from where does this figure come? QE is, depending on which figures you believe, somewhere between 175 billion and 225 billion. There is a huge leap from there to 850 billion! Would love to know more about the details behind this 850 billion? http://www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html £850bn: official cost of the bank bailout By Andrew Grice, Political Editor Friday, 4 December 2009 Government support for Britain's banks has reached a staggering £850bn and the eventual cost to taxpayers will not be known for years, the public spending watchdog says today. The National Audit Office (NAO) revealed that £107m will be paid to City advisers called in to work on the rescue because the Treasury was too "stretched" to cope with the sudden financial crisis which broke in the autumn of last year........[/u] Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 4, 2009 Share Posted December 4, 2009 http://www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html How to spend £850bn bailing out the banks... and £107.1m on financial advice£76bn To purchase shares in RBS and Lloyds Banking Group £200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support £250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system £40bn Provide loans and other funding to Bradford & Bingley and the Financial Services Compensation Scheme £280bn Agree in principle to provide insurance for selection of bank assets £671bn Total Government spending in the financial year 2009-2010 £32.9m Slaughter & May - Commercial legal advice £15.4m Credit Suisse - Financial advice on a range of measures, including Bank Recapitalisation and the Asset Protection Scheme £11.3m PricewaterhouseCoopers - Advice on APS £8.7m Ernst & Young - Due diligence on APS, Northern Rock £7.7m KPMG - Due diligence on APS £7.4m Blackrock - Valuation advice on APS £5.3m Deutsche Bank - Financial advice on a range of measures £5m Citi Financial - Advice on Aps £4.9m BDO Stoy Hayward - Valuation of Northern Rock Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 4, 2009 Share Posted December 4, 2009 So QE is actually 850 billion and not 200 billion... and no one thinks this is worrying? Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 4, 2009 Author Share Posted December 4, 2009 http://www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html £76bn To purchase shares in RBS and Lloyds Banking Group £200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support £250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system £40bn Provide loans and other funding to Bradford & Bingley and the Financial Services Compensation Scheme £280bn Agree in principle to provide insurance for selection of bank assets = 846bn + £671bn Total Government spending in the financial year 2009-2010 = £1.5 trillion+ or am i calculating that wrong? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 4, 2009 Share Posted December 4, 2009 The Mail has the story now http://www.dailymail.co.uk/news/article-1233088/40-000-A-FAMILY-The-astonishing-taxpayers-cash-used-fund-850billion-bailout.html Quote Link to comment Share on other sites More sharing options...
Cogs Posted December 4, 2009 Share Posted December 4, 2009 I love the pic the Daily Mail used to represent bankers Meanwhile the hard working families of Britain look on... Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 4, 2009 Author Share Posted December 4, 2009 I love the pic the Daily Mail used to represent bankers Meanwhile the hard working families of Britain look on... that banker + his wife, they look worried. the hard working family man smiling there is blissfully unaware that thanks to the bankers he soon wont be able to drink that Moet quite so freely, probably just a glass a day from next week Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 4, 2009 Share Posted December 4, 2009 I think Eric just broke into their house! Quote Link to comment Share on other sites More sharing options...
RajD Posted December 4, 2009 Share Posted December 4, 2009 (edited) that banker + his wife, they look worried. the hard working family man smiling there is blissfully unaware that thanks to the bankers he soon wont be able to drink that Moet quite so freely, probably just a glass a day from next week You have clearly misinterpreted the message therefore I must correct you. The hard-working family man is the banker's chauffeur, and is sneakily taking a sip of his boss's Moet whilst revelling in his sneakiness. Unbeknownst to the hard-working family man, his boss has just finished sneakily shafting the hard-working family man's wife in the very hotel that he is parked outside of, sneakily drinking his boss's Moet. Obviously the Mail is trying to say, erm... don't try to get one over the bankers cos they'll double-cross you, or something like that Edited December 4, 2009 by RajD Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 4, 2009 Author Share Posted December 4, 2009 were my calcs right or not - £1.5tn ? Quote Link to comment Share on other sites More sharing options...
dalkent Posted December 4, 2009 Share Posted December 4, 2009 Most of it is just guarantees and insurance of which they are obviously being paid a lot for, hence the reason Lloyds pulled out. Think the major spend is on RBS and LLoyds and the government now owns a substantial part of these and will hope to recoup the money at a later date. Quote Link to comment Share on other sites More sharing options...
D.C. Posted December 4, 2009 Share Posted December 4, 2009 were my calcs right or not - £1.5tn ? Nope. You forgot all the off balance sheet PFI stuff. That has also had a bailout, despite the whole purpose of PFI being to 'shift the risk' to private investors. Turns out to just cost us 2-5 times as much in the long run :angry: Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 4, 2009 Share Posted December 4, 2009 were my calcs right or not - £1.5tn ? Did you drop one, carry one? Quote Link to comment Share on other sites More sharing options...
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