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Radio 2 Discussion: Economic Crash - An American Senator Predicted It

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Radio 2 Discussion: Economic Crash

Jeremy Vine from 12.30pm today

Economic Crash

An American senator predicted it.

Web: http://www.bbc.co.uk/iplayer/console/radio2

Radio: 88-91 FM

http://www.bbc.co.uk/radio2/shows/jeremy-vine/

Call: 0500 288291

Text: 88291

- - -

No details as to who they'll be talking to. Any predictions?

Vine just referenced the Glass–Steagall Act in his lead-up (not by name, though).

Mainstream BBC Radio 2. This is going to be unmissable.

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Radio 2 Discussion: Economic Crash

Jeremy Vine from 12.30pm today

Web: http://www.bbc.co.uk/iplayer/console/radio2

Radio: 88-91 FM

http://www.bbc.co.uk/radio2/shows/jeremy-vine/

Call: 0500 288291

Text: 88291

- - -

No details as to who they'll be talking to. Any predictions?

Vine just referenced the Glass–Steagall Act in his lead-up (not by name, though).

Mainstream BBC Radio 2. This is going to be unmissable.

Ron Paul.

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He is a Member of Congress and not a Senator. Either Vine gave him the wrong title or it is someone else.

I had a look. You're right. I thought he was a Senator for some reason.

Maybe Schiff has made it...

Edited: http://schiffforsenate.com/

Edited by AvidFan

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Senator Dorgan :

http://kaufman.senate.gov/press/floor_statements/statement/?id=e68336ed-69c8-433c-b1b2-b592629ca24c

Edited to add a quote from the above:

Senator Dorgan predicted in 1999 -- in 1999 -- he said: “We will, in 10 years time, look back and say: We should not have done that ( repeal Glass-Steagall) because we forgot the lessons of the past.”
Edited by AvidFan

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Love it.

Everyone says they saw the crash coming.

20-20 hindsight or we're all experts? HPC redundant...

Edited by AvidFan

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Love it.

Everyone says they saw the crash coming.

20-20 hindsight or we're all experts? HPC redundant...

That was great. Loads of talk of "a housing bubble", Paul Mason delivering his Newsnight report for a lunchtime audience, and a bearish outlook on the future.

It was nothing new to HPC regulars but I bet there were some credit crunchers choking on their sarnies this lunchtime.

:D

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Good to hear others saying that Glass-Steagall isn't enough; it isn't, IMO.

I don't like the idea of these 'living wills', as they sound too complicated. If they couldn't figure out what risks they were taking before the crash, I doubt they will do any better now or in the future. I wouldn't be at all surprised if the living wills weren't worth the paper they were written on, come crisis.

It was also interesting to hear them say that even the 'safe accounts' wouldn't be safe enough with government bonds, as the problems in the Eurozone show. Why not make the safe accounts 100% cash accounts with zero counter party risk, with gilt backed accounts as a low counter party risk option? At least either would draw a line under what is guaranteed and what isn't - it will be explicit.

If we're considering the narrow banking route, why not go the whole hog and embrace limited purpose banking? It is more flexible, more open market and no bank runs can occur (all holders take a hair cut, rather than a first come, first serve).

Still, it's good to see some proposals coming forward and it opens the floor to further debate.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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