Lepista Posted August 10, 2010 Share Posted August 10, 2010 Roll back to 2008 - N Rock was bailed out. £20 bn was spent. The public, rightly, got quite worried. Then we had the great banking crisis - UK PLC bailed out the banks to the tune of £200 billion. Again, the public were mightily concerned at this huge sum, but over the coming months, things settled down, house prices started to rise again, even bankers got their bonuses (people moaned a little at that, but at least the crisis had been averted, and we can carry on with business as usual - just with a £200 billion debt around our necks. We can even solve the national debt crisis of Greece, with no harm done. Surely that shows that we have taken the right road to recovery...? Cue forward to today - things are pootling along, there are a few alarm sirens going off in the back of peoples minds, but no-one seems to be overly worried. sure, there are going to be a few job losses, we're going to have to "tighten our belts" a little, but we've got through the worst of it. Haven't we? To summarise: we are essentially at the same piont early in 2008, pre-crash, except for: - We have an additional £200 bilion of debt - Jobs losses are on the increase - Interest rates are at an all time low - Inflation rates are high, and predicted to be increasing The next crisis is going to hit very soon. It will be at least of similar magnitude as the last crisis. So, what will be done? - Make austerity cuts? Doubtful that this will be able to be carried out in time or of sufficient magnitude to have any impact on the fast-paced financial world; - Drop interest rates? Not with rates already at 0.5% - droping only 0.5% won't help. Negative interest rates? would cause a stampede of peolpe getting their money out of the banks and stuffing it in their mattresses; - Lots more money printing? As far as I can see, it's the only option left. How much this time? 200 billion? half a trillion? I wonder how the public will take that, now that they have seen the bankers carrying on as usual, reaping recod bonuses, at our expense? Do people really think we are heading Japanese? all I can see is the abyss, and we're hanging on to the cliff edge by our fingertips. Quote Link to comment Share on other sites More sharing options...
Driver Posted August 10, 2010 Share Posted August 10, 2010 To summarise: we are essentially at the same piont early in 2008, pre-crash, except for: Yes but we did one thing right; we got rid of that one eyed snot gobbling tw@t and all those leftie economic vandals. Quote Link to comment Share on other sites More sharing options...
swissy_fit Posted August 10, 2010 Share Posted August 10, 2010 Yes but we did one thing right; we got rid of that one eyed snot gobbling tw@t and all those leftie economic vandals. True, but if DC and co continue the same policy, how will it have helped exactly? Quote Link to comment Share on other sites More sharing options...
Traktion Posted August 10, 2010 Share Posted August 10, 2010 (edited) "Markets can remain irrational longer than you can remain solvent" - Lord Keynes. The markets seems to have been behaving irrationally for the last 12-18 months. How much longer? Who knows. It seems that none of the problems have been solved, uncertainty is at an all time high (all waiting on what the central planners will do next - QE2, bailouts, job cuts?)... how on earth can anyone plan for more than a few months, with any certainty, is beyond me. By trying to fix things, they're making it worse. Edited August 10, 2010 by Traktion Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 10, 2010 Share Posted August 10, 2010 Logged on to a well known building society online banking this week and the opening message was a warning from them about the safety limit for money being 50K per person. Wonder why they have decided to put that up now? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted August 10, 2010 Share Posted August 10, 2010 (edited) Logged on to a well known building society online banking this week and the opening message was a warning from them about the safety limit for money being 50K per person. Wonder why they have decided to put that up now? Which building society? This could be important for a lot of peoples finances. I'd rather take matters into my own hands and withdraw my money and stuff it under the mattress than count of the govt. to give me my money back. Edited August 10, 2010 by General Congreve Quote Link to comment Share on other sites More sharing options...
Namaste Posted August 10, 2010 Share Posted August 10, 2010 Which building society? This could be important for a lot of peoples finances. I'd rather take matters into my own hands and withdraw my money and stuff it under the mattress than count of the govt. to give me my money back. N Quote Link to comment Share on other sites More sharing options...
Frank8 Posted August 10, 2010 Share Posted August 10, 2010 NNationwide? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted August 10, 2010 Share Posted August 10, 2010 Nationwide? They offered me a 10k overdraft the other day, got less than 1k in my account and don't regularly pay in a salary. Insanity! Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 10, 2010 Share Posted August 10, 2010 Why would there be another bank bust in the recovery? Quote Link to comment Share on other sites More sharing options...
Flying Dutchman Posted August 10, 2010 Share Posted August 10, 2010 Logged on to a well known building society online banking this week and the opening message was a warning from them about the safety limit for money being 50K per person. Wonder why they have decided to put that up now? I received the same warning, I'm with certain bank with a blackhorse in the logo. Quote Link to comment Share on other sites More sharing options...
Selling up Posted August 10, 2010 Share Posted August 10, 2010 It's odd isn't it. In Sept 07 (I think it was) you could smell the fear. Everyone foresaw disaster. Now with the economic fundamentals worse in almost every aspect, the crisis is considered to be over. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted August 10, 2010 Share Posted August 10, 2010 Yes but we did one thing right; we got rid of that one eyed snot gobbling tw@t and all those leftie economic vandals. You DO REALISE that Gordon Brown was running with conservative economic policies don't you? I makes me laugh when people go on about how "the tories will save us". We've had 30 years of conservative government and the conservative obsession with keeping the rich rich through escalating house prices has destroyed the economy. So what do we need now? A tory government! They say people get the government they deserve..... why do I have to get the government you idiots deserve? Quote Link to comment Share on other sites More sharing options...
South Lorne Posted August 10, 2010 Share Posted August 10, 2010 Yes but we did one thing right; we got rid of that one eyed snot gobbling tw@t and all those leftie economic vandals....and values..... Quote Link to comment Share on other sites More sharing options...
pete.hpc Posted August 10, 2010 Share Posted August 10, 2010 why do I have to get the government you idiots deserve? Because we had the one you idiots deserved? Tories doing fine so far Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 10, 2010 Share Posted August 10, 2010 Because we had the one you idiots deserved? Tories doing fine so far So we have a balanced budget and we are paying down the debt then? Quote Link to comment Share on other sites More sharing options...
pete.hpc Posted August 10, 2010 Share Posted August 10, 2010 In time my good friend Quote Link to comment Share on other sites More sharing options...
swissy_fit Posted August 10, 2010 Share Posted August 10, 2010 And how exactly, is DC continuing in Broon's footsteps? Further QE was mentioned as a possibility. I hope he won't do it, but I think he will, to line the pockets of the banksters again, and if he does, he'll be continuing with Browns policy. (OK it gets dressed up as Mervs policy but we all know the reality). Otherwise I agree, the policies of the new government appear to differ. Quote Link to comment Share on other sites More sharing options...
Dubai Posted August 10, 2010 Share Posted August 10, 2010 Why would there be another bank bust in the recovery? Because it's the Bustless recovery. Quote Link to comment Share on other sites More sharing options...
Lepista Posted August 10, 2010 Author Share Posted August 10, 2010 Why would there be another bank bust in the recovery? Why did we have one before when the country was doing so well? Quote Link to comment Share on other sites More sharing options...
erranta Posted August 10, 2010 Share Posted August 10, 2010 They offered me a 10k overdraft the other day, got less than 1k in my account and don't regularly pay in a salary. Insanity! Haven't you learned yet - "Banks SHARE information about their customers - supposedly "to prevent fraud/money laundering". In fact on the other hand, they now use this info to 'market and target' people - just like it was all planned by big banking 'brother'! Therefore they know exactly, every penny you have in other bank accounts - so they are 'targetting' you with 'lending/borrowing lures'. Quote Link to comment Share on other sites More sharing options...
MongerOfDoom Posted August 10, 2010 Share Posted August 10, 2010 You DO REALISE that Gordon Brown was running with conservative economic policies don't you? So it is a conservative policy to bloat the public sector until it cannot be paid for? Quote Link to comment Share on other sites More sharing options...
LetsGetReadyToTumble Posted August 10, 2010 Share Posted August 10, 2010 You DO REALISE that Gordon Brown was running with conservative economic policies don't you? I makes me laugh when people go on about how "the tories will save us". We've had 30 years of conservative government and the conservative obsession with keeping the rich rich through escalating house prices has destroyed the economy. So what do we need now? A tory government! They say people get the government they deserve..... why do I have to get the government you idiots deserve? Grief. Blind Labour tribalism. The Tories in the past have allowed prices to crash back. It was McMental who engineered this latest bubble, and tried to keep it inflated. He has been responsible for one of the largest transfers of wealth from the less well off to the well heeled. Quote Link to comment Share on other sites More sharing options...
Guest_Bosworth_* Posted August 10, 2010 Share Posted August 10, 2010 Logged on to a well known building society online banking this week and the opening message was a warning from them about the safety limit for money being 50K per person. Wonder why they have decided to put that up now? Nothing to see here. The FSA require all banks and building societies to periodically remind customer about the FSCS limits. They all do it every few months. Quote Link to comment Share on other sites More sharing options...
non frog Posted August 10, 2010 Share Posted August 10, 2010 In time my good friend 90 years? 100? 200? Dream on loony. Quote Link to comment Share on other sites More sharing options...
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