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Vince Nails It

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I can't say I agree with him on most of the points.

Graduate tax - terrible Idea, it would lead to people paying far more for a degree than it costs, and there is no guarantee the money would be put into universities.

Mansion tax - would make property more expensive, not less so what is the point? It wouldn't get more houses built it would just penalise people for being rich, which serves no purpose at all really.

Bad business practice didn't cause the recession, poor government oversight and human behavior caused it. Why is the person who took out the sub prime loan by lying about their income a victim, while the one who made the loan and turned a blind eye is a criminal? They are both just idiots, and so are the governments who took their corporation tax receipts and said nothing.

Calling business "murky" is not exactly helpful or accurate either. Most business in this country is good business that is sensible, forward looking and committed to its customers, they are not shady enterprises trying to swindle people out of their money. Private equity is no different. Most of them are long term investors looking for the best returns available, many of them are hatchet merchants making a quick buck.

Markets are irrational, after all people are, but they are not "rigged". Companies hate competition and if they can get away with it, they will behave abusively.

He confuses capitalism with corporatism which is pretty criminal given his position. Companies are there for the benefit of their owners and nobody else, so why are people surprised when they act in their own interest? If companies could get away with it they would charge more for their services, competition and markets drive prices down, regulation tends to drive them up.

Free Markets are just people making decisions, so if you don't like what "the market" does, your problem is with humanity.

The speech mainly seems to have been for the benefit of the Libdem's worried socialists than anything else. All the things we "need" are things that governments cannot deliver efectively. Hey ho.

My favourite bit of the conference was the "liberal" party voting against "free" schools. Maybe the delegates should look "Liberal" up in the dictionary?

Edited by LJAR

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Why is the person who took out the sub prime loan by lying about their income a victim, while the one who made the loan and turned a blind eye is a criminal?

Quite.

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Vince Cable is an old windbag who was given free reign to pacify the loony left of the Lib Dem party.

I don't think anyone outside the conference hall actually takes him seriously.

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Vince doesn't seem quite right at the moment but the salient point of his speech is that capitalism is not working as well as it should. We're at the **** end of a almost 30 year neo-con globalising grand experiment. It has worked perfectly - an audacious smash and grab of wealth by the already privileged. The rest of us have suffered, our reward was access to credit to make us feel like we were invited to the party.

But will Vince do anything? Nope.

Will the Tories do anything? Nope.

Labour? Nope.

They're all bit part players in the game.

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Vince Cable is an old windbag who was given free reign to pacify the loony left of the Lib Dem party.

I don't think anyone outside the conference hall actually takes him seriously.

Sadly you are right. He was quite an effective voice in opposition.

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David Smith, the economics expert (HPC nemisis, we hate the man right?) did defend cable on Radio 4 this afternoon. He suggest we follow the German model of capitalism, where aggressive take overs, monopolies, and short termism are less rife. A better model, than Russian, American, India and Chinese capitalism.

We'll I'll let you off, David Smith, just for today.

---

Remember Rockerfeller once said "Competition is a sin."

Edited by Money Spinner

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Vince doesn't seem quite right at the moment but the salient point of his speech is that capitalism is not working as well as it should. We're at the **** end of a almost 30 year neo-con globalising grand experiment. It has worked perfectly - an audacious smash and grab of wealth by the already privileged. The rest of us have suffered, our reward was access to credit to make us feel like we were invited to the party.

But will Vince do anything? Nope.

Will the Tories do anything? Nope.

Labour? Nope.

They're all bit part players in the game.

...he talks a lot and seems a bit demented....his immediate action by whatever means should be to stop RBS/Lloyds/NR paying bonuses ...bonuses for companies rescued from failing by the taxpayer are not eligible for such payments ....simple ...action Vince...not words....his other hesitation is working with the Tories ...as a Liberal he is all about proportional representation ....that leads to coalitions ....why does he not just get on with it...?... :rolleyes:

Edited by South Lorne

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Mansion tax - would make property more expensive, not less so what is the point? It wouldn't get more houses built it would just penalise people for being rich, which serves no purpose at all really.

Seems a lot fairer than penalising people for working or for creating jobs. Our current tax system is designed to serve the simple purpose of keeping the rich rich by taxing income rather than wealth. If I rent a room I pay the taxman. If I own Cornwall the taxman pays me.

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Mansion tax - would make property more expensive, not less so what is the point? It wouldn't get more houses built it would just penalise people for being rich, which serves no purpose at all really.

Are you saying Tony Bliar has earned his various mansions on merit? :lol:

Bad business practice didn't cause the recession, poor government oversight and human behavior caused it. Why is the person who took out the sub prime loan by lying about their income a victim, while the one who made the loan and turned a blind eye is a criminal? They are both just idiots, and so are the governments who took their corporation tax receipts and said nothing.

Sub-prime loans are just one aspect of the corruption of finance.

The real problem is with incredible derivatives, betting on everything and pumping at least $600 trillion of toxic debt into a world economy worth just $50 trillion

Free Markets are just people making decisions, so if you don't like what "the market" does, your problem is with humanity.

In what sense is not allowing the too-big-to-fail banks to fail an example of a free market? :rolleyes:

My favourite bit of the conference was the "liberal" party voting against "free" schools. Maybe the delegates should look "Liberal" up in the dictionary?

So liberals should be against the police arresting free serial killers?

:rolleyes:

Edited by 1929crash

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http://www.dailymail.co.uk/news/article-1314268/Vince-Cable-turns-spivs-gamblers-big-banks.html

He sussed:-

We need a productive capicaty, not "City" ponzi scams

We need house prices to come down

We need to reward factory production not lie loan house price production.

Mike

Trouble is those things might be all well and good and exactly what we need but I suspect the only one the govt can deliver is lower house prices.

If we are not careful what we'll have if we follow the Vince route is a housing crash ( causing untold knock on damage to the rest of the economy), with a destruction in the competitiveness of the city and a knock on reduction in tax..... but the bit I have not heard him spout a cogent plan for is what will replace the city's tax paying ability, how is he going to improve manufacturing , how is he going to drive forward employment in productive businesses.

Like most politicians he is playing to the crowd, but has little idea of how to actually deliver the outcome the country needs.

Many many people have long pondered how to rebuild manufacturing... arguably the person most successful at it was the one who destroyed a lot of it... during maggie's time we did manage to attract a lot of inward investment and a lot of that was in manufacturing....... not much of any significance happened under labour I think and I suspect thats not for want of trying it's just with the emergence of china and india it is really very very difficult to breathe life into a manufacturing economy......

Vince's speach was a crowd pleaser... but he won't attack the banks in the way he has suggested, his mansion tax was very poorly thought through and I suspect after a couple of years of huffing and puffing we'll see the end of Vince who while he had a couple of moments in the sun during the banking crisis really doesn't look effective to me... that's why I suspect he is business secretary, he had to be bought off politically and that was the least they could get away with..... nice guy but clueless when it comes to delivery I suspect.

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I listened to some of Vince`s speech. I also thought he spoke a lot of sense.

OK, it might be just talk, but at least it`s been said.

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I liked the bits I've read from his speech. Of course nothing will be done, but he at least acknowledges some of the issues.

There's also quite a good blog regarding his speech and free markets here: http://www.telegraph.co.uk/news/newstopics/politics/8018347/Adam-Smith-would-stand-by-Vince-Cable.html

People should drill it into the Tories' heads that all the banks are effectively state backed in one way or another, so defending them is equivalent to advocating state control.

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In reality the only way to maintain high quality higher education with less government money is for the graduate beneficiaries to make a bigger contribution from the extra earnings they enjoy later in life.

...is this retrospective to his own era...?...walk the talk Business guru..... :rolleyes:

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  • 238 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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