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The Masked Tulip

Bust Ireland

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It all turned out well. The politicians did as they were told by their bosses and bailed them out with the money of the peasant class. Bonuses all round.

Another bailout for the UK soon. Where's Gordon when you need him?

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Having had one bite they came back for more.....

And they will continue to come back until there is no more to give.

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One of the set of facts which the journalists and the politicians seem to be conspiring to keep from us is how big a stake we, the people, now have in UK banks.

The bail-outs were all in headline SHOCK HORROR terms at the time.

I would like to know how much we lent and when repayment becomes due.

Where a stake in the equity of the banks was a condition of support, how much and what is it worth then and now.

Also, since we have that stake, why has lending been constrained? Even the Almighty Vince has not unblocked the flow.

And of course, if we, the people, own the banks, how can they get away with the bonus culture which we, the owners, so criticise?

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Maybe they have decided that since the banks are going to default, and the Republic of Ireland is going to default, they might as well load it all into one single all-encompassing sovereign default and just go for it.

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One of the set of facts which the journalists and the politicians seem to be conspiring to keep from us is how big a stake we, the people, now have in UK banks.

The bail-outs were all in headline SHOCK HORROR terms at the time.

I would like to know how much we lent and when repayment becomes due.

Where a stake in the equity of the banks was a condition of support, how much and what is it worth then and now.

Also, since we have that stake, why has lending been constrained? Even the Almighty Vince has not unblocked the flow.

And of course, if we, the people, own the banks, how can they get away with the bonus culture which we, the owners, so criticise?

I think it will all become clear if you drop the illusion that we, the people, own the banks. The banks really own us, the people, because they own the politicians.

Edited by Minos

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And let us not forget in all this that:

SOMEONE STILL HAS THE MONEYTM Eric Pebble

I know one of the guys who "still has the money" from the UK bubble. He was a developer during the boom years, made a mint and built himself a big detached house for cash with several sports cars on the drive. He knew the top was in in 2006/7, told us it was, cashed in and walked away. Now he lives a life of leisure. They always say it's difficult to extract liquidity from a bubble, but he managed it. The money he walked away with came from RBS/NR/HBOS etc mortgages that are never going to be repaid in full. How can the system get that money back from him? I guess if there's a run on his bank he might lose his savings, but that's a pretty unlikely outcome, and he will still own his house.

Edited by Dorkins

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I know one of the guys who "still has the money" from the UK bubble. He was a developer during the boom years, made a mint and built himself a big detached house for cash with several sports cars on the drive. He knew the top was in in 2006/7, told us it was, cashed in and walked away. Now he lives a life of leisure. They always say it's difficult to extract liquidity from a bubble, but he managed it. The money he walked away with came from RBS/NR/HBOS etc mortgages that are never going to be repaid in full. How can the system get that money back from him? I guess if there's a run on his bank he might lose his savings, but that's a pretty unlikely outcome, and he will still own his house.

He's just a tiddler though isn't he.

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has this not been on the news all day or is it suddenly breaking news in time for the 7 oclock news?

Yes, it has been on the news all day but Channel 4 were leading on not just the possibility of Eire going but but what affect it would have on us and the EU countries.

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He's just a tiddler though isn't he.

Sure he's no big fish, just a builder who's gone from "average" to "fairly comfortable" thanks to the bubble. For him to move up, others have gone down: FTBs and their helpful family members, middle aged types who bought their "forever home" during the boom, shareholders and taxpayers. But the money he's taken out of the system can't come back now, the wealth transfer is done and the losses are baked in.

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I haven't seen one news report asking the question if we could go the same way.

Channel 4 News just did - apparently because we separated property from banking :blink: and wrapped our banks in cotton wool then we are fine but the silly Irish did not, allegedly, do that and hence are up to their eyeballs in the peat.

Edit:

Seriously, that is what they just said.

Edited by The Masked Tulip

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Ireland to go the same way as Iceland?

Still I'm sure it's all contained.

ECB to bailout Ireland or will they be ejected from the Euro?

I wonder if the German taxpayers are getting worried yet?

Yet another country they are ultimately on the hook for.

Edited by interestrateripoff

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I haven't seen one news report asking the question if we could go the same way.

simple answer - we aren't in the euro, luckily

will still have a house price correction, but not as brutish

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8033506/ECB-hawks-spook-debt-markets.html

A string of ECB governors have said this week that emergency support must be withdrawn soon, signalling a phasing out of the unlimited lending facilities that have acted as life-support for banks of high-debt states.

This puts the ECB on a very different tack from the central banks of the US, Britain, and Japan, which have abandoned "exit strategies" and begun to prepare for fresh quantitative easing as a precaution against a possible growth relapse. "The ECB seems set on a pre-ordained course, oblivious to other subtleties," said Julian Callow from Barclays Capital.

An ECB report on Wednesday said several EU banks are having trouble raising money on the wholesale funding markets and that some "remain overly reliant on credit support from central banks and governments, which continues to be a cause for concern."

The ECB's response to this worry has baffled investors. J├╝rgen Stark, Germany's hardline member of the ECB, said the bank is "in the process of phasing out some of the non-standard measures".

The comments have since been echoed by more dovish members, suggesting that the ECB has now decided on its exit strategy regardless of the crisis in Ireland and Portugal, where bond spreads have hit fresh records. "The market has been a bit spooked by this," said Nick Matthews from RBS.

I wonder which banks are having trouble raising funds?

Still I'm sure it will all be contained to the globe...

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Bust? Surely not? I'll have you know that Ireland is a "stunning economic success"....

'Gordon Brown's policies are wedded to the past' [February 2006]:

http://www.putneyconservatives.co.uk/record.jsp?type=cchNews&ID=585

Shadow Chancellor George Osborne has fired a fresh broadside at Gordon Brown's economic policies and called for Britain to learn the lessons of Ireland's stunning economic success.

[...snip...]

"Ireland stands as a shining example of the art of the possible in economic policy-making. With its vision of a highly-educated, innovative, open, dynamic, low-tax economy, and relentless focus on the long-term drivers of prosperity, Ireland's economic miracle has shown that it has the right answers to the challenges of the new global economy.

"The new global economy offers us great challenges, and also great opportunities. Ireland has shown the world that wise economic policy-making can produce outstanding results that surpass all expectations, so that we can meet our potential, achieve our goals, and share rising prosperity in an increasingly competitive world. We in Britain would do well to listen and learn from our Irish neighbours."

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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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