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A GOOD WATCH BANKS TO BIG TO FAIL

Peston has also used "complexity" to mask the simplest of truths:

IT WAS JUST A FECKING CREDIT-PROPERTY BUBBLE! A PONZI SCHEME !

And 2/3 of the UK population was in it, alongside all the fecking bankers, mortgage brokers, estate agents, and the whole public sector swimming in tax revenues.

And the treasury must have seen that, but decided to ride it.

It was a bubble! A ponzi scheme!

Peston's complexity was just a huge obfuscation, just like the fecking b@nkers did for a decade.

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Peston has also used "complexity" to mask the simplest of truths:

IT WAS JUST A FECKING CREDIT-PROPERTY BUBBLE! A PONZI SCHEME !

And 2/3 of the UK population was in it, alongside all the fecking bankers, mortgage brokers, estate agents, and the whole public sector swimming in tax revenues.

And the treasury must have seen that, but decided to ride it.

It was a bubble! A ponzi scheme!

Peston's complexity was just a huge obfuscation, just like the fecking b@nkers did for a decade.

The difference with this ponzi though is twofold:

- If you didn't join in, then you couldn't compete in the economic climate

- The 'losers' are not only the ponzi players, but everybody, and their children and grandchildren.

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Peston has also used "complexity" to mask the simplest of truths:

IT WAS JUST A FECKING CREDIT-PROPERTY BUBBLE! A PONZI SCHEME !

And 2/3 of the UK population was in it, alongside all the fecking bankers, mortgage brokers, estate agents, and the whole public sector swimming in tax revenues.

And the treasury must have seen that, but decided to ride it.

It was a bubble! A ponzi scheme!

Peston's complexity was just a huge obfuscation, just like the fecking b@nkers did for a decade.

I agree.

Although I'm pleased Peston is getting some understanding out there. Its better than nothing. There needs to be a whole lot of soul searching from many many people.

Edited by worst time buyer

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Invented by the American Lenders who arrived here in the mid nineties with loose lending policies and deep pockets. The indigenous lenders losing rapidly their market share panic and join in the merry go round.

I can`t remember how many times I have posted this the past 3 years with no comment posted.

Osama Bin Laden has won a very important battle and nobody has tumbled it. :rolleyes:

None of them were forced to join in. Their risk areas should have told them to beat it and stick to what they were doing.

Market share is fine. However who wants to increase their market share of shit. Personally I would rather have less.

Then again - I dont have to answer to shareholders.

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Is that the population between the ages of 21 and 70, if so that is more bloody frightening. :unsure:

I saw it in the supermarket the other day (tescopoly)...

a professional female wearing a sharp suit in her late twenties in front of me and in my way at the fridge section looking at the deals on petit filous, she was there for ages and I could literally hear her brain ticking over. Value Pack of 18 for £2.90 or in 6s for 67p (less than half price or 18 for £2.01) retard took the value pack and I pick up 3*67p and it had a better date on them to boot. The younger geneation is just plain thick.

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None of them were forced to join in. Their risk areas should have told them to beat it and stick to what they were doing.

Market share is fine. However who wants to increase their market share of shit. Personally I would rather have less.

Then again - I dont have to answer to shareholders.

problem is ....

"Markets can remain irrational a lot longer than you and I can remain solvent." - John Maynard Keynes

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I saw it in the supermarket the other day (tescopoly)...

a professional female wearing a sharp suit in her late twenties in front of me and in my way at the fridge section looking at the deals on petit filous, she was there for ages and I could literally hear her brain ticking over. Value Pack of 18 for £2.90 or in 6s for 67p (less than half price or 18 for £2.01) retard took the value pack and I pick up 3*67p and it had a better date on them to boot. The younger geneation is just plain thick.

£2.01 is surely not less than half £2.90?

To quote someone then teaching in FE, "You can't expect me to work out 5% in my head - I went to a comprehensive."

Look also to the future, which lies - on these results - with the Chinese:

Top Test Scores From Shanghai Stun Educators

db

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During 2004, 2005,2006, and 2007 they were reading this forum and in the media calling the knowledgeable posters doom mongers, lunatics, and poisoning the water. ;)

"I Know 'Cos I Was There"

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Invented by the American Lenders who arrived here in the mid nineties with loose lending policies and deep pockets. The indigenous lenders losing rapidly their market share panic and join in the merry go round.

I can`t remember how many times I have posted this the past 3 years with no comment posted.

Osama Bin Laden has won a very important battle and nobody has tumbled it. :rolleyes:

I dont understand the reference to Osama Bin Laden. Care to help (anyone)?

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I agree.

Although I'm pleased Peston is getting some understanding out there. Its better than nothing. There needs to be a whole lot of soul searching from many many people.

The fact that the BBC allowed this program speaks volumes.

In the hour he covered:

Bank Regulation

Fractional Reserve Banking

Liar Loans

Derivatives Trading

And the fact that a bankers measurement of success is based on projected NOT actual results

All at a level understandable by anyone wanting to listen

Well done PESTON, there's just no pleasing some people :rolleyes:

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The fact that the BBC allowed this program speaks volumes.

In the hour he covered:

Bank Regulation

Fractional Reserve Banking

Liar Loans

Derivatives Trading

And the fact that a bankers measurement of success is based on projected NOT actual results

All at a level understandable by anyone wanting to listen

Well done PESTON, there's just no pleasing some people :rolleyes:

I agree it covered a lot in 1 hour and in a way that if you listened you would understand what's been going on.

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Peston has also used "complexity" to mask the simplest of truths:

IT WAS JUST A FECKING CREDIT-PROPERTY BUBBLE! A PONZI SCHEME !

And 2/3 of the UK population was in it, alongside all the fecking bankers, mortgage brokers, estate agents, and the whole public sector swimming in tax revenues.

And the treasury must have seen that, but decided to ride it.

It was a bubble! A ponzi scheme!

Peston's complexity was just a huge obfuscation, just like the fecking b@nkers did for a decade.

+1

All he did was a summation of articles that have been appearing on forums, and in broadsheets for some time now.

What he did not do, [AT ALL] is mention the fact that one [very large] section of society [renters] are having their money stolen to prop up other peoples overinflated houses. [Even though they do not own property]

Ensuring they can never afford their own house.

Yet, are having their money stolen, [ yes, STOLEN] to re-finance the banks, paying for this toxic mortgage debt.

[And their liar loan landlords retirements] He also conveniently failed to mention that without the bailouts, house prices would have reverted to their long term affordability, with a 50% + crash.

The social injustice angle should have been at the core of the programme.

So frankly its just another BBC whitewash.

Do another one Peston entitled: Debt Slavery and Theft.

Edited by Dan1

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I saw it in the supermarket the other day (tescopoly)...

a professional female wearing a sharp suit in her late twenties in front of me and in my way at the fridge section looking at the deals on petit filous, she was there for ages and I could literally hear her brain ticking over. Value Pack of 18 for £2.90 or in 6s for 67p (less than half price or 18 for £2.01) retard took the value pack and I pick up 3*67p and it had a better date on them to boot. The younger geneation is just plain thick.

Ironically they probably intended the 18-pack to be cheaper, but the staff are thick too and mispriced it.

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Amazingly, somewhere in that programme Robert Preston revealed he doesn't understand fractional reserve banking.

He said that banks hold back a percentage of their deposits, ie take £100 in deposits and lend out £97. That hasn't been true since the 1980s. These days they take £100 in deposits and lend out £3000. (Relying on the loans mainly bouncing between accounts in the same bank and borrowing the money back on the LIBOR market if it actually leaves the bank.)

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+1

All he did was a summation of articles that have been appearing on forums, and in broadsheets for some time now.

What he did not do, [AT ALL] is mention the fact that one [very large] section of society [renters] are having their money stolen to prop up other peoples overinflated houses.

Ensuring they can never afford their own house.

As well as pay for the banks toxic mortgage debt.

[And their liar loan landlords retirements]

The social injustice angle should have been at the core of the programme.

So frankly its just another BBC whitewash.

Do another one Peston entitled: Debt Slavery and Theft.

Exactly. The BBC just singled out one section of society, easy to scapegoat (bankers), thus leaving off the hook all other guilty parties, that were also profiting from the credit/property/tax revenues bubble, including the then Labour government.

It was the Labour version of History, with their part in it airbrushed out.

.

Edited by Tired of Waiting

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Exactly. The BBC just singled out one section of society, easy to scapegoat (bankers), thus leaving off the hook all other guilty parties, that were also profiting from the credit/property/tax revenues bubble, including the then Labour government.

It was the Labour version of History, with their part in it was airbrushed out.

.

You have a point about the bankers being an easy target. However, of the three pillars of debt (government, personal, banking) they are the only feckers (very publicly) carrying on with the party like nothing happened. Soft target maybe but increasingly the right one the longer they hold out against the reforms that are needed.

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You have a point about the bankers being an easy target. However, of the three pillars of debt (government, personal, banking) they are the only feckers (very publicly) carrying on with the party like nothing happened. Soft target maybe but increasingly the right one the longer they hold out against the reforms that are needed.

Yes, sure. Banking has been dodgy for a long time, centuries probably, and must be cleaned up, internationally. No doubt about that. It's been controlled by a fecking bunch of crooks for too long, those old boys network, inside dealing, commissions guaranteed, even when losing clients money, the list is endless. It must be cleaned up! I agree.

I agree!

But all that was not the main cause of this bubble, which happened mainly in the USA and UK, mainly after 2002/03/04. And I have a very strong argument for it: Bankers have been fecking b@stards for centuries! They didn't start being fecking b@stards in 2002/03/04. And bankers all over the world are fecking b@stards, not only USA and UK bankers. And the bubble happened mainly in this 2 countries.

The main cause of this bubble was loose monetary policies in the USA and UK, by Greespan and Brown. And Peston left these 2 mostly off the hook. That is why I am arguing that it was the Labour's version of History, with Labour's guilt airbrushed out.

Edited by Tired of Waiting

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Too little, and too late.

As one banker mentioned before, it all starts with a mortgage. But Peston has mostly ignored this issue = half of the story.

Absolutely spot on. The WHOLE thing [Greatest Fraud in all history] was predicated on "mortgages" [LIAR LOANS] - THEY were the high-octane fuel that drove the whole scam....

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Absolutely spot on. The WHOLE thing [Greatest Fraud in all history] was predicated on "mortgages" [LIAR LOANS] - THEY were the high-octane fuel that drove the whole scam....

Thanks. Have you seen this?

http://www.housepricecrash.co.uk/forum/index.php?showtopic=157973

The Fed discussed the housing bubble in 2005.

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