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Sky: Merv Attacks Immoral Banks And Bonus Culture

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http://uk.finance.yahoo.com/news/Governor-Warns-Of-New-Bank-skynews-3759097811.html?x=0

Governor Warns Of 'New Bank Crisis' Risk
The governor of the Bank of England has warned of another banking crisis unless important reforms take place in the financial sector.
In an interview with the Daily Telegraph, Mervyn King said that
the problem of banks being "too big to fail" had "not been solved"
and that imbalances in the banks "are beginning to grow again".
"The concept of being too important to fail should have no place in a market economy," he said.
A government commissioned report on whether or not Britain's biggest banks should be broken up will be published by Sir John Vickers later this year.
The Bank of England, which decides monetary policy such as the interest rate, will also assume the role of the banking regulator once the Financial Services Authority is abolished in 2012.
Mr King said that banks had lost the morals of other more traditional industries
that "care deeply about their workforce, about their customers and, above all, are proud of their products. [With the banks] there isn't that sense of longer term relationships.
"If it's possible [for financial services firms
to make money out of gullible or unsuspecting customers
, particularly institutional customers, [they think] that is perfectly acceptable."
Mr King's support for reducing the budget deficit has been criticised but his response to those who say he has compromised his independence is that "it is inconceivable that the Governor has no view on the size of the deficit and the need to reduce it.
"It would be a dereliction of duty for me not to warn."
He also continued to defy those who claim that the bank's ultra-low 0.5% interest rate is to blame for inflation reaching an unhealthy 4%.
Mr King accepts "there's a perfectly reasonable case for raising it now" but that doing so too soon would be a "futile gesture".

+1

And yes, I do believe he has been right to be "vigilant" on IR as our economy has no underlying strengh and is still based on corrupt banking practises and HPI. A single hike and down it all goes. We have our HPC regardless as rates are moving up in the marketplace regardless of BoE policy. The market has been given enough rope and it is hanging itself.

The Saints are growing: St. Vincente De Cable, St. Mervyn of Threadneedle Street.

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Merv knows bankers commit accounting fraud. Not only does he do sweet FA about it, he enables them by turning a blind eye and giving them ZIRP lending. He's like a wholesale crack dealer, condemning one of his customers who's embarked on a massive crime spree.

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Merv knows bankers commit accounting fraud. Not only does he do sweet FA about it, he enables them by turning a blind eye and giving them ZIRP lending. He's like a wholesale crack dealer, condemning one of his customers who's embarked on a massive crime spree.

We can only hope that when regulatory powers pass from the hopelessly corrupt FSA to the BoE in 2012 things may improve--however I suspect we will need a regime change for that to happen given the Koalishon's bankster friendly policies. There is virtually no political will to change the banksters and no riots on the streets to force the politicians to actually do anything to reign their extortion rackets in.

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"If it's possible [for financial services firms to make money out of gullible or unsuspecting customers, particularly institutional customers, [they think] that is perfectly acceptable."

Everyone who borrows money from banks is now 'gullible' according to King? It's no big secret. Even the head of Barclaycard a few years back said he didn't have a credit card. Those poor gullible unsuspecting customers who just wanted to take on bankers debt and enjoy living it up. The banks make money out of people who choose to borrow from them how dare they!

What does he want? Have customers pass an exam to prove they are not gullible and unsuspecting before getting into debt of the bankers for their holidays and cars and big mortgaged homes?

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Merv knows bankers commit accounting fraud. Not only does he do sweet FA about it, he enables them by turning a blind eye and giving them ZIRP lending. He's like a wholesale crack dealer, condemning one of his customers who's embarked on a massive crime spree.

Its not his job...that was passed to the FSA.

just another thought....just what are they recapitalising the banks for??....a new lending spree in the near future?

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Everyone who borrows money from banks is now 'gullible' according to King? It's no big secret. Even the head of Barclaycard a few years back said he didn't have a credit card. Those poor gullible unsuspecting customers who just wanted to take on bankers debt and enjoy living it up. The banks make money out of people who choose to borrow from them how dare they!

What does he want? Have customers pass an exam to prove they are not gullible and unsuspecting before getting into debt of the bankers for their holidays and cars and big mortgaged homes?

beggy pardon, but what money have they made? without huge bailouts and assistance, most would be on JSA.

currently they are cashing cheques the bank cant pay.

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Everyone who borrows money from banks is now 'gullible' according to King? It's no big secret. Even the head of Barclaycard a few years back said he didn't have a credit card. Those poor gullible unsuspecting customers who just wanted to take on bankers debt and enjoy living it up. The banks make money out of people who choose to borrow from them how dare they!

What does he want? Have customers pass an exam to prove they are not gullible and unsuspecting before getting into debt of the bankers for their holidays and cars and big mortgaged homes?

Imagine the outrage of people hiring others to set the loan exam. It would certainly be an interesting concept forcing people to sit an exam to get a loan. If two people where going for a mortgage would you want both to pass before granting the loan?

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Hmmmm........ he`s is very keen to point the finger at the banker`s of late, trouble ahead methinks

I don`t think the Arab uprising fit`s to well into their plan,Oil going though the roof with no chance of raising the IR to strengthen the £ to offset the cost because everyone in the market place knows the UK economy is the housing market and everyone knows what will happen to that with a IR increase which would have a negative effect on the £ a rock and a hard place comes to mind

Time to start passing the buck for Merv

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Everyone who borrows money from banks is now 'gullible' according to King?

No - did you read what he said (which you quoted in your post) or do you just have rubbish comprehension skills? :rolleyes:

To refresh your memory:

"If it's possible [for financial services firms to make money out of gullible or unsuspecting customers, particularly institutional customers, [they think] that is perfectly acceptable."

How do you manage to translate that into "King says every borrower is gullible" :lol:

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What is that Merv.... peoples savings are being destroyed by bankers?

A certain central banker troughing it while he can, and not raising interest rates so he doesnt upset the home 'owning' majority.

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How do you manage to translate that into "King says every borrower is gullible" :lol:

By knowing you have to carefully interpret Central Banker speak.

He did not put the focus fully on the fact each borrower, every individual, is responsible for their own borrowing decisions. If anything he makes borrowers out to be innocents. It should be less about gullible customers and more on individuals needing to accept they are responsible for their own financial affairs before taking on big debt.

If anyone get themselves into positions where they have multiple credit cards, spent away, now can't roll balance into a another interest free deal, or a big mortgage taken out and are struggling now due to wife or husband losing a job. That is their own fault. What does he want? Their debts to be partially forgiven or wiped away. That would be great news for us wanting lower house prices. For borrowers paying lots in interest to banks to blame the banks for getting themselves into trouble for having lent them the money.

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Time to start passing the buck for Merv

That's what it looks like to me, as well.

Could it be that he envisages a bit of trouble in the not too distant future - social unrest and a heads of bankers on pikes scenario?

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Guest sillybear2

He's the one providing all the free money to the banks, without that support they wouldn't even be solvent, let alone paying out bonuses.

Merv the Magician.

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By knowing you have to carefully interpret Central Banker speak.

He did not put the focus fully on the fact each borrower, every individual, is responsible for their own borrowing decisions. If anything he makes borrowers out to be innocents. It should be less about gullible customers and more on individuals needing to accept they are responsible for their own financial affairs before taking on big debt.

If anyone get themselves into positions where they have multiple credit cards, spent away, now can't roll balance into a another interest free deal, or a big mortgage taken out and are struggling now due to wife or husband losing a job. That is their own fault. What does he want? Their debts to be partially forgiven or wiped away. That would be great news for us wanting lower house prices. For borrowers paying lots in interest to banks to blame the banks for getting themselves into trouble for having lent them the money.

That's great.

But banks don't lend money, they extend credit.

Pretty nearly everyone who thinks they owe, doesn't. And if they find out how it works they'll stop paying at least, and start offing the bankster class at most. Probably somewhere in the middle is where it'll end up - jail terms, pecora style.

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Hmmmm........ he`s is very keen to point the finger at the banker`s of late, trouble ahead methinks

I don`t think the Arab uprising fit`s to well into their plan,Oil going though the roof with no chance of raising the IR to strengthen the £ to offset the cost because everyone in the market place knows the UK economy is the housing market and everyone knows what will happen to that with a IR increase which would have a negative effect on the £ a rock and a hard place comes to mind

Time to start passing the buck for Merv

That's all it is a buck passing exercise.

Without inflationary central bank policy and low rates forcing people into more debt and investors into bad investments (the whle mortgage backed securities complex was a scam to offload the risk but offer better than fixed interst gilts/treasuries rates) almost none of the problems of the last 10 years would have occured.

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That's all it is a buck passing exercise.

Without inflationary central bank policy and low rates forcing people into more debt and investors into bad investments (the whle mortgage backed securities complex was a scam to offload the risk but offer better than fixed interst gilts/treasuries rates) almost none of the problems of the last 10 years would have occured.

Merv the Swerve. Always one eye on the mob, knows full well what is closing in on all of us. He's still letting inflation run on because he's still in the pockets of the money lenders. When interest rates rise (and they will have too) house prices will crash, its over for the banks and he knows it. He can be as vigilant as he likes when he's being crucified on the field of Mars with the rest of them.

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That's great.

But banks don't lend money, they extend credit.

Pretty nearly everyone who thinks they owe, doesn't. And if they find out how it works they'll stop paying at least, and start offing the bankster class at most. Probably somewhere in the middle is where it'll end up - jail terms, pecora style.

Free man of the land by any chance?

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Free man of the land by any chance?

Nope.

Guy who likes facts.

Lending involves taking something you already have in your possession, that you wholly own and giving it to someone else. it also requires you admitting when you have recieved said item back, even if it's not from the person you lent to.

i.e. if I lend you my car and someone else gives it back to me, you no longer owe me a car. You might owe them something, but we are done.

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The whole thing is farsical. BoE by government demand pumped money into the system to keep banks afloat. If they had let them go to the wall I am not convinced the world would have collapsed. We just would have fewer banks and only those who behaved better would have survived. I'm not even convinced many would have gone to the wall, they would just post losses and carry on. They're very well versed in hiding losses in 'special purpose vehicles'.

This keeping us out of a depression / recession rubish is also a magicians act. SMEs have not seen the benefits of this money and yet they represent around 99% of our economy. We've just had to cut our cloth differently without the help.

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Guest sillybear2

I find Mervs sudden change of tack intrigueing, it could be a sign that TS is about to HTF big time.

Or that his pension pot is now fully loaded and he's preparing to retire in 2 years time. He can say whatever he likes now, I suggest he fills his speeches and meetings with foul mouthed tirades against everyone and everything that slightly bothers him. It would be like The King's Speech but with tourettes. He should go to the Barclays AGM and stand up and call them all thieving f***rs, stuff like that, and dress as a clown too, make it fun. He could put Charlie Sheen in charge of monetary policy, it might work.

Edited by sillybear2

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The whole thing is farsical. BoE by government demand pumped money into the system to keep banks afloat. If they had let them go to the wall I am not convinced the world would have collapsed. We just would have fewer banks and only those who behaved better would have survived. I'm not even convinced many would have gone to the wall, they would just post losses and carry on. They're very well versed in hiding losses in 'special purpose vehicles'.

This keeping us out of a depression / recession rubish is also a magicians act. SMEs have not seen the benefits of this money and yet they represent around 99% of our economy. We've just had to cut our cloth differently without the help.

Worse banks specifically put the squeeze on SME's raised their overdraft and borrowing rates - even for those companies for which there was no inherent extra risk (this excludes the ******ed up lending to the propoerty ponzi scheme and commercial property gambling that both the banks and some companies allied themselves in).

Thus the banks threatened to pull down the rest fo the economy unless they got their way and got to dig their hands in the back pocket of the taxpayer.

The pile of shit shold have been wiped out and the blight removed from the system.

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Nope.

Guy who likes facts.

Lending involves taking something you already have in your possession, that you wholly own and giving it to someone else. it also requires you admitting when you have recieved said item back, even if it's not from the person you lent to.

i.e. if I lend you my car and someone else gives it back to me, you no longer owe me a car. You might owe them something, but we are done.

Like when a bank issues`s a mortgage to me then another party buy the debt but the original bank still collect`s the interest and repayment from me

Would that mean the person i owe is the the party that bought my debt (basically the same as what going on in the US at the moment with repoed property ,no one has proof of ownership and the original bank has been paid for the loan so they have no claim on said property as they have received full payment for it)

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Well done Merv - always knew he made sense

Hogwash. Merv knows which way the wind is blowing and is trying his best to "pass the blame and don't blame me". If the prevailing wind of public sentiment were blowing in a different direction, Merv would follow that.

He's a sniveling, odious, spineless, disingenuous kunt! :angry:

Now RB, your homework for the weekend is to write that out 500 times.

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  • 312 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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