Jump to content
House Price Crash Forum
Sign in to follow this  
Sour Mash

Quote Of The Week

Recommended Posts

David McWilliams

Anyone who worked in financial markets will know that — at its most base — the “market” is in fact only a coked up, whoring 28-year-old from Basildon on hyper-wages, with a Porsche and a Chelsea season ticket.

Nail firmly struck on head, and there's more good stuff ....

This is hardly the type of far-sighted leader that we should be depending on, nor the opinion we should be worried about. Has he become the arbiter of economic policy in the early 21st Century? Is this where we have got to? The young lad in London who is “shorting” the European bond market mightn’t easily find Florence on a map and his geopolitical interests might not go further than the price of a footballer’s transfer fees in the closed season and who won ‘The X Factor’.

When the papers tell us that the “market” is nervous, or jittery or whatever, all this says is that Brett from Basildon is unable to figure out what is happening. Who cares? Yet in response to his actions over the past few days, the ECB is buying Italian and Spanish bonds and in so doing creating a market for him to bet against. This emboldens him.

We are seeing a battle for power between the interests of the banks and the interests of the people. For years, the proponents of free capital movements argued that the markets were disciplining government and that in order to safeguard people’s money the financial markets should be allowed to do what they wanted. As a result, the banks have become so powerful that they know they can push governments around and if they fail, they will be bailed out. So it is a one-way bet with other people’s money.

Share this post


Link to post
Share on other sites

Sorry, no.

The market is us. Horribly distorted by gubmint, but us all the same.

McWilliams was a fly by night central banker, who now writes folksy articles and supports comedy festivals. He made a good call years ago on excessive debt, but actually supported the Irish gubmint's universal guarantee of the banks when it mattered most. I called him on it, and he responded with a stumbling excuse on his blog after the guarantee dumped sovereign debt in the shitter.

Shill in disguise.

Share this post


Link to post
Share on other sites

Sorry, no.

The market is us. Horribly distorted by gubmint, but us all the same.

McWilliams was a fly by night central banker, who now writes folksy articles and supports comedy festivals. He made a good call years ago on excessive debt, but actually supported the Irish gubmint's universal guarantee of the banks when it mattered most. I called him on it, and he responded with a stumbling excuse on his blog after the guarantee dumped sovereign debt in the shitter.

Shill in disguise.

...he's possibly not far out ...describing Del boy at the keyboard and screen in a city office....lots of ex barrow boys have made good traders....fast brains with a sense of humour....but they burn out by the time they reach thirty..... :rolleyes:

Share this post


Link to post
Share on other sites

Im not sure what it is like in the city now , buy in the 80's I knew a young woman who worked in the money markets . Heavy drinking at lunch time was encouraged as it gave people more guts to take risks.

Twice she went back to work after a heavy lunch time session and collapsed on the dealing room floor. They picked her up put her in a cab and sent the cab to her home in Essex. Nothing was said the next day when she returned to work.

Share this post


Link to post
Share on other sites

Im not sure what it is like in the city now , buy in the 80's I knew a young woman who worked in the money markets . Heavy drinking at lunch time was encouraged as it gave people more guts to take risks.

Twice she went back to work after a heavy lunch time session and collapsed on the dealing room floor. They picked her up put her in a cab and sent the cab to her home in Essex. Nothing was said the next day when she returned to work.

I imagine she didn't get anywhere near taking risks with the firm's money. Tough work place for women, and that example sounds a bit sad.

My brother manages a trading desk at an IB. First time I met his team I thought, "Is that it?" About ten years ago on a stag in Edinburgh. Not exactly masters of the universe - ordinary guys with modest ambition who understood they were earning far more than they deserved. Not much fun, a bit drab - but at least they covered the bar tab.

Share this post


Link to post
Share on other sites

I imagine she didn't get anywhere near taking risks with the firm's money. Tough work place for women, and that example sounds a bit sad.

My brother manages a trading desk at an IB. First time I met his team I thought, "Is that it?" About ten years ago on a stag in Edinburgh. Not exactly masters of the universe - ordinary guys with modest ambition who understood they were earning far more than they deserved. Not much fun, a bit drab - but at least they covered the bar tab.

With your money.

Share this post


Link to post
Share on other sites

David McWilliams

Nail firmly struck on head, and there's more good stuff ....

He's obvioisly never been to Basildon. Anyone rich enough to own a porche does not live there!

He must mean Brentwood or Billericay.

Edited by Pent Up

Share this post


Link to post
Share on other sites

Im not sure what it is like in the city now , buy in the 80's I knew a young woman who worked in the money markets . Heavy drinking at lunch time was encouraged as it gave people more guts to take risks.

Twice she went back to work after a heavy lunch time session and collapsed on the dealing room floor. They picked her up put her in a cab and sent the cab to her home in Essex. Nothing was said the next day when she returned to work.

It's different now. At least not as bad. They still drink at lunch as can anyone who doesn't operate heavy machinery. As long as they don't come back pissed I font think it matters. Remember the guy last year who caused an oil spike after drinking too much at launch. He wasn't back at work the next day!

Share this post


Link to post
Share on other sites

He's obvioisly never been to Basildon. Anyone rich enough to own a porche does not live there!

He must mean Brentwood or Billericay.

...Basildon possible ...but he's probably renting in Kensington on his high pay check ...will retire at 30 and go off to a palm fringed overseas beach town and buy a beach bar... :rolleyes:

Share this post


Link to post
Share on other sites

The Market is a casino where the banks get to make unlimited bets and will be bailed out no matter what, they cannot lose.

The Fed are giving the banks free money to continue betting with.

spot on

Share this post


Link to post
Share on other sites

If you go to Canary Wharf these days, a hell of a lot of them go for a run at lunchtime, or go to one of the many gyms so don't know about a drink.:blink:

Basildon? :lol:

Was more "white flight" working class from the East End I'd have thought.

Edited by John Steed

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 338 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.