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Tory Treasury Minister Trashed On Air By Andrew Neil

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Remarkable interview by Andrew Neil attempting to understand the Tory flagship Credit Easing policy. Running rings around Justine Greening who clearly hasn't got a clue what she's talking about.

She's the Treasury Minister responsible for credit easing. :ph34r::ph34r::ph34r:

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It's not an easy job sorting this mess out.

Show me someone who says they know what they are talking about and I'll show you a liar.

Clearly the minister responsible for implementing credit easing doesn't know what she's talking about so that's 1 person you can cross off your list.

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It's not an easy job sorting this mess out.

Show me someone who says they know what they are talking about and I'll show you a liar.

Are you saying that you know what you are talking about?

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He ripped her...showed us just how poor quality we have running the country these days.

Ironic that in the first 2mins, if you look at the reflection on the window as the minister speaks, there is a garbage collector. He could probably have explained the QE theory as well as the minister..... :ph34r:

As for AN's last word..."you have won the Pop Quiz". Classic. :D

Best interview this week.

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Comedy gold.

Though I have to say AN looks a right dick at the beginning, she gulps out of nervousness at the start and his little eyes light up. Natural bully.

Cheer up though, labour will soon be back in power, doing whatever the BoE tell them to. It'll make such a difference!

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They seem to have come up with a whizzy idea but haven't worked out the detail yet.

It's like the government is a marketing department - first they think of a name, then they announce the new product with a great fanfare. Substance comes later, if at all.

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Remarkable interview by Andrew Neil attempting to understand the Tory flagship Credit Easing policy. Running rings around Justine Greening who clearly hasn't got a clue what she's talking about.

She's the Treasury Minister responsible for credit easing. :ph34r::ph34r::ph34r:

A few yers ago, she became my boss after being headhunted for the role. I handed my notice in after our first 1-2-1. Its amazing how far you can get in life not being that smart.

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So their plan is...

To print money, buy SME corporate bonds with it, securitize the bonds, then sell on these fraudulently rated (government backed) assets into a "highly liquid" market as exists currently in the United States.

Now where have I heard this before....?

Total idiots.

Edited by worst time buyer

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They have annunced a policy to sort out a problem without thinking through the details of how it will be implemented.

I've known lots of projects like that. You merely know what you want to achieve, you set aside resources and a project team and set them the task of implementing. It is a basic failing of our culture that we want all the details up front and if someone doesn't know exactly then that is seen as a sign of weakness.Well, actually it is a sign of the person expecting this that they don't know how things operate.

Details?

She couldn't even explain the principle.

Andrew Neil knew more about issuing bonds than she does and she's in charge of it.

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Neil said the big companies dont have to issue bonds because they are sitting on a massive cash pile. WHilst corporate balance sheets are flush with cash (apparently) I still thought they issued regular bonds? Am I wrong? I know I have exposure to corporate bonds from big companies liek tesco although unsure when these were issued.

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They seem to have come up with a whizzy idea but haven't worked out the detail yet.

It's like the government is a marketing department - first they think of a name, then they announce the new product with a great fanfare. Substance comes later, if at all.

Well IMO better this than helicoptering cash into the stock and bond markets. Also unlike "real" QE a least some proportion of it will actually be paid back at some point so it less inflationary in the long term.

Edited by goldbug9999

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Well IMO better this than helicoptering cash into the stock and bond markets. Also unlike "real" QE a least some proportion of it will actually be paid back at some point so it less inflationary in the long term.

They'll try anything but rebalancing the economy so the workers get a decent wedge out of the whole thing.

But that's the only thing that will work, so it's merely a matter of time (and inflation.)

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A few yers ago, she became my boss after being headhunted for the role. I handed my notice in after our first 1-2-1. Its amazing how far you can get in life not being that smart.

Indeed. It seems to me in this day and age, all you need to be successful is:

1. Powerful contacts

2. Willingness to jump from job to job (without learning how to actually do any of them)

3. Have an extremely high opinion of one’s self.

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Details?

She couldn't even explain the principle.

Andrew Neil knew more about issuing bonds than she does and she's in charge of it.

She comes across, confused, and out of her depth. However she is apparently quite well educated:

She attended the University of Southampton, where she studied Economics,[2] and the London Business School (MBA). Prior to entering Parliament, she trained as an accountant and worked as an accountant/finance manager for, amongst others, Price Waterhouse Coopers, GlaxoSmithKline and Centrica.

In the grand canon of political incompetents, I dont think the Greening Interview compares to my personal favorite, when Sky Interviewer Dermot Murhaghan, asked the Innumerate, Alan Johnson, Labours new shadow Chancellor for 2011, what the current rate of National employers insurance contribution was.

Johnson dodged the question 4 or 5 times, before replying that Labour would be increasing the NI rate from 20% to 21%!

How anyone in this country cannot know that the NI rate is around 12% [12.8% to be exact] was quite unbelievable. Never mind the Shadow Chancellor of the Exchequer.

Johnson then went onto claim that the Governments recent rise in VAT would stop families buying food, when the majority of VAT is zero rated..

Johnson was a postman, then a union leader before becoming a Labour MP, and the shadow chancellor.

All politicians are tw@ts

Edited by Milton

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All politicians are tw@ts

Corrected for you...

ALL politicians are LIARS and MURDERERS.

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They'll try anything but rebalancing the economy so the workers get a decent wedge out of the whole thing.

But that's the only thing that will work, so it's merely a matter of time (and inflation.)

They can't do something like that, those workers might spend their earnings in the wider economy and the bankers could miss out on their bonuses.

If they really want to help businesses then any measures that can ease the burden of the increased living costs on the masses will do exactly that. Not that they'd want to do that, they'd rather cut the 50p tax rate. It appeared to me when the last government upped it in the first place that they were trying to recover some of the salaries being paid to the public sector fat cats.

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What an amateur.

She should have just said that she is getting on with the job, because it's the right thing to do, and that this crisis started in America.

She should have also mentioned that these strikes are wrong. 10 times in a row. Irrespective of the question.

We will not get competent leadership until there has been a major crisis. The current establishment will not let go until they are utterly, utterly discredited.

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It's not an easy job sorting this mess out.

Show me someone who says they know what they are talking about and I'll show you a liar.

No one knows everything, but some people do know more than this Treasury Minister. She did not have a grasp of the difference between QE, gilts and a proposed system to allow SME to issue bonds creating a secondary market. She claimed that there would no additional borrowing required by the govt to provide this extra cash for SME's. Well, if the B of E would like to syphon off some completely phoney money/printed or electronically created and buy them, then she is right! How a govt will lend to businesses which have been refused by banks without huge risk to the taxpayer is not clear. To be of any help it would have to be a no collateral situation which she did not adequately answer. Then if this was the case she was pressed as to how this would cost the govt nothing if loans go bad. It must be because they would be handing out mickey mouse money. You can see some devious people getting hold of this 'cash' claiming it will save jobs.

I'll say now that this will simply add to debasement of our currency and it will distort the market for business which borrows legitimately from Banks or issues its own bonds. Businesses acting in the normal manner will be left competing with others which should be giving way to them, perhaps even collapsing. That is the normal course of events. The survivor picks up more business and begins to grow. Eventually the whole downtrend reverses and you see growth again. Do I support a policy to interfere with that, when the whole western world is maxed out in debt. NO.

BULLITICIANS Politicians have to be seen to have an answer. Well, we found out on this clip that George Osborne had said in 2009 QE was a sign that all other policy had failed. ...£200 Billion later...

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sounded very badly briefed - sounds like she wanted to announce a crowd pleasing policy for the conference without really working thru the details, pretty silly

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She tried to play the game complicated and came unstuck.An innocent abroad,don't they have anybody better than that?

I'd imagine Osbourne can't have competence around because it would make him unemployed.

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  • 284 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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