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ska_mna

R4 The Bottom Line - Finance: Producers Or Parasites

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Anyone else hear the Bottom Line on R4 last night? Quite a good one;

Listen again >

"With protests continuing around the world against the financial sector, three guests from that industry swap candid thoughts about it. Evan puts to them a fundamental question: is their industry creating genuine wealth, or is it essentially parasitic, finding clever ways of distributing other people's wealth to its own workers?

Joining Evan in the studio are Ken Olisa, chairman of boutique technology merchant bank Restoration Partners; Ian Gorham, chief executive of financial advisory firm Hargreaves Lansdown; Julian Roberts, chief executive of savings and investment group Old Mutual."

All panelists working in finance related industries, so as you might have guessed, they weren't entirely in agreement with the premise of the argument...! (There were a few concessions however)

Some of the points made, particularly by Ken Olisa will get your blood boiling. Here are a few quotes;

Ken Olisa:

(on the protestors/OWS) "I find them deeply irritating… occupying Wall Street is irrational. It's ill-judged.. what exactly are they arguing against? Will except that things are not good and therefore people are likely to vent… but then at whom do they vent? This is the same argument that's advanced on why people should break into other people's shops and steal their flat screen TVs.. it's not logical."

I couldn't follow his argument here, particularly the latter part. What is he smoking?

Evan Davis:

"The banks are to blame… they lent [money] too easily. This is an amazing conversation; you are all being very defensive about the banks. Is it possible to have any sympathy for the sector that allowed itself at the height of the boom that had been running for ten years to borrow £40 of every £1 of its own capital? In other words, a 2-3% loss in the asset base then the company is bust. And for that, they were paid millions of pounds. Are you seriously saying that sector deserves your sympathy?"

Evan Davis:

"Where does that capitalist system that you're so fond of… where's the downside? What happens when the capitalist system involves the people who made the bets and ought to go bust have to be rescued?"

Presenter Evan Davis threw in some good questions and points of view though as you can see. I think he probably does get it, you know.

Whole programme worth a listen.

Edited by ska_mna

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Thanks for the heads up.

The programme is currently marked as 'coming soon' on BBC iplayer.

It's available at my link above. Not sure why it's not on iPlayer proper yet.

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It's available at my link above. Not sure why it's not on iPlayer proper yet.

Apologies.

I was looking at the BBC World Service iplayer feed, not the R4 feed, where it is indeed available right now.

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It was quite interesting. I'm glad Evans was rather robust in arguing aganst these bankers' opinions. Sometimes he comes across as pretty toady to businessmen on that programme.

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It was quite interesting. I'm glad Evans was rather robust in arguing aganst these bankers' opinions. Sometimes he comes across as pretty toady to businessmen on that programme.

Yes, I agree. He'll quite often let people off quite lightly, but was quite refreshing this time.

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Yes, I agree. He'll quite often let people off quite lightly, but was quite refreshing this time.

When he first arrived on Today I thought he was a bit weak but he has grown over time. I've heard a few other programmes by him and he is capable, though I may not always agree with his perspective.

One thing that made me like him - when the BBC had that strike he crossed the picket line to do Today.

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  • 277 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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