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Bruce Banner

Sky News today - The Financial Crisis

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Does it mention that it is still going on, nothing's been fixed and we haven't had the crash yet?

Edited by Errol

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46 minutes ago, Bruce Banner said:

Sky News are doing a big thing on the financial crisis today, quite interesting and worth a look if you're able to watch TV on a working day.

why is it coming out in the wash now ?, what will rise with another crash where can money be made if it does? it wont be for the good of the general public. 

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I would love someone on one of these confront the politician shows to ask "Thanks for confirming the exact start date. When was the exact end date?" In the unlikely scenario they actually give you one then ask why emergency interest rates still in place. Collapse of stout party. 

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Haven't bothered to look at the Sky coverage. Only hope it's better than the Beeb:

"The credit crunch was caused by banks' unwillingness to lend money."

a bit like saying:

"The cars crashed because they collided with one another."

Cause and definition: not the same thing.

Edited by Sledgehead

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IMO the real reason is rarely reported - political interference in the US housing market to extend 'home ownership' to poor (mainly black) Americans.  A Clinton policy.

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1 hour ago, Bruce Banner said:

Sky News are doing a big thing on the financial crisis today, quite interesting and worth a look if you're able to watch TV on a working day.

Interesting to note that all the markets (apart from Moscow and Tehran) are down so far today.

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20 minutes ago, Sledgehead said:

 

"The credit crunch was caused by banks' unwillingness to lend money."

or the drug addict went cold turkey because he did not have a fatal overdose. 

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3 hours ago, Wayward said:

IMO the real reason is rarely reported - political interference in the US housing market to extend 'home ownership' to poor (mainly black) Americans.  A Clinton policy.

Wasn't that just the cover story fed to the public for dismantling the Glass-Steagall act (repealed so that investment banks could make bigger profits for themselves by putting regular commercial customers at risk)?

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3 hours ago, Wayward said:

IMO the real reason is rarely reported - political interference in the US housing market to extend 'home ownership' to poor (mainly black) Americans.  A Clinton policy.

And I thought I was a thought criminal.

 

Truth bombs like that will get you banned around here.

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Alistair Darling's scariest moment:

Quote

 

He said: “I had to go to one of these meetings of European finance ministers, and I was asked to come out and take a call from the then chairman of RBS (Tom McKillop) who said the bank was haemorrhaging money.
“Remember this was not only the biggest in the world, it was about the same size as the entire UK economy.
“I said to him, 'How long can you last?'

“And what he said to me shook me to the core.

“He said, 'Well we're going to run out of money in the early afternoon'."
Lord Darling said there would have been “blind panic” had the government chosen not to intervene.

http://www.insider.co.uk/news/former-chancellor-alistair-darling-recalls-10955750


 

 

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Since then....

Alistair Darling joined JP Morgan, Crash Gordon joined PImco

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12040709/Alistair-Darling-appointed-to-Morgan-Stanley-board.html

 

FSA Chief Hector Sants joined Barclays but moved on to Abu Dhabi

http://www.cityam.com/205829/hector-sants-lands-new-jobs-oliver-wyman-and-abu-dhabi

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40 minutes ago, Democorruptcy said:

Alistair Darling's scariest moment:

 

Yes bloke rings him up and says his business is crap and is about to go out of business, reckon you've a spare hundred billion or more to see me through.

No fkn problem we'll see you right, got any mates  who are too incompetent to run a bank in the same position might aswell sort them out whilst we're at it.

Labour should have been disbanded for this blatant theft and criminality.

Edited by Habitationi Bulla

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1 hour ago, Sour Mash said:

Wasn't that just the cover story fed to the public for dismantling the Glass-Steagall act (repealed so that investment banks could make bigger profits for themselves by putting regular commercial customers at risk)?

I don't know...?  I will have to read up on that aspect....as I read it the volume of foreclosures in the US was the key reason for the crisis and these home loans should never have been granted in the first place but were because of the politics around home ownership amongst the poor  in the USA - not sound business.

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5 hours ago, Sledgehead said:

Haven't bothered to look at the Sky coverage. Only hope it's better than the Beeb:

"The credit crunch was caused by banks' unwillingness to lend money."

a bit like saying:

"The cars crashed because they collided with one another."

Cause and definition: not the same thing.

Good car analogy. I'd put it ever so slightly differently: the BBC version is analogous to "the cars crashed because they slowed down very suddenly", versus the correct description: "they crashed because the drivers had accelerated too hard and weren't looking where they were going."

It's interesting that the BBC managed to get itself into such a tangle that the statement they should have made (and which, if pressed, even they would acknowledge to be correct) is the exact inversion of what they actually said, to wit: "The credit crunch was caused by banks' over-willingness to lend money."

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5 hours ago, Wayward said:

IMO the real reason is rarely reported - political interference in the US housing market to extend 'home ownership' to poor (mainly black) Americans.  A Clinton policy.

Oof! Very interesting thought!

2 hours ago, Sour Mash said:

Wasn't that just the cover story fed to the public for dismantling the Glass-Steagall act (repealed so that investment banks could make bigger profits for themselves by putting regular commercial customers at risk)?

This sounds very likely, and of course Wayward's point could still hold: Clinton could have been the useful idiot using the race argument to loosen lending standards, or a willing and knowledgeable servant. It could have been fate's jest that this cohort of subprime borrowers (rather than some other, which would have happened a little later anyway) was what brought the show to a halt. The clues could have been there to point at the corruption of the perpetrators, if the press weren't so craven too.

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2 hours ago, ThoughtCriminal said:

And I thought I was a thought criminal.

 

Truth bombs like that will get you banned around here.

news to me that this is controversial...it was widely recognized at the time, but in the last ten years different narratives have been spun around the crash depending on political perspective with truth being the victim.

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I watched some of this coverage on Sky yesterday - often the questions came up about "could this happen again and are we well prepared for it?", of course met with ample re-assurance that all sorts of lessons had been learnt and everyone was much more informed and prepared now. Vigilant you might say :)

But the tone was a little off, and it didn't really hit the mark... so really it came across more like -> "a new threat of total collapse is imminent, are we all ready for that? Global crisis round 2?"

I think it probably caused more of a sweep of concern across anyone watching... rightly so of course IMO - I'm a keen follower of the excellent deflationary collapse thread created by @durhamborn !

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.

Quote

 

He said: “I had to go to one of these meetings of European finance ministers, and I was asked to come out and take a call from the then chairman of RBS (Tom McKillop) who said the bank was haemorrhaging money.
“Remember this was not only the biggest in the world, it was about the same size as the entire UK economy.
“I said to him, 'How long can you last?'

“And what he said to me shook me to the core.

“He said, 'Well we're going to run out of money in the early afternoon'."
Lord Darling said there would have been “blind panic” had the government chosen not to intervene.

http://www.insider.co.uk/news/former-chancellor-alistair-darling-recalls-10955750

 

So the RBS chairman was able to convince Chancellor Darling on the basis of boo hooing during a brief telephone conversation - how pathetically they run the UK's economy. 

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