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Scooter

Tessa Jowell's Guide To Remortgaging

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From The Times:

"The Jowell affair will damage the Government because it looks, like all those other lifestyle revelations, as if the country is run by people too wealthy to care. How can a minister who signs away her home, three times in five years, without apparently thinking about it (and lets her husband sign away their other home four times), understand the concerns of those who will never see a £400,000 loan in their lifetime, or their children’s?

One No 10 official offered an alternative reading of the significance of this saga yesterday: “It is only thanks to having the cheapest interest rates in history that people have been able to raise money by remortgaging so often.” That may not be the message the punters take from this one either, but it’s as relevant a point as many of the others being bandied about today."

I was surprised by the frank comments of an anonymous "No 10 Official" as they are remarkably insightful in terms of the economic implications of very low interest rates and-to me at least-hint of a very deliberate policy to keep the cheap money tap flowing freely (so assuring a third Labour term).

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That's what you get with a socialist government..., :lol:

The South Sea Company Bubble

Formed in 1711 by Robert Harley, the South Sea Company was created to convert £10 million of government war debt (incurred during the War of Spanish Succession) into its own shares.

In exchange, the company would receive annual interest payments from the government and a monopoly on trade with the South Seas and South America.

The exchange was successful and although the expected trade riches never materialized, the company continued with several other debt conversions.

In 1720 the company proposed to take over the entire British national debt. As soon as the plan was announced to Parliament, the company's share prices began to rise as speculators gambled on the conversion plan.

The House of Lords approved the plan on April 7, 1720, after government officials had been bribed with secret allocations of shares. In order to make the deal more attractive, the company inflated the value of its stock.

On April 14, £2 million of South Sea Company stock was offered to the public at £300 per share and the subscription sold out within an hour. The company made several more stock offerings, all of which sold out, with the subscribers representing all social classes.

The apparent success of the South Sea Company's scheme led to the appearance of many new joint-stock companies, which became known as "bubble" companies.

One of them was for a wheel for perpetual motion -- capital one million; another was 'for encouraging the breed of horses in England, and improving of glebe and church lands, and repairing and rebuilding parsonage and vicarage houses.'

But the most absurd and preposterous of all, and which shewed, more completely than any other, the utter madness of the people, was one started by an unknown adventurer, entitled, "A company for carrying on an undertaking of great advantage, but nobody to know what it is."

Yup, Parliament was bribed to pass the "Bubble Act of 1720". Ministers of the crown, lords, the aristocracy and even the royal family all bailed in.

The price of the stock went up over the course of a single year from one hundred pounds a share to over one thousand pounds per share. Its success caused a country-wide frenzy as citizens of all stripes – from peasants to lords – developed a feverish interest in investing; in South Seas primarily, but in stocks generally. Among the many companies, more or less legitimate, to go public in 1720 is – famously – one that advertised itself as “a company for carrying out an undertaking of great advantage, but nobody to know what it is.”

The price finally reached £1,000 in early August and the level of selling was such that the price started to fall, dropping back to one hundred pounds per share before the year was out, and triggering bankruptcies amongst those who had bought on credit and increased selling, even "short selling" (selling borrowed shares for a profit if the price falls).

Also, in August 1720 the first of the installment payments of the first and second money subscriptions on new issues of South Sea stock were due. Earlier in the year Blunt had come up with a brilliant idea to prop up the share price, the company would lend people money to buy its shares (!). As a result a lot of shareholders couldn't pay for their shares other then by selling them (!).

Furthermore, the scramble for liquidity appeared internationally as "bubbles" were also ending in Amsterdam and Paris. The collapse coincided with the fall of the Mississippi Scheme of John Law in France. As a result, the price of South Sea shares began to decline.

By the end of September the stock had fallen to £150. The company failures now extended to banks and goldsmiths as they could not collect loans made on the stock, and thousands of individuals were ruined (including many members of the aristocracy). With investors outraged, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors.

"I can calculate the movement of the stars, but NOT the madness of men." - Sir Isaac Newton, after losing a fortune (£20,000) in the bubble.

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The South Sea Company Bubble

Formed in 1711 by Robert Harley, the South Sea Company was created to convert £10 million of government war debt (incurred during the War of Spanish Succession) into its own shares.

In exchange, the company would receive annual interest payments from the government and a monopoly on trade with the South Seas and South America.

The exchange was successful and although the expected trade riches never materialized, the company continued with several other debt conversions.

In 1720 the company proposed to take over the entire British national debt. As soon as the plan was announced to Parliament, the company's share prices began to rise as speculators gambled on the conversion plan.

The House of Lords approved the plan on April 7, 1720, after government officials had been bribed with secret allocations of shares. In order to make the deal more attractive, the company inflated the value of its stock.

On April 14, £2 million of South Sea Company stock was offered to the public at £300 per share and the subscription sold out within an hour. The company made several more stock offerings, all of which sold out, with the subscribers representing all social classes.

The apparent success of the South Sea Company's scheme led to the appearance of many new joint-stock companies, which became known as "bubble" companies.

One of them was for a wheel for perpetual motion -- capital one million; another was 'for encouraging the breed of horses in England, and improving of glebe and church lands, and repairing and rebuilding parsonage and vicarage houses.'

But the most absurd and preposterous of all, and which shewed, more completely than any other, the utter madness of the people, was one started by an unknown adventurer, entitled, "A company for carrying on an undertaking of great advantage, but nobody to know what it is."

Yup, Parliament was bribed to pass the "Bubble Act of 1720". Ministers of the crown, lords, the aristocracy and even the royal family all bailed in.

The price of the stock went up over the course of a single year from one hundred pounds a share to over one thousand pounds per share. Its success caused a country-wide frenzy as citizens of all stripes – from peasants to lords – developed a feverish interest in investing; in South Seas primarily, but in stocks generally. Among the many companies, more or less legitimate, to go public in 1720 is – famously – one that advertised itself as “a company for carrying out an undertaking of great advantage, but nobody to know what it is.”

The price finally reached £1,000 in early August and the level of selling was such that the price started to fall, dropping back to one hundred pounds per share before the year was out, and triggering bankruptcies amongst those who had bought on credit and increased selling, even "short selling" (selling borrowed shares for a profit if the price falls).

Also, in August 1720 the first of the installment payments of the first and second money subscriptions on new issues of South Sea stock were due. Earlier in the year Blunt had come up with a brilliant idea to prop up the share price, the company would lend people money to buy its shares (!). As a result a lot of shareholders couldn't pay for their shares other then by selling them (!).

Furthermore, the scramble for liquidity appeared internationally as "bubbles" were also ending in Amsterdam and Paris. The collapse coincided with the fall of the Mississippi Scheme of John Law in France. As a result, the price of South Sea shares began to decline.

By the end of September the stock had fallen to £150. The company failures now extended to banks and goldsmiths as they could not collect loans made on the stock, and thousands of individuals were ruined (including many members of the aristocracy). With investors outraged, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors.

"I can calculate the movement of the stars, but NOT the madness of men." - Sir Isaac Newton, after losing a fortune (£20,000) in the bubble.

Not sure about your point but if it was that not only Labour governments are dodgy, yes I know. :rolleyes:

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Not sure about your point but if it was that not only Labour governments are dodgy, yes I know. :rolleyes:

With Tory's it's usually the women, with the champagne socialists it's the dodgy dealing, with Blunkett it's a bit of both.

Buy shares and a directorship in the biosciences company that you used to verify the DNA the illegitimate son of the bit on side you've been shagging whilst fixing up some visa for the nanny and giving out free rail passes, then using a civil servant to cover it all up... whom then goes on to become deputy governor (financial stability) of the Bank of England.

Hrm, nobody would believe it.

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Not sure about your point but if it was that not only Labour governments are dodgy, yes I know. :rolleyes:

I think what miffed the odd voter was that they came in on a platform of "No more Tory sleeze". Fair enough, it is Labour Sleeze instead, so technically they were right, but it's doesn't really enter into the spirit of things.

I wonder what horrors are hidden within the Olympic bid. Putting IOC and this government together, well ......

btp

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With Tory's it's usually the women, with the champagne socialists it's the dodgy dealing, with Blunkett it's a bit of both.

Buy shares and a directorship in the biosciences company that you used to verify the DNA the illegitimate son of the bit on side you've been shagging whilst fixing up some visa for the nanny and giving out free rail passes, then using a civil servant to cover it all up... whom then goes on to become deputy governor (financial stability) of the Bank of England.

Hrm, nobody would believe it.

and with the LibDems it is being pissed on for sexual gratification on by young men who should know better...poor boys, Mark Oaten is a bit of monster. :unsure:

Edited by Scooter

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and with the LibDems it is being pissed on for sexual gratification on by young men who should know better...poor boys, Mark Oaten is a bit of monster. :unsure:

Indeed, but they're good at bi-elections, so to speak. The drunk, the confused, the backstabbers, the banker and the bisexual, despite all the press trouble they still managed to pummel Brown in his own backyard! :lol:

I wonder what horrors are hidden within the Olympic bid. Putting IOC and this government together, well ......

Guess who's Olympic minister? :o

Obviously they needed somebody well up on property, construction contracts, offshore hedge funds and IOC "type people".

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You can imagine the conversation between them:

Jowell 'What are you doing today dear?'

Mills 'Nothing much really, just paying off our huge mortgage.'

Jowell 'That's nice dear.'

After all the recent high-profile departures are we really meant to believe that this educated woman didn't suspect a thing? How is she going to distance herself? When you get married are you not jointly liable. I think your credit rating is linked to your spouses, so surely your tax-liability is too? Any accountants on here?

I seem to remember a certain Cheriegate business too! What's that old adage about choosing your friends carefully?

I don't think it matters how much more damage it causes Labour. I'd be astonished if they manage to survive another election given the current economic crisis unfolding. I'm more interested in the rapid increase in unemployment than this fiasco.

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MEW figures were once reliable economic indicators, but now even they are skewed by Labour ministers laundering bribes from their corporate friends :( Maybe that was their whole plan.

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they are all bent. NuLabor, Tories, Liberals

literally.

Full of lying theiving non-white non-hetrosexual non-able-bodied freaks with their snouts in the trough.s

havent voted for years as i dont encourage wasters

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Looks like we won't need to bother voting the NuLaba Mafia out - just leave them to it and they will get themselves sacked as one by one their unbelievably dodgy, filthy lifestyles scupper them.

They are SOOOOOOOOO dodgy!

Last time Labour did a pretty effective job using a negative campaign on the Tories. I think that this will work again. Something on the lines of 'if even some of our lot are sleazy, think how much worse the other lot would be - and what's more, they'll be far worse not having been in power for so long'. What's more, I actually believe that there will be some truth in this. Standards in public life are as low as I can remember them, and reminiscent of the politics in George III's time.

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I think what miffed the odd voter was that they came in on a platform of "No more Tory sleeze". Fair enough, it is Labour Sleeze instead.

What with all that bird flu and whatnot, I certainly don't want to be sleezed at :rolleyes:.

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We can joke and be sarcastic about all this sleeze from the present and past Governments.

It is so much more serious, for we are lost, our Democracy is in the hands of self servers and those who fought and in some cases died to establish Democracy could not have imagined that what we constantly see would have been the outcome.

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That's what you get with a socialist government..., :lol:

The faces may change but the behaviour and the morals stay the same. 99% of politicians are either liars, crooks, pyschopaths, megalomaniacs, or self interested, emotionally damaged attention seekers. They are no better than muggers and thieves - vile, stinking scum.

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Last time Labour did a pretty effective job using a negative campaign on the Tories. I think that this will work again. Something on the lines of 'if even some of our lot are sleazy, think how much worse the other lot would be - and what's more, they'll be far worse not having been in power for so long'. What's more, I actually believe that there will be some truth in this. Standards in public life are as low as I can remember them, and reminiscent of the politics in George III's time.

As we've discussed before, the majority of the population are now dependent on the state directly or indirectly, so simple electoralism means they need only mention the word 'tory cuts' and people will come scrambling, despite any sleaze or wars, etc.

The natural skew to Labour thanks to out dated boundaries and a questionable postal voting system has effectively recreated some "rotten boroughs" combined with the celtic fringe; this means the Tories don't really stand a chance unless there's some major unexpected 'event' on a scale of 1979.

I think Labour are setting themselves up to govern for a generation, it'll be 2015 at least. I'm not suggesting anything eitherway but merely pointing out what happends to a government of any colour that has been incumbent for over a decade.

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and with the LibDems it is being pissed on for sexual gratification on by young men who should know better...

Think it was a bit more than that: Number 2s, not Number 1s, and then he ate it :o That's what Private Eye are alleging anyway...so yes, definitely a monster.

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Think it was a bit more than that: Number 2s, not Number 1s, and then he ate it :o That's what Private Eye are alleging anyway...so yes, definitely a monster.

Eeeeew! :( I feel so much worse for knowing that. Surely that must make you ill? And why? There must be better things to do with a couple of rentboys...

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I think Labour are setting themselves up to govern for a generation, it'll be 2015 at least....

I fear they plan on being in power forever.

Apparently elements of NuLab are considering introducing Proportional Representation if it looks like they may loose the next election, which means by chucking the LibDems the odd electoral morsel, they'll form an electoral pact to rule forever

Dont be surpised if Gordon suggests introducing PR, to 'remove anomalies, and bring us more in line with Europe'

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Eeeeew! :( I feel so much worse for knowing that. Surely that must make you ill? And why? There must be better things to do with a couple of rentboys...

He's a coprophiliac. There's an entry on it in Wikipedia which will tell you more than you probably want to know. Not going to look it up to post the link because I'm at work (big brother is watching and all that). Basically Oaten has a fetish for sh1t. Unsurprisingly it can indeed make you ill. All that bacteria I suppose.

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Looks like we won't need to bother voting the NuLaba Mafia out - just leave them to it and they will get themselves sacked as one by one their unbelievably dodgy, filthy lifestyles scupper them.

They are SOOOOOOOOO dodgy!

like the tories were clean as a whistle.? they were even sleazier.

what does it take to get some decent, genuine leaders in a democracy ?

bring back the 1950s

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  • 301 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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