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Benedict

Times Article - World Not Ending After All

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There seems to be no mention of the USA housing plunge :unsure:

I couldn't give a **** about the US housing plunge except in so far as it impinges on me.

In fact I couldn't give a **** about an awful lot of things except in so far as they impinge on me. If only more journalists could bear that in mind and stop writing about stuff that I'm not interested in.

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There seems to be no mention of the USA housing plunge :unsure:

OTOH, he does say there will be job losses and bonus cuts in the city and that house prices will go down. It isn't a good-news article as in, don't worry it will all be over by next Thursday by any means, just an attempt to do Credit Crunch for Dummies

All he saying is that it is not the Armageddon that people are saying here.

I forget the stages, but we are past the denial stage now and the "yes but it's contained" stage and now into the "well it isn't contained and there will be consequences, but don't worry, it won't be that bad, we know what we are doing." stage.

And the next stage is...?

Incidentally, my neighbour lost his job this summer, so according to the anecdotal definition we are in a recession, but hopefully I won't lose mine and we won't be in a depression. :)

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Guest Bart of Darkness
Did you happen to notice the collapse of global capitalism and the end of the world financial system as we know it?

Must be part of the "I want it yesterday" generation (although to look at his picture.....).

I wouldn't want to be a woman who slept with this guy.

Kaletsky: "Right, I've been thrusting away for 10 seconds and you've not climaxed. It's obviously not going to happen. Put your knickers on and make me a cup of coffee".

(Instant coffee of course.)

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Must be part of the "I want it yesterday" generation (although to look at his picture.....).

I wouldn't want to be a woman who slept with this guy.

Kaletsky: "Right, I've been thrusting away for 10 seconds and you've not climaxed. It's obviously not going to happen. Put your knickers on and make me a cup of coffee".

(Instant coffee of course.)

Beautifully put.

The guy is a twit. And he's always been a twit. I wrote to them a few minutes ago. It took me ten goes on their stupid fcking comment system. Do they ever publish? Or would they refrain from publishing such a ranting maniac as myself who deigned to disagree with the Great Kaletsky?

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Beautifully put.

The guy is a twit. And he's always been a twit. I wrote to them a few minutes ago. It took me ten goes on their stupid fcking comment system. Do they ever publish? Or would they refrain from publishing such a ranting maniac as myself who deigned to disagree with the Great Kaletsky?

:lol::lol: You can't say that about the Great Kaletsky!

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http://www.timesonline.co.uk/tol/comment/c...icle2395320.ece

Presumably this person's either a VI, or an idiot, or both? After all any good news is false while any apocalyptic article is brilliantly researched, brutally realistic and fantastically insightful.

No, he's just a guy who'd been doing the job too long. He's too close to it. Indeed, the article is quite idiotic but he wouldn't see that for he lives so far far away in the promised land where every thought and word is dripped into the public domain.

He's just a posh Motley Fooler, really. They publish him so that readers might fancy themselves as clever for understanding him.

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And provided the Government and the Bank of England continue to play their cards well, as they broadly have since the mid1980s, London will remain the natural place for these financial businesses to grow.

:lol: Sorry you are right...

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....does he not realise it actually hasn't begun yet.....we are more precisely at the introduction of the 'beginning'

"More fundamentally, last month’s crisis is no more likely than its predecessors of the past decade to interrupt the relentless progress of globalised finance."

....frightfully naive...... :o:o:o

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Guest An Bearin Bui
http://www.timesonline.co.uk/tol/comment/c...icle2395320.ece

Presumably this person's either a VI, or an idiot, or both? After all any good news is false while any apocalyptic article is brilliantly researched, brutally realistic and fantastically insightful.

He's Anatole Kaletsky and in a class of his own: you have to handle his articles with caution as he's about 95 and so tends to take the long view of things. I'm sure everything looks just dandy to him from his armchair at the Times' office where his pipe and slippers are set out for him every day and the young folk (young whippersnappers of 42!) in the office are at his beck and call but he a.) probably owns a 10-bed mansion in Mayfair because he bought it in 1925 for 10 shillings and sixpence, the savings from his first entry-level job, b.) his pension is gold-plated because he got in before they closed the final salary scheme and c.) his career is also gold-plated as he is a "name" at the Times and will never be fired.

To sum up, the turmoil on the world markets won't affect him as he's financially secure and has seen it all before and lived to tell the tale so from his perspective it really is just a storm in a teacup. That's not to denigrate his experience or general expertise - his articles can be really well-thought out and offer strong arguments at times - but with respect to HPC, he couldn't care less so is able to take a philosophical view of things. If you're in the same financial position as Kaletsky is, good for you. If not, you have a right to demand more insightful and better thought-out journalism as the current state of the markets could actually affect your life.

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Guest pioneer31
Huh? Less impoverishment than a massive and catastrophic recession surely?

Oh I see, in your world there are only two states:

Endless HPI

or

Catastrophic crash, economic meltdown and end of civilisation.

:rolleyes:

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Oh I see, in your world there are only two states:

Endless HPI

or

Catastrophic crash, economic meltdown and end of civilisation.

:rolleyes:

[insult removed by moderator]

I expressed the view that if all the (many) states in the potential economic statespace were grouped into "Situations involving total collapse of the world economy" and "Situations where the world economy doesn't completely collapse", then the latter group is likely to involve less impoverishment all round, it's quite a leap from that to "either HPI or total financial meltdown, nothing in between" . . . .

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I couldn't give a fvck about the US housing plunge except in so far as it impinges on me.

so you're saying you do give a f about the US housing plunge then?

plus, kind of you to find an artical mildly bearish on UK property, and from A K himself, implying we're mpore f'd than America:

"In Britain, to a greater extent than America or Europe, the effects of this financial shake-out will be felt well beyond the financial sector – and not only because of the Bank of England’s surprisingly tardy and inflexible response to the dislocation, in comparison with the US Federal Reserve Board’s and the European Central Bank’s. The main problem for Britain is that so much of the country’s prosperity depends ultimately on the wealth generated by financial globalisation. It is, therefore, almost inevitable that house prices and Treasury tax revenues will suffer in the next year or so, just as they did after the financial upheavals of 1987, 1992, 1998 and 2001. "

although I find his blind trust in Keynsianist reinflation a bit worrying, it didn't work for Japan with a similar demographic to us now, so why is a bit of lowering interest rates going to work now? Or is 17 years economic stagnation a 'good thing'

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so you're saying you do give a f about the US housing plunge then?

plus, kind of you to find an artical mildly bearish on UK property, and from A K himself, implying we're mpore f'd than America:

"In Britain, to a greater extent than America or Europe, the effects of this financial shake-out will be felt well beyond the financial sector – and not only because of the Bank of England’s surprisingly tardy and inflexible response to the dislocation, in comparison with the US Federal Reserve Board’s and the European Central Bank’s. The main problem for Britain is that so much of the country’s prosperity depends ultimately on the wealth generated by financial globalisation. It is, therefore, almost inevitable that house prices and Treasury tax revenues will suffer in the next year or so, just as they did after the financial upheavals of 1987, 1992, 1998 and 2001. "

although I find his blind trust in Keynsianist reinflation a bit worrying, it didn't work for Japan with a similar demographic to us now, so why is a bit of lowering interest rates going to work now? Or is 17 years economic stagnation a 'good thing'

Nope, doublewides in detroit trailer parks can crash in value until people have to be paid to take them (which I would have to be) and I don't care. I care about the knock on effects once they start reaching me, i.e. the credit crunch, and the article mentions that. Mention of the trigger is irrelevant, the nature of the trigger is irrelevant. It's ALL about me.

Not that surprising, I am mildly bearish on property in the short term, at least in real terms, and even in nominal terms for quite a few areas.

As for Japan, I personally reckon cultural differences play a role. We're fat, greedy, reckless *****ers, they're not. OUr natural greed will stave off deflation.

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While ordinary investors and bank depositors are unlikely to lose – or make – any money as a result of what happened this summer...

It doesn't affect anybody when the BOE flood the market with liquidity...

...those who decided to take their money out were hit by a second shocking revelation: that money that could supposedly be withdrawn at a moment’s notice from the most developed and regulated of international financial markets, for example the London interbank market for wholesale commercial loans, was actually much less immediately available than money placed on deposit in any respectable bank.

Nothing to worry about then!

...the economic effects of these tougher lending standards – on employment, wages, profits and even house prices – will be largely compensated by the Bank of England and the Fed setting interest rates at a lower level than seemed likely a few months ago.

What happened to inflation-targeting?

The economic logic of financial globalisation will remain as compelling as ever...

That's good. I didn't know we had a choice!

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