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It is different this time

Thousands Of City Workers Face The Sack In The Wake Of The Credit Crunch

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"Banking crisis: queues of customers withdrawing cash from Northern Rock dented confidence in the City"

http://www.thisislondon.co.uk/standard/art...down/article.do

6,000 City jobs may go amid threat of slowdown

Hugo Duncan, Evening Standard

05.10.07

Thousands of City workers face the sack in the wake of the credit crunch as investment banks and other institutions make cutbacks.

The Centre for Economic and Business Research consultancy predicted more than 6,000 job cuts in the City while bonus payments are also expected to be slashed.

It came as Chancellor Alistair Darling warned of a sharp slowdown in economic growth next year.

The grim outlook follows three months of financial turmoil which has seen lending between banks dry up

According to Jonathan Evans, head-hunter for investment banks and managing director of Sammons Associates, even top performing City workers could see bonuses fall by as much as 25 per cent this year.

"The bonus this year will be keeping your job," said one banker

This time even Mervyn's measy rate cut won't save Brown's miracle economy. There is nothing worse than the collapse of consumer confidence for the economy and the main problem is that the consequences of Brown's corrupted policies will damage more than just the housing market.

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northernrock05PA_415x275.jpg

"Banking crisis: queues of customers withdrawing cash from Northern Rock dented confidence in the City"

http://www.thisislondon.co.uk/standard/art...down/article.do

This time even Mervyn's measy rate cut won't save Brown's miracle economy. There is nothing worse than the collapse of consumer confidence for the economy and the main problem is that the consequences of Brown's corrupted policies will damage more than just the housing market.

YEEEEEEEEEEEEEEEEEEEEEEEHA

It's true, bankers really are w@nkers. I hope they all lose their jobs, ha ha ha ha ha ha aha ha ha muwhahahahahahahahahahahahahahahahaha.

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The city banker's fois gras economy, stuffed full of debt (as miuch debt as possible for the highest commission and fees) is coming apart at the seams.

We really can't get rid of the bankers soon enough.

What on earth is BAA doing with $19bn of debt (+ maybe even more than doesn't need refinancing at the moment) in the first place?

http://www.bloomberg.com/apps/news?pid=206...zc&refer=uk

BAA Credit Risk at Record on Concern Moody's May Cut Rating

By Kabir Chibber and Esteban Duarte

Oct. 5 (Bloomberg) -- BAA Ltd. credit-default swaps rose to a record on speculation the U.K. airport operator may lose its investment-grade rating from Moody's Investors Service as the company seeks to refinance $19 billion of debt.

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Altogether now......

AAAAAHHHHHHHHHHHHHHHHHHHHHHHHHH

Hehe doesnt your heart just bleed for 'em?! ;) Maybe some of them will even get themselves a really worthwhile and productive job that actually adds something tangible to the GDP-you just never know :)

Edit to take some of the aitches off as they made the thread go all weird and wide lol :)

Edited by stonethecrows

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Just in time for the 18bn crossrail link to be installed- for 6000 less users- nice planning Gordon- PFI anyone?

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Mr Darling is expected to blame the slowdown on overseas factors.

"Given the importance of the US economy and given what's happened here in relation to the effect it will have on the availability of credit, it would be fairly odd if you didn't take account of that," he told the FT.

http://news.bbc.co.uk/2/hi/business/7029423.stm

In other words someone told me I should take it into account, in some way seeking approval ....... he always seems to have to justify through blame someone/something else. The fact he says it is highlighting what pople relaly think (GB you have really stuffed us and left a right mess) He does not inspire confidence. He is the Chancellor of the Exchequer for gods sake. Sound slike me asking a question on this forum.

It would be fairly odd if you didn't take account of that," why all the froth. Very embarrassing

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Mr Darling is expected to blame the slowdown on overseas factors.

"Given the importance of the US economy and given what's happened here in relation to the effect it will have on the availability of credit, it would be fairly odd if you didn't take account of that," he told the FT.

http://news.bbc.co.uk/2/hi/business/7029423.stm

In other words someone told me I should take it into account, in some way seeking approval ....... he always seems to have to justify through blame someone/something else. The fact he says it is highlighting what pople relaly think (GB you have really stuffed us and left a right mess) He does not inspire confidence. He is the Chancellor of the Exchequer for gods sake. Sound slike me asking a question on this forum.

It would be fairly odd if you didn't take account of that," why all the froth. Very embarrassing

so its not our jobs in the city at all, they must be american jobs

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Mr Darling is expected to blame the slowdown on overseas factors.

"Given the importance of the US economy and given what's happened here in relation to the effect it will have on the availability of credit, it would be fairly odd if you didn't take account of that," he told the FT.

http://news.bbc.co.uk/2/hi/business/7029423.stm

In other words someone told me I should take it into account, in some way seeking approval ....... he always seems to have to justify through blame someone/something else. The fact he says it is highlighting what pople relaly think (GB you have really stuffed us and left a right mess) He does not inspire confidence. He is the Chancellor of the Exchequer for gods sake. Sound slike me asking a question on this forum.

It would be fairly odd if you didn't take account of that," why all the froth. Very embarrassing

read: he hasn't got a f**king clue. a forum on the internet knows better. that's what we've come to.

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so its not our jobs in the city at all, they must be american jobs

So a big price drop in Cobham* then.

Or at least a cheaper rental market

*Cobham, surrey, adjacent to our fair town of Esher, is home to many American banker types, because there is an American Community school here.

Some of them buy, but most rent I think, or some of their companies have bought houses over here for their people to live in. Either way, fewer takers=lower prices in cobham. Lower prices in cobham = lower prices in Esher.

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Just in time for the 18bn crossrail link to be installed- for 6000 less users- nice planning Gordon- PFI anyone?

It's obvious Gordo planned for this very event to happen many years ago. He really is that clever!

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So a big price drop in Cobham* then.

Or at least a cheaper rental market

*Cobham, surrey, adjacent to our fair town of Esher, is home to many American banker types, because there is an American Community school here.

Some of them buy, but most rent I think, or some of their companies have bought houses over here for their people to live in. Either way, fewer takers=lower prices in cobham. Lower prices in cobham = lower prices in Esher.

...yeah ..but do they pay any UK taxes...?......probably not... :ph34r::ph34r::ph34r:

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Bankers and money -

“Above all, money [is] a function of faith. It [requires] an implicit and universal social consent that [is] indeed mysterious. To create money and use it, each one must believe, and everyone must believe. Only then [do] the worthless pieces of paper take on value. When a society [loses] faith in money, it [is] implicitly losing faith in itself… The money process… [requires] a deep, unacknowledged act of faith, so mysterious that it could easily be confused with divine powers.”

William Greider

“The USA Government will not redeem a dollar bill for anything other than another dollar bill. The dollar is simply fiat currency. The dollar rests on the power of the government and the faith of the people who use it – faith that it will be able to buy something tomorrow, faith that the US government will continue to exist and to accept dollars in payment of taxes and pay them out in expenses, and faith that other people will continue to believe in it. Aside from that faith, nothing backs up the dollar.”

Jack Weatherford

"To create money and use it, each one must believe, and everyone must believe"

Message to Goldfinger :rolleyes:

Stop undermining the Templars hold on Banking - they are only answerable to the Pope!

Scottish philosopher John Law wrote in his 1705 book, Money and Trade Considered with a Proposal for Supplying the Nation with Money, that he had discovered the “Philosopher’s Stone” of the alchemists, which could purportedly turn lead into gold, or dross into something valuable. The key to alchemy, he said, was the printing of paper money, and in 1715 he was hired by the French government to put his theories into action. Law was put in charge of France’s national Banque Royale, as well as the Mississippi Company, which gathered investments from French citizens to finance operations in French Louisiana, promising the investors profit payments. He set up a paper-passing scheme between the bank and the Company, in which investors could borrow paper money printed by the bank to invest in the Company. They were expected to pay back the bank in gold, while the Company paid their profits in the bank’s paper money, which was supposedly redeemable in gold. The whole scheme collapsed dramatically in what became known as “the Great Mississippi Bubble”, and Law fled in disgrace, dying shortly thereafter. But his ideas went on to influence German writer Wolfgang von Goethe.

In Goethe’s classic work, Faust, the title character and his teacher, Mephistopheles (the Devil), gain the favor of the emperor by offering him the secret of alchemy: how to create wealth by printing paper money. Soon the emperor presides over a robust economy and a licentious, materialistic people. But the currency eventually collapses, just as all the Devil’s creations turn out, in this play, to be illusions.

Edited by erranta

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...yeah ..but do they pay any UK taxes...?......probably not... :ph34r::ph34r::ph34r:

You know what?

I have no idea. I think they pay tax somewhere and there is an agreement not to double tax between the UK and the US, so they probably do pay over here as the money is earned over here.

But anyway, they don't need to pay tax as they make an Invaaaaluable contribuuuuuution to the ecaaaaaahnomy.;)

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Only 6,000...thats will only be the start of it.

More like 30,000 when the real slashing starts. Bonuses will be zero and a few thousand jobs gone by December 2007. The real cuts will be done quietly throughout the rest of 2008. No one likes to publicise the fact they are slashing jobs.

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so its not our jobs in the city at all, they must be american jobs

There are more american banks in London than there are in New York

And 6000 fat Americans being sacked ... how many sandwich shops would go to the wall?

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Only 6,000...thats will only be the start of it.

More like 30,000 when the real slashing starts. Bonuses will be zero and a few thousand jobs gone by December 2007. The real cuts will be done quietly throughout the rest of 2008. No one likes to publicise the fact they are slashing jobs.

Wad is right, 6,000 is the tip of the iceburg. London will see 100,000+ jobs gone vanished!

These days money can be moved in seconds. The big band in the '80s that everyone is proud of will turn into the biggest implosion the world have ever seen.

Those who got out of London in the last year will be the lucky ones.

Edited by Pluto

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There are more american banks in London than there are in New York

Is this true, we are that dependent on financial services.

We are foooooked besides MEW funded retail what else do we have.

The last export driven growth here was in 1870 has been said elsewhere on this site.

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Ron Paul for US President 2008

I dont think so.

Like Churchill he is untainted by this he needs to be saved for the real fight .

Repairing the damage after the S*** has hit the fan.

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err no.

From footballing parlance:

F%ck em all, F%ck em all, F%ck em all

The long and the short and tall,

The B%nkers are W%nkers,

Northern Rock don't give a ****,

F%ck em all, F%ck em all, F%ck em all.

Time for bed.

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Mr Darling is expected to blame the slowdown on overseas factors.

Not for very long he won't. Not once the wheels start falling off the UK sub prime wagon. Also the media and sheeple might just twig that the UK banks had no small part in US Sub prime markets and fancy derivative products too. Surely it doesn't take a genius to draw parallels with whats been happening in the trailer parks of the UK, to here?

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Bankers and money -

“Above all, money [is] a function of faith. It [requires] an implicit and universal social consent that [is] indeed mysterious. To create money and use it, each one must believe, and everyone must believe. Only then [do] the worthless pieces of paper take on value. When a society [loses] faith in money, it [is] implicitly losing faith in itself… The money process… [requires] a deep, unacknowledged act of faith, so mysterious that it could easily be confused with divine powers.”

William Greider

“The USA Government will not redeem a dollar bill for anything other than another dollar bill. The dollar is simply fiat currency. The dollar rests on the power of the government and the faith of the people who use it – faith that it will be able to buy something tomorrow, faith that the US government will continue to exist and to accept dollars in payment of taxes and pay them out in expenses, and faith that other people will continue to believe in it. Aside from that faith, nothing backs up the dollar.”

Jack Weatherford

"To create money and use it, each one must believe, and everyone must believe"

Message to Goldfinger :rolleyes:

Stop undermining the Templars hold on Banking - they are only answerable to the Pope!

Scottish philosopher John Law wrote in his 1705 book, Money and Trade Considered with a Proposal for Supplying the Nation with Money, that he had discovered the “Philosopher’s Stone” of the alchemists, which could purportedly turn lead into gold, or dross into something valuable. The key to alchemy, he said, was the printing of paper money, and in 1715 he was hired by the French government to put his theories into action. Law was put in charge of France’s national Banque Royale, as well as the Mississippi Company, which gathered investments from French citizens to finance operations in French Louisiana, promising the investors profit payments. He set up a paper-passing scheme between the bank and the Company, in which investors could borrow paper money printed by the bank to invest in the Company. They were expected to pay back the bank in gold, while the Company paid their profits in the bank’s paper money, which was supposedly redeemable in gold. The whole scheme collapsed dramatically in what became known as “the Great Mississippi Bubble”, and Law fled in disgrace, dying shortly thereafter. But his ideas went on to influence German writer Wolfgang von Goethe.

In Goethe’s classic work, Faust, the title character and his teacher, Mephistopheles (the Devil), gain the favor of the emperor by offering him the secret of alchemy: how to create wealth by printing paper money. Soon the emperor presides over a robust economy and a licentious, materialistic people. But the currency eventually collapses, just as all the Devil’s creations turn out, in this play, to be illusions.

Paper money is a store of value which holds as long as other people believe that it stores value.

Gold is a store of value which holds as long as other people believe that it stores value.

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Paper money is a store of value which holds as long as other people believe that it stores value.

Gold is a store of value which holds as long as other people believe that it stores value.

You don't have to use force to get people to accept gold.

You do have to use force to get people to accept fiat currency.

One is belief, one is fear. Learn the difference, it will be very important soon.

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Thousands of City workers face the sack in the wake of the credit crunch as investment banks and other institutions make cutbacks.

Thats a real shame, should we all at HPC write them a little card in this moment of need. :unsure:

Edited by Jimmy2Times

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