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Outlook For City Jobs "even Blacker" Than 2 Months Ago, F. T.

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http://www.ft.com/cms/s/0/e2e31174-e883-11...00779fd2ac.html

Outlook worsens for Square Mile jobs
By Chris Hughes and Lina Saigol
Published: March 2 2008 22:17 | Last updated: March 2 2008 22:17
The Square Mile may have been braced for a downturn this year, but there are already fears that the clouds gathering over the City of London job market are
even blacker than envisaged only two months ago
.
Not since the bursting of the dotcom bubble eight years ago have investment bankers in the Square Mile and Canary Wharf faced such uncertainty about their future. With large financial institutions continuing to reveal fresh losses from exposure to the subprime mortgage crisis, few can be sure they will still have a job at the end of 2008.

The City was the engine that powered Gordon's miracle economy. Al Greenspan said that the UK housing bust would be worse here because the miracle economy is so dependent on financial services. Gordon has run down manufacturing and NS Oil is not what it was leaving us vulnerable to a credit market collapse and ensuing recession/depression. At least we still have a bit of gold left to sell off to buy heating oil from that nice Mr. Putin in Russia. :o

The miracle economy is, in the words of, William "Billy" Connolly, Scots raconteur and social commentator, "f**ked."

Edited by Realistbear

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It occurred to me this weekend that never before has there been such widespread public understanding and coverage of the previously opaque and arcane workings of the gang of crooks and narcissists who run the City/ Wall Street. If we take van Hoogstraten and morph him into a more acceptable outward persona and set of accents - this is the dark heart of the city temperament. This increasing public exposure (which Brown will ramp as things get worse in the blame stakes) is very dangerous for those who have been previously protected by the fact it was all seen as too complex and too boring for coverage.

All sorts of people now "get" how wealth and their lives have been manipulated and polarised - and I am reminded of JG Ballard's book which talks about middle class riots against the wealthy who have to live in compounds, as they do in Seeth Effrica.

I am also reading a book called "Selfish Capitalism" by Oliver James. James is a bit of a nerd, but his core hypothesis is 100% correct - sonce the late 70s the world has been geared by the wealthy for the wealthy and the figures for the wealth gap have enlarged scandalously.

Roll on these layoffs. Once the canker reaches the broader credit markets, banks will start to collapse and these people will be the pariahs of society. Not enough to be redundant, I suspect they will be unable to show their faces in many circles.

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It occurred to me this weekend that never before has there been such widespread public understanding and coverage of the previously opaque and arcane workings of the gang of crooks and narcissists who run the City/ Wall Street. If we take van Hoogstraten and morph him into a more acceptable outward persona and set of accents - this is the dark heart of the city temperament. This increasing public exposure (which Brown will ramp as things get worse in the blame stakes) is very dangerous for those who have been previously protected by the fact it was all seen as too complex and too boring for coverage.

All sorts of people now "get" how wealth and their lives have been manipulated and polarised - and I am reminded of JG Ballard's book which talks about middle class riots against the wealthy who have to live in compounds, as they do in Seeth Effrica.

I am also reading a book called "Selfish Capitalism" by Oliver James. James is a bit of a nerd, but his core hypothesis is 100% correct - sonce the late 70s the world has been geared by the wealthy for the wealthy and the figures for the wealth gap have enlarged scandalously.

Roll on these layoffs. Once the canker reaches the broader credit markets, banks will start to collapse and these people will be the pariahs of society. Not enough to be redundant, I suspect they will be unable to show their faces in many circles.

I sensed the change in City ethics back in 1991 which was my last year as a City Solicitor. After that point, the "profession" deteriorated into a "billable hours" machine where profit was placed ahead of the best interests of the client--the sort of thing that distinguished a "profession" from a "job."

Now everyone is a "professional", even an EA!

The disease of greed has since spread to the medical profession and the rest of the economy has followed suit. I have never known such widespread dishonesty and corruption in all my life. Gordon's miracle was the fruit of this change in our cultural ethos. Greed and delusional materialism.

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All sorts of people now "get" how wealth and their lives have been manipulated and polarised - and I am reminded of JG Ballard's book which talks about middle class riots against the wealthy who have to live in compounds, as they do in Seeth Effrica.

It's been quite revealing recently to watch how the wealthy City-elite have been able to use their Media and Political connections to try and stop the Non-Dom's paying tax on their world-wide income.

If only the Middle-Classes and Working Classes had that much leverage :(

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I sensed the change in City ethics back in 1991 which was my last year as a City Solicitor. After that point, the "profession" deteriorated into a "billable hours" machine where profit was placed ahead of the best interests of the client--the sort of thing that distinguished a "profession" from a "job."

Now everyone is a "professional", even an EA!

The disease of greed has since spread to the medical profession and the rest of the economy has followed suit. I have never known such widespread dishonesty and corruption in all my life. Gordon's miracle was the fruit of this change in our cultural ethos. Greed and delusional materialism.

Dont forget "Thatcher the Milk Snatcher " she played an even bigger part in our downfall.

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Dont forget "Thatcher the Milk Snatcher " she played an even bigger part in our downfall.

The one thing I disagreed with Maggie on was the destruction of the Bar as an indpendent second-tier legal machine. I think it had something to do with her working class roots and the fact that, as a woman, she would have been rejected by the top chambers when she was a young barrister.

I liked Maggies approach to the economy as it was firmly based on Milt Friedman's "no free lunch" thesis. Get the state out of ownership and let the people own their own homes was a good idea IMO. Then along comes Brown and his miracle economics based entirely on less effort for more debt. A complete reversal of the Friedman approach.

When we look back in 10 years time at what caused our downfall I think it will be the loss of national identity and cohesion and debt based growth. The twin crimes of NuLabour.

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It doesn't take long before a Labour Party shill pops up :rolleyes:

1. This is good news for property prices in our area as "City bonuses" are always trotted out as a reason for prices not going down.

2. Nu-lab reinvented themselves as Tories on the economy (because tax and spend was a guaranteed election loser), but with a Labour "caring" spin. They certainly have continued and expanded on the idea of saving those with their noses in the trough. So, I don't think it is an unfair comment to say that Thatcher started it.

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Roll on these layoffs. Once the canker reaches the broader credit markets, banks will start to collapse and these people will be the pariahs of society. Not enough to be redundant, I suspect they will be unable to show their faces in many circles.

Good post, but unlikely the rich will get laid off, but thousands of lower paid clerical and backend staff will be laid off. Of course it will be middle earners that fork out for the dole as the super rich scarper with their (tax free) ill gotten gains.

Its good to see that the HMCE and the EU are starting to call time on numerous tax havens, Lichenstein and Monaco, but the abuse of London as tax haven for "foreigners" should be ended now.

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It's been quite revealing recently to watch how the wealthy City-elite have been able to use their Media and Political connections to try and stop the Non-Dom's paying tax on their world-wide income.

If only the Middle-Classes and Working Classes had that much leverage :(

Yes - hasn't it just? Unbelievable number of people wheeled out - even Bill Bonner in MoneyWeek, which was an all time low for him, I suspect, flying in the face of his own editors..........

I just hope they do not water this one down - it is a timely swipe at the wealthy and city-Elite - and sends a nice clear message. Of course the Unions are behind this one - god bless 'em - sometimes I feel a lot of empathy for old labour!

Another interesting one - widely reported on in yesterday's Observer - is the tax haven exposures - this one will definitely be the next to be cranked up - and if the Treasuries of Europe can get their hands on some of the illicit gains in Monaco, Liechtenstien and Andorra - they, and the voters will be smiling.

If I were in a glass half full mood today, I would be saying we could be seeing very early signs of the break-up of selfish capitalism - but wow, they will not go down without a fight......

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Good post, but unlikely the rich will get laid off, but thousands of lower paid clerical and backend staff will be laid off. Of course it will be middle earners that fork out for the dole as the super rich scarper with their (tax free) ill gotten gains.

Its good to see that the HMCE and the EU are starting to call time on numerous tax havens, Lichenstein and Monaco, but the abuse of London as tax haven for "foreigners" should be ended now.

Rover - we had the same thought at the same time. And oh yes - when will the London tax haven be broken up? Surely Monaco, Liechtenstein etc will exert reverse pressure on London to be forced into transparency now?

Could we all be surprised by the budget? (Probably not....)

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2. Nu-lab reinvented themselves as Tories on the economy (because tax and spend was a guaranteed election loser), but with a Labour "caring" spin. They certainly have continued and expanded on the idea of saving those with their noses in the trough. So, I don't think it is an unfair comment to say that Thatcher started it.

Total agreement here. The Tories were 'it' to the city until labour started actively courting them. Under the Tories the city knew how far it could push against the limits, but Labour didn't know the rules that they and the city were breaking. Nigel Lawson was on Radio 4 (can't remember when pity because it's an excellent quote), and he said he could not believe how unregulated Brown had let banking become. My point is the city saw the naivity of Brown and Labour then exploited it to the maximum. In return for credibility labour sacrificed control. What a greeat decision.

Interestingly PFI was allowed under the Tories but it was so regulated that not many firms even bothered with it, as no 'massive' margins could be made on the jobs. Under labour (my understanding anyway) these limits were removed, making PFI more attractive for private firms without any scruples. The result? £50 to change a lightbulb. £500 to move shelves. By pledging to build new hospitals and not realising the costs that were coming after the build NuLabour may actually be the party to destroy Bevans work.

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Rover - we had the same thought at the same time. And oh yes - when will the London tax haven be broken up? Surely Monaco, Liechtenstein etc will exert reverse pressure on London to be forced into transparency now?

Could we all be surprised by the budget? (Probably not....)

The London tax haven will be broken up about the same time as the Irish and Dutch Tax Havens. Probably never.

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It occurred to me this weekend that never before has there been such widespread public understanding and coverage of the previously opaque and arcane workings of the gang of crooks and narcissists who run the City/ Wall Street. If we take van Hoogstraten and morph him into a more acceptable outward persona and set of accents - this is the dark heart of the city temperament. This increasing public exposure (which Brown will ramp as things get worse in the blame stakes) is very dangerous for those who have been previously protected by the fact it was all seen as too complex and too boring for coverage.

All sorts of people now "get" how wealth and their lives have been manipulated and polarised - and I am reminded of JG Ballard's book which talks about middle class riots against the wealthy who have to live in compounds, as they do in Seeth Effrica.

I am also reading a book called "Selfish Capitalism" by Oliver James. James is a bit of a nerd, but his core hypothesis is 100% correct - sonce the late 70s the world has been geared by the wealthy for the wealthy and the figures for the wealth gap have enlarged scandalously.

Roll on these layoffs. Once the canker reaches the broader credit markets, banks will start to collapse and these people will be the pariahs of society. Not enough to be redundant, I suspect they will be unable to show their faces in many circles.

What does this add? If this discussion board demonstrates anything it is that never before has there been such widespread lack public understanding and coverage of the previously opaque and arcane workings of the gang of crooks and narcissists who run the City/ Wall Street.

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Good post, but unlikely the rich will get laid off, but thousands of lower paid clerical and backend staff will be laid off. Of course it will be middle earners that fork out for the dole as the super rich scarper with their (tax free) ill gotten gains.

Its good to see that the HMCE and the EU are starting to call time on numerous tax havens, Lichenstein and Monaco, but the abuse of London as tax haven for "foreigners" should be ended now.

You forget: everyone who works in finance is a fat cat, super-rich non-dom who gets paid big bucks for doing nothing and so deserve to be exterminated like the parasites that they are.

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It's been quite revealing recently to watch how the wealthy City-elite have been able to use their Media and Political connections to try and stop the Non-Dom's paying tax on their world-wide income.

If only the Middle-Classes and Working Classes had that much leverage :(

Just out of interest, why do you parasites think you should be able to scrounge off people from other countries? If they're from abroad, earned the money abroad, paid taxes abroad, what gives you the right to steal their money to hand it out to chavs and public secor "workers"?

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You forget: everyone who works in finance is a fat cat, super-rich non-dom who gets paid big bucks for doing nothing and so deserve to be exterminated like the parasites that they are.

A little belatedly you seem to be getting the message! :lol:

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A little belatedly you seem to be getting the message! :lol:

I know... the problem I've always had is that I actually have experience in working in the financial sector which prevents me blaming it for all society's ills. And that makes life far too complicated.

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Just out of interest, why do you parasites think you should be able to scrounge off people from other countries? If they're from abroad, earned the money abroad, paid taxes abroad, what gives you the right to steal their money to hand it out to chavs and public secor "workers"?

Good, nice to see some balance to this debate. My answer to that would be: the government steals my money, a fair bit of which was earned and taxed abroad also, and gives it to the aforementioned chavs and public sector scroungers (nurses and firemen excepted, gawd bless 'em) so I don't see why all long term residents (remember that the changes only affect people after they've been here for 7 years) shouldn't be treated likewise.

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I know... the problem I've always had is that I actually have experience in working in the financial sector which prevents me blaming it for all society's ills. And that makes life far too complicated.

Fair enough. Maybe you would like to comment on this:

Child poverty target will be missed: Non-doms could pay for it

http://www.taxresearch.org.uk/Blog/2008/03...uld-pay-for-it/

http://www.guardian.co.uk/politics/2008/ma...onomy.economics

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my hedge fund buddy seems says everything is running as normal and they are recruiting at normal levels- he even said he could put in a good word for me if i applied- he's well off and owns his own property and cant see any downturn for high earners.

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Fair enough. Maybe you would like to comment on this:

Child poverty target will be missed: Non-doms could pay for it

http://www.taxresearch.org.uk/Blog/2008/03...uld-pay-for-it/

http://www.guardian.co.uk/politics/2008/ma...onomy.economics

How about you comment on this: Child poverty target will be missed: 0.5p on the top rate of income tax could pay for it. Oh, but increasing the income tax rate often reduces overall yield particularly when it affect those with a choice of where to work, how much work to do and what work to do. Deary me, who'd have though it?

Nice work to link non-real world irrelevances, though. I'm happy to play tennis on these sort of things all day with the Guardian.

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Fair enough. Maybe you would like to comment on this:

Child poverty target will be missed: Non-doms could pay for it

http://www.taxresearch.org.uk/Blog/2008/03...uld-pay-for-it/

http://www.guardian.co.uk/politics/2008/ma...onomy.economics

I haven't read it, but I will comment on it.

Loads of things could be used to pay for child poverty, scrapping trident, non doms coughing up, putting 20p on BR of income tax.

What would have helped a lot IMO was not letting House prices getting out of control and building social housing, proper social housing, not this key worker shared ownership bowlocks. Surely the cost of housing has contributed to poverty? A mortgage for those on smaller salaries is a huge millstone to hang around the neck of the poor, particularly with what is to come..

I would say the Left of the labour party should have reason to hate Brown more even than Thatcher for what he has done to the poor of this country.

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my hedge fund buddy seems says everything is running as normal and they are recruiting at normal levels- he even said he could put in a good word for me if i applied- he's well off and owns his own property and cant see any downturn for high earners.

has he been to work recently?

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Just out of interest, why do you parasites think you should be able to scrounge off people from other countries? If they're from abroad, earned the money abroad, paid taxes abroad, what gives you the right to steal their money to hand it out to chavs and public secor "workers"?

My point was more the observation of how one group of people (the super rich) have attempted to hijack debate and use their influence to stop the Governments (and Conservative's) proposed Non-DOM tax changes in reponse to DrHouse comments about how people "get" wealth these days, not another rant about chavs.

If someone has lived in this country for 7 years or more then they should (like me) be taxed on their world wide income, whats the problem with that? Or would you rather we not discuss these things in the public realm? The Mega Wealthy have been quietly getting away with it in this credit bubble for the past 10 years or so and hate all this public exposure of their dodges, after all it is "so below stairs" discussing ones income and taxes :lol:

Edited by skomer

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  • 293 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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