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gruffydd

Financial Times Sickfest - Editorial Calls On Taxpayer Funds To Rescue Financial Sector

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(1) Editorial excerpt:

"As the credit squeeze wears on, it becomes more likely that, in one form or other, the capital will have to come from taxpayers"

(2) Krishna Guha - Why the financial system must tap the taxpayer - excerpt:

"For those who oppose the use of public money, time is running out to prove that the private sector can recapitalise and calm the credit crunch without taxpayer funds - the best solution. Meanwhile, advocates of public intervention must determine how much money is needed and how to employ it to greatest effect"

Edited by gruffydd

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Guest muttley
(1) Editorial excerpt:

"As the credit squeeze wears on, it becomes more likely that, in one form or other, the capital will have to come from taxpayers"

(2) Krishna Guha - Why the financial system must tap the taxpayer - excerpt:

"For those who oppose the use of public money, time is running out to prove that the private sector can recapitalise and calm the credit crunch without taxpayer funds - the best solution. Meanwhile, advocates of public intervention must determine how much money is needed and how to employ it to greatest effect"

Are you surprised?

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(1) Editorial excerpt:

"As the credit squeeze wears on, it becomes more likely that, in one form or other, the capital will have to come from taxpayers"

(2) Krishna Guha - Why the financial system must tap the taxpayer - excerpt:

"For those who oppose the use of public money, time is running out to prove that the private sector can recapitalise and calm the credit crunch without taxpayer funds - the best solution. Meanwhile, advocates of public intervention must determine how much money is needed and how to employ it to greatest effect"

Assumption - the banking sector needs to be there at all.

Market says "no."

Let is collapse, ****** it.

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Can I have one of these jobs please where:

In a rising market when any lemming can make money I make a big salary and a huge bonus. I get laid with loads of blondes who want to sleep with a banker, go on expensive holidays, live a luxurious lifestyle and when I lost millions I simply walk away with a big bonus pay-off.

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Assumption - the banking sector needs to be there at all.

Market says "no."

Let is collapse, ****** it.

I thought the banking sectors purpose was to provide wealth to a nation which in turn would pay taxes to help the members of the nation.

if you join the ends of this process we have a super inflationary hyper sh4g

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Guest KingCharles1st

UMMMMM- re-arrange these two words to form a well known phrase or saying- off, ****

Funny- I was thinking along the same lines, the government could fix quite few problems in one foul swoop here.

Anybody who works in finance and makes over 50k per year should have to repay ALL bonuses received over the last 5 years directly to the treasury- who will then (hopefully) do something useful with it.

ok- so this puts a few people out of work- now these people could be gainfully employed doing things like cleaning toilets and other menial tasks that we currently use imported labour for. Thereby freeing them up to return home to their own countries- very humanitarian I feel.

Empty office towers can then be divided up and used as either new housing, or new prison blocks depending on the situation at the time

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Get used to it.

The academic orthodoxy is that bank failures were the root cause of the great depression, Bernanke actually wrote a book that concluded just this. So if the UK or US ever faced the serial collapse of major banks then they will be nationalised. There is absolutely no way the government would stand by and watch the financial system freeze up, with no one being paid, no transactions possible, people hoarding cash and food, and essential services progressively shutting down.

The only questions relate to how the failed banks would be nationalised,

1. Would the shareholders be completely wiped out or tossed a bone?

2. What new lending legislation would be brought in (to assuage the "moral hazard" critics), would it be harsh or absolutely draconian?

3. Who will the scapegoats be (political protocol says we can't blame irresponsible borrowers but someone will have to pay with custodial sentences)?

4. How high would interest rates be cranked to contain the spectacular inflationary risk of widespread bank nationalisations?

Anyone feeling the rising bile of moral indignation at the prospect of a bank bail out should comfort themselves, the subsequent economic mess would be very bleak indeed.

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Get used to it.

The academic orthodoxy is that bank failures were the root cause of the great depression, Bernanke actually wrote a book that concluded just this. So if the UK or US ever faced the serial collapse of major banks then they will be nationalised. There is absolutely no way the government would stand by and watch the financial system freeze up, with no one being paid, no transactions possible, people hoarding cash and food, and essential services progressively shutting down.

The only questions relate to how the failed banks would be nationalised,

1. Would the shareholders be completely wiped out or tossed a bone?

2. What new lending legislation would be brought in (to assuage the "moral hazard" critics), would it be harsh or absolutely draconian?

3. Who will the scapegoats be (political protocol says we can't blame irresponsible borrowers but someone will have to pay with custodial sentences)?

4. How high would interest rates be cranked to contain the spectacular inflationary risk of widespread bank nationalisations?

Anyone feeling the rising bile of moral indignation at the prospect of a bank bail out should comfort themselves, the subsequent economic mess would be very bleak indeed.

Yes, banks WERE saved during the great depression, it was only when they STOPPED saving them that the thing ended within months.

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Guest KingCharles1st
Get used to it.

The academic orthodoxy is that bank failures were the root cause of the great depression, Bernanke actually wrote a book that concluded just this. So if the UK or US ever faced the serial collapse of major banks then they will be nationalised. There is absolutely no way the government would stand by and watch the financial system freeze up, with no one being paid, no transactions possible, people hoarding cash and food, and essential services progressively shutting down.

The only questions relate to how the failed banks would be nationalised,

1. Would the shareholders be completely wiped out or tossed a bone?

2. What new lending legislation would be brought in (to assuage the "moral hazard" critics), would it be harsh or absolutely draconian?

3. Who will the scapegoats be (political protocol says we can't blame irresponsible borrowers but someone will have to pay with custodial sentences)?

4. How high would interest rates be cranked to contain the spectacular inflationary risk of widespread bank nationalisations?

Anyone feeling the rising bile of moral indignation at the prospect of a bank bail out should comfort themselves, the subsequent economic mess would be very bleak indeed.

I think at this point it would be possible to open a discussion trying to split things into two family trees here.

1- a system is obviously required for funding, transactions, payments, allocation, mild profit- monetary control etc etc etc

2- the hated and must be killed scum that take control of certain aspects of the banking system- like irresponsible lending, irresponsible self allocation of funds, irresponsible creation and instigation of new systems in no way benefiting anyone except themselves- I could go on,, and on. but maybe others will help me out

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Anybody who works in finance and makes over 50k per year should have to repay ALL bonuses received over the last 5 years directly to the treasury

Ooooh. I like your thinking, King Charles. That brought a warm glow to my innards. I'm sure it'll never happen, but it's nice to dream.

Nice outfit, by the way.

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The problem with tapping the taxpayer for a Labour politician is

Rising unemployment means less tax take

Falling house prices mean council tax will be defaulted on if not adjusted down accordingly

The ensuing mess will lead to you losing your cushy job

The only way Labour could win an election now is to let selected sections of the financial industry be seen to take the payback for their own mess, i.e prop the four? main banks and let players like A&l, B&b etc go down or be taken over

Opinion pieces like this are just designed to shove ideas for "fixing" things for sheeple to latch on to. The same way as HPC`ers latch on to every piece of bad news (I include myself) The only aim of the press is social control, and if a few sheeple think things can be sorted out and don`t panic too much, then the piece has done it`s job.

You have to say though, that over the last few days the Times has been hailed on here as the bringer of all things bearish? now it`s a Sickfest as oppossed to a Bearfest. I would just ask, why does the mainstream media (MSN is a good example) print seemingly contradicting information from day to day? I would say it is because a confused sheeple ("first they tell us this, then they tell us that") is better than an informed sheeple? or an angry sheeple? or worse an informed angry sheeple!

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Get used to it.

The academic orthodoxy is that bank failures were the root cause of the great depression, Bernanke actually wrote a book that concluded just this. So if the UK or US ever faced the serial collapse of major banks then they will be nationalised. There is absolutely no way the government would stand by and watch the financial system freeze up, with no one being paid, no transactions possible, people hoarding cash and food, and essential services progressively shutting down.

The only questions relate to how the failed banks would be nationalised,

1. Would the shareholders be completely wiped out or tossed a bone?

2. What new lending legislation would be brought in (to assuage the "moral hazard" critics), would it be harsh or absolutely draconian?

3. Who will the scapegoats be (political protocol says we can't blame irresponsible borrowers but someone will have to pay with custodial sentences)?

4. How high would interest rates be cranked to contain the spectacular inflationary risk of widespread bank nationalisations?

Anyone feeling the rising bile of moral indignation at the prospect of a bank bail out should comfort themselves, the subsequent economic mess would be very bleak indeed.

I am used to it.

It's still ********. Irrational, gibbering, insane, inane ********.

Let the banks collapse. Stop taxation, remove the idea of violence as a tool for social change.

Piss easy, peopel don't like it because they are fools. It's still true.

Get used to it?

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I think at this point it would be possible to open a discussion trying to split things into two family trees here.

Agreed.

1- a system is obviously required for funding, transactions, payments, allocation, mild profit- monetary control etc etc etc

Yes, these are financial utility services analogous to those provided by electricity, water companies etc. Banks offering these services should be similarly regulated and expect to earn similar profits.

2- the hated and must be killed scum that take control of certain aspects of the banking system- like irresponsible lending, irresponsible self allocation of funds, irresponsible creation and instigation of new systems in no way benefiting anyone except themselves- I could go on,, and on. but maybe others will help me out

No, you've got it right. They must be kicked to death immediately :D I see no value that these parasites offer whatsoever.

Edited by sossij

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Yes, these are financial utility services analogous to those provided by electricity, water companies etc. Banks offering these services should be similarly regulated and expect to earn similar profits.

They do, unfortunately!

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Agreed.

Yes, these are financial utility services analogous to those provided by electricity, water companies etc. Banks offering these services should be similarly regulated and expect to earn similar profits.

No, you've got it right. They must be kicked to death immediately :DI see no value that these parasites offer whatsoever.

I think they would see things the other way round.

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1. The gang of thieves running the banking system must be outed, named and shamed.

2. The gold standard (or something of enduring value) must be brought back immediately.

3. The banking system must be completely reformed and turned into a not-for-profit utility, wholly owned/controlled by its members/users (not the government who can't be trusted with personal information or financial planning).

4. Risk assessment must be properly carried out on all lending.

5. Inflation wouldn't be possible (at the current scale) if the money supply was maintained at the bare minimum necessary to ensure that the majority of ordinary transactions could take place. Large purchases (like houses) would face tough regulation which in turn would keep the price down to a level that reflects true demand.

Anything else is a pathetic compromise.

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1. The gang of thieves running the banking system must be outed, named and shamed.

2. The gold standard (or something of enduring value) must be brought back immediately.

3. The banking system must be completely reformed and turned into a not-for-profit utility, wholly owned/controlled by its members/users (not the government who can't be trusted with personal information or financial planning).

4. Risk assessment must be properly carried out on all lending.

5. Inflation wouldn't be possible (at the current scale) if the money supply was maintained at the bare minimum necessary to ensure that the majority of ordinary transactions could take place. Large purchases (like houses) would face tough regulation which in turn would keep the price down to a level that reflects true demand.

Anything else is a pathetic compromise.

Regulation is the problem.

You cannot solve a problem by doing more of what's wrong.

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I think they would see things the other way round.

A star without fans is nothing. A bankster without borrowers is equally nothing. Borrowers could live without banks.

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2. The gold standard (or something of enduring value) must be brought back immediately.

the problems started when the gold standard was dropped and replaced with the house price standard.

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This globalisation malarky doesn't seem so attractive now, still at least everyone one has their cheap as shit electrical goods. Those antiglobalisation buggers who attack g7 conferences should be seen as the good guys.

The money men are the governments puppet masters, it's just the general public are now starting to see the strings.

Edited by Ipodjunky

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(1) Editorial excerpt:

"As the credit squeeze wears on, it becomes more likely that, in one form or other, the capital will have to come from taxpayers"

(2) Krishna Guha - Why the financial system must tap the taxpayer - excerpt:

"For those who oppose the use of public money, time is running out to prove that the private sector can recapitalise and calm the credit crunch without taxpayer funds - the best solution. Meanwhile, advocates of public intervention must determine how much money is needed and how to employ it to greatest effect"

Provided the shys pay back the bonuses paid on the basis of their massive losses. Didn't the Goldman Sachs shys just split a $15bn bonus derived from betting against the subprime market? The NR boss paid himself a huge bonus which went on a country hice and a Ferrari. They have all helped themselves to billions in bonuses before the shutters come down. Some may need to be considered for a shot sharp shock in a place of state regulated confinement to contemplate the magnitude of their crimes. Some politicians need to be tried for criminal negligence for failing to regulate what was obviously a fraudulent ponzi scheme of BTL-MEW- and irrational HPI.

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Guest KingCharles1st
Ooooh. I like your thinking, King Charles. That brought a warm glow to my innards. I'm sure it'll never happen, but it's nice to dream.

Nice outfit, by the way.

Well I like yours too big boy- my place or yours ;)

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  • 292 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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