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King To Consider Special Help For Uk Banks

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Mervyn King indicated on Wednesday that the Bank of England was poised to take a revolutionary step and buy or swap illiquid assets on banks’ books for cash or liquid assets as way to find a “longer-term resolution” to the problems faced by British banks.

The Bank governor also indicated the Bank was more predisposed to cutting interest rates now than in February

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No surprise there then. Christmas is cancelled permanently whilst future generations pay off all the debt.

If Merv was smart he'll up the house and contents insurance and arrange for a little "accident" at Threadneedle Street. By the the time the fire brigade arrive all that toxic paper crap would have gone up in smoke.

Knowing our luck he'll arrange the insurance through Ambac :blink:

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Dont worry folks, the FSA will overlook the entire situation and make sure Merv does it all according to the rules.

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I read they are recruiting!

Sounds like a job for Ron Sandler at 90,000 a month. He can then get McKinsey in to provide some overpriced consultancy to the FSA. Sorted.

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Sounds like a job for Ron Sandler at 90,000 a month. He can then get McKinsey in to provide some overpriced consultancy to the FSA. Sorted.

I thought McKinsey was a sexologist, who wrote a very entertaining book called the Sex Life Letters.

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I thought they said a few days ago thet the BoE was NOT going to buy up distressed mortgage backed securities and NOW I read that they are. What changed?

I think I just had a Victor Meldrew moment. "I DO NOT BELIEVE IT!"

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Oh nice I am happy to sign up to banks balance sheets as a tax payer, but would also like a FAT CUT of all bonuses paid out over the last 10 years.

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How about as an extra special measure, each bank has to hire someone that has the ability to draw zig-zag lines on a whiteboard with a marker pen and as a pre-requisite, has never been involved in sales and does not abuse caffeine/ pills off the net or whatever the last batch of banking execs must have done. The government could do with one as well - ohh look, we're making a tonne of money now, let's spend it all now on expenses and bonuses for ourselves - quick, before it starts to go down! Numpties.

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I actually think it's rather quaint that our banks are apparently so fickle and in some cases obviously reckless. I may well look back upon these days in the future and think, my god - way back when, banks were so vunerable and naive compared with now...

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I actually think it's rather quaint that our banks are apparently so fickle and in some cases obviously reckless. I may well look back upon these days in the future and think, my god - way back when, banks were so vunerable and naive compared with now...

:lol::lol::lol:

Moral hazard is real, and arguably already a factor in the current mess. What makes you think anything will change? What is the motivation? The system is perfect for Banks as it is; if we enforce regulation the motivation to chase bonuses will mean it is circumvented, again. The bailout will happen, people will think it will save HPI for them and solve the credit crunch, but it will only help bankers. How would things have worked out for Japan if they had no exports, no carry trade and a global recession? I don't know but it looks like we're about to find out.

Can we have a society without large banks? I doubt we'll ever know.

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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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