City Job Losses Now Predicted To Hit 40,000

[ParticleMan]

Your assumption is that jobs and work = economically productive endeavour.

Do you want to beat him up over the unknowable amount of revenue lost because we were employing this army of 40,000 in these roles (rather than one of my armies of ghosts in some other industry - unviable in this climate), or shall I? How about the unknowable amount of export income lost because one of these people was busier pushing paper than using their wits to solve some other problem?

Tax rake? You can't even quantify the purchasing power parity of the future tax-base (on their newly reduced income outlook), let alone guess at what might have been without this lunacy that's passed as policy.

Coulda woulda shoulda. What is, is unsustainable. It's perverting, killing the economy, a creeping, cancerous death, a malignant tumour, a viral infection in broad prices.

Thank goodness it's over. And thank goodness that 40,000-odd people will be able to breathe again.

Edited April 15, 2008 by ParticleMan

[abharrisson]

Well let him cheer.

You can sleep easy tonight knowing you are not cheering. City Jobs can be created just as quickly when the boom times return, and they will.

Ill be thinking and praying for the 1 million dying throught the world this week.

You're right I have no option but to let the nutter cheer.... I must say though its been instructive today... there's loads of good comment but I just really think that as demonstrated there ar quite a few who are unbalanced... who cheer on the bad news with no understanding of what will happen to real people when what they cheer for comes... unclefudgly is clearly a lost cause, axe to grind somewhere there I think.

[abharrisson]

Do you want to beat him up over the unknowable amount of revenue lost because we were employing this army of 40,000 in these roles (rather than one of my armies of ghosts in some other industry - unviable in this climate), or shall I? How about the unknowable amount of export income lost because one of these people was busier pushing paper than using their wits to solve some other problem?

Tax rake? You can't even quantify the purchasing power parity of the future tax-base (on their newly reduced income outlook), let alone guess at what might have been without this lunacy that's passed as policy.

Coulda woulda shoulda. What is, is unsustainable. It's perverting, killing the economy, a creeping, cancerous death, a malignant tumour, a viral infection in broad prices.

Thank goodness it's over. And thank goodness that 40,000-odd people will be able to breathe again.

And finally someone who talks sense !

[Bloo Loo]

You're right I have no option but to let the nutter cheer.... I must say though its been instructive today... there's loads of good comment but I just really think that as demonstrated there ar quite a few who are unbalanced... who cheer on the bad news with no understanding of what will happen to real people when what they cheer for comes... unclefudgly is clearly a lost cause, axe to grind somewhere there I think.

well of course the alternative is that we keep paying these unproductive people- Do you not think this will be a bigger drain on the economy, or do you susbscribe to the notion that if you pay a man to dig a hole, then a man to fill it, that we are indeed creating the wealth needed to get an economy out of its bust cycle?

[Injin]

Me I say Injin don't know what he talking about.

I can almost smell the jealousy seeping out of your every word

I own a bank, nitwit.

[abharrisson]

I own a bank, nitwit.

A piggy bank probably, dumbass.

[Injin]

A piggy bank probably, dumbass.

Sigh.

Have £1,000,000 to tide you over while you consider your silliness.

Spend it wisely.

[Bloo Loo]

A piggy bank probably, dumbass.

No, really, he DOES

[ParticleMan]

do you susbscribe to the notion that if you pay a man to dig a hole, then a man to fill it, that we are indeed creating the wealth needed to get an economy out of its bust cycle?

sidebar: the G7 agree that what we need to do is ensure that once the economy's in its bust cycle, that we should over-react to the problem of the most immediate boom, over-estimating both the probability of its reoccurrance and the impact of a reoccurreance should it occur, by regulating what function capital investment should follow - ensuring that we then stay in a permanently low plateau (to borrow a phrase), forever*

Given that the mandarins are not soliciting input on this (they're too busy packing their bags for Stockholm to claim first prize for "solving" "the problem") - and that the proposal has this inherent flaw - I predict a riot (or, given that this is the UK, perhaps an orderly queue).

* well for at least as many femtoseconds as it takes banks to work out what the regulatory definition of "capital ratio" is and, and how to sidestep it

[bkkandrew]

I remember a tory MP get into trouble in the early 90's for describing a firm's demise as 4000 people being 'liberated from their jobs'...

Now there's a quote for Broon to adopt!

[abharrisson]

Sigh.

Have £1,000,000 to tide you over while you consider your silliness.

Spend it wisely.

Gosh thanks , send a courier round with the cash would you.

I think I'll stick it several building societies and then splurge it all on a huge buy to let property estate when the prices have dropped a bit in a couple of years time... now theres a thought.

[Injin]

Gosh thanks , send a courier round with the cash would you.

I think I'll stick it several building societies and then splurge it all on a huge buy to let property estate when the prices have dropped a bit in a couple of years time... now theres a thought.

Off you go.

[Bloo Loo]

snip

* well for at least as many femtoseconds as it takes banks to work out what the regulatory definition of "capital ratio" is and, and how to sidestep it

[abharrisson]

No, really, he DOES

Me thinks NO.. but I'm willing to proved wrong... or has he just "told" you he owns a bank. There's barely a bank in private ownership anyway unless his name is Hoare.

[Bloo Loo]

Me thinks NO.. but I'm willing to proved wrong... or has he just "told" you he owns a bank. There's barely a bank in private ownership anyway unless his name is Hoare.

I cant reveal my sources, or I would have to kill you

[Injin]

Me thinks NO.. but I'm willing to proved wrong... or has he just "told" you he owns a bank. There's barely a bank in private ownership anyway unless his name is Hoare.

I own a bank.

I can create as much money as I like, to infinity, just like all banks can.

Have another £1,000,000 while you think about it some more.

[eric pebble]

Those who responded to my original post in the manner that they did really ought to be ashamed of themselves.

OK then abh....

Tell us what you think about the ENDEMIC MORTGAGE FRAUD & LIAR LOANS? Are Liar Loans "ok"?

[Waiting Patiently]

Me thinks NO.. but I'm willing to proved wrong... or has he just "told" you he owns a bank. There's barely a bank in private ownership anyway unless his name is Hoare.

Here's a little tip. Try thinking about it instead of just acting like a smart@rse.

[abharrisson]

Here's a little tip. Try thinking about it instead of just acting like a smart@rse.

I did think about it ... look at his post count... owns a bank and has the time to make all those comments.

I suggest you think about it... and oh yes we're in abuse I see from your post

[Waiting Patiently]

I did think about it ... look at his post count... owns a bank and has the time to make all those comments.

I suggest you think about it... and oh yes we're in abuse I see from your post

No need to get shirty with me, harrison, I'm only trying to help you!

[abharrisson]

OK then abh....

Tell us what you think about the ENDEMIC MORTGAGE FRAUD & LIAR LOANS? Are Liar Loans "ok"?

Course not but they happen and are still hapening... in fact I suspect if the loopholes continue then the number may even increase as desperation sinks in.

[abharrisson]

No need to get shirty with me, harrison, I'm only trying to help you!

Oh yes help me how... by abusing me, by telling me I don't think about things before I post them.

There is a need to fire back at abusers.

[dog]

Doubtless many of those 40,000 soon to be redundant employees are multiple home owners. Perhaps they will decide to stop hoarding now.

And for 400,000 other people working in or around the city, the idea of owning multiple trophy homes might being losing its shine.

[alexw]

Not that this was the worst and most extreme reaction to my previous post... simply the easiest to access... to summarise most of them they sounded like a mixture of those who have envied others for having a property when they couldn't afford it, those who have been kicking themselves for ages for not buying before it was too late and have been praying for a fall for years, those who have envy running through their bones and those who as I suspected earlier have little understanding of the situation and /or couldn't care less about others... some of the comments have been quite incredible.

The post quoted above as I said is perhaps the least extreme....it also though has an entirely slanted view of things.

BTL... well actually there are thousands of BTL investors who make money differently from how you present, in fact many of those are buying now, where they can.

On the city.... no understanding of the role finance has, no understanding of how the city works and to claim that cutting london in half would help things is straight from the robert mugabe book on economic management.

Linking the recent boom in house prices to industrial competitiveness is out there in the outer reaches alongside Pluto, its one of the madest concepts I have ever heard so prices drop by 40% and the industrial output will boom will it... this is clearly totally bonkers.... but the funs not over it goes on to say effectively that communities have already been so badly damaged by higher house prices that a crash won't make things worse... tell that to the thousands of people who will have their lives ruined by repossession.

Theres a lot of sense on this site, but by crikey there are some inhumane people out there, mostly they also appear to be sadly misinformed.

There appears to be a real us vs them feeling to some of the posters in the site, a real haves vs have nots, jealousy and bile seems to run through a lot of the posts. This isn't a critique of everyone here, but there are certainly some real crazies out there.... the appriasal of the previous poster and very many others appears to be (spoken in the accent of a german camp guard) " You have listened to outside influences, you have not studied the facts, your poor education is no excuse, you have committed the cardinal sin of buying a home for your family when you should have known A) that the price would come down that you might lose your job C) that you might get divorced or suffer a long term illness. You will now have the house repossessed, you can stay with your family in bed and breakfast for 3 years and have the debt collectors chasing you... it WILL do you good, and you should welcome it because its for the greater good ( or at least so that I can buy a house finally... your suffering is my personal gain and who cares about anyone else).

Those who responded to my original post in the manner that they did really ought to be ashamed of themselves.

Abharrisson you appear to be economically blind. Your answer to my posts appear to be "i'm right and your wrong" Where's your data, your information? oh sorry your right and i'm wrong....

btl. We have had a number of posts here on btl'ers selling portfolio's. If they are in it for the long term why are they selling? Btl'ers are buying eh? here's a quote from the times "Only 7 per cent of landlords are currently buying more properties (down from 11 per cent in the previous quarter), while the proportion selling has risen from 16 per cent to 19 per cent". So how does equate with capital gains not being the driver?? If its a 20-year view why are they selling.

On london. again you say i'm wrong. Please explain how my link in that a large part of the city gains its income by feeding on underlying businesses is not true. Where does the money come from?

on house price-competitiveness. So please explain how increasing a businesses costs and so its goods via land/rents/wages which all are linked to housing, (relative to another countries) has no effect on that businesses competitiveness.

[eric pebble]

Course not but they happen and are still hapening... in fact I suspect if the loopholes continue then the number may even increase as desperation sinks in.

But -- if you know about this still happening -- Would you be prepared to share the information as to WHERE it is happening --- AND -- Would you be prepared to report it to the FSA, BOE and others?