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Osbourne And His Plans


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Guest pioneer31
No one seems all that interested in the fact that Cameron and Osbourne, only last year, wanted to deregulate the mortgage market and allow it to regulate itself.

Does the average HPCer now think mortgage deregulation is a good idea?????

but would Cameron and Osborne sold all the family jewels and left the cupboards bare?

Labour are a disgrace, their grasp of finance is worse than a 3 year old

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No one seems all that interested in the fact that Cameron and Osbourne, only last year, wanted to deregulate the mortgage market and allow it to regulate itself.

Does the average HPCer now think mortgage deregulation is a good idea?????

This is not worth arguing obviously Labour have s**h themselves over the reception of this instructed everyone to get on the influential blogs and make some. The only people who can't see that any party would handle this better are die hard party before country people. Don't give chance to keep spouting, ignore them. Millbank rebuttal unit?

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Guest pioneer31
Likewise, what would the Tories have done about the credit binge? Absolutely Fu ck All - they pride themselves of being the party in business's pocket. The last thing they would do would have been to regulate any of that.

"Whoever you vote for you get a government" (Lemmy Kilmister)

They wouldn't have brought the country to it's knees with record debt.

Remember that the Tories are tight fisted? so they wouldn't have p***ed billions up against the wall, or are you now saying that the Tories aren't stingy?

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Aha! Sibley outed! Just a political troll, not a Maidstone Madam.

Im the only normal working bloke on here.

Take that troll thing off as well. Im not happy about it. I suppose you will ban me now. You wont be able to take it when Im proved right with everything.

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The one thing I've never seen on one of these political threads is someone saying what a good job any current or previous Government has done. It's irrelevant who's in power. We would all be slagging them off whoever it was. When the Tories get back in we'll be complaining about two tier education and health and 5 million unemployed.

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No one seems all that interested in the fact that Cameron and Osbourne, only last year, wanted to deregulate the mortgage market and allow it to regulate itself.

Does the average HPCer now think mortgage deregulation is a good idea?????

Mortgage regulation failed to prevent bad lending. It provided the industry with a pass the buck form. It provide the illusion to capital markets that lending was sound and proper, so capital markets were happy to fund the securitisations.

Options proposed in opposition are not the same as legislation passed by Govt. IF you are going to apply such judgement to opposition, then you have to consider all such ideas floated and dismissed without being implemented by Govt, an accord no weight to the fact that the responsibility sits with the party in the seat of power. We elect them, they are responsible for what happens on their watch. If they saw a problem and introduced legislation that failed they are inept and should be chucked out. A minister should resign. It won't happen, we have no integrity in the current Govt.

Who knows what would have happened with less regulation - the capital markets would most likely asked more questions about the checks and processes in the lending decisions. Those selling iffy mortgages might have been more careful of selling dodgy loans, since a regulatory form, properly filled in with the buyer signing disclaimers is a great way of shifting a liability in a way one can't without the regulation. Peverse, the law of unintended consequences - but the more prescriptive one is the more defences you create.

And the worst of the lending came after regulation was proposed and introduced.

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Mortgage regulation failed to prevent bad lending. It provided the industry with a pass the buck form. It provide the illusion to capital markets that lending was sound and proper, so capital markets were happy to fund the securitisations.

Options proposed in opposition are not the same as legislation passed by Govt. IF you are going to apply such judgement to opposition, then you have to consider all such ideas floated and dismissed without being implemented by Govt, an accord no weight to the fact that the responsibility sits with the party in the seat of power. We elect them, they are responsible for what happens on their watch. If they saw a problem and introduced legislation that failed they are inept and should be chucked out. A minister should resign. It won't happen, we have no integrity in the current Govt.

Who knows what would have happened with less regulation - the capital markets would most likely asked more questions about the checks and processes in the lending decisions. Those selling iffy mortgages might have been more careful of selling dodgy loans, since a regulatory form, properly filled in with the buyer signing disclaimers is a great way of shifting a liability in a way one can't without the regulation. Peverse, the law of unintended consequences - but the more prescriptive one is the more defences you create.

And the worst of the lending came after regulation was proposed and introduced.

mortgage and financial industry is one of the most regulated in Britain, the FSA and all those regulations European, domestic and international (accounting standards) yet we're told there's not enough !

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mortgage and financial industry is one of the most regulated in Britain, the FSA and all those regulations European, domestic and international (accounting standards) yet we're told there's not enough !

the rules were bypassed by nr etc by putting dodgiest risk into off-balance sheet vehicles, with the full knowledge and implcit compliance of the FSA. so despite tight RULES, these were not actually invoked.

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This is not worth arguing obviously Labour have s**h themselves over the reception of this instructed everyone to get on the influential blogs and make some. The only people who can't see that any party would handle this better are die hard party before country people. Don't give chance to keep spouting, ignore them. Millbank rebuttal unit?

It would save you time and effort to have " Millbank rebuttal unit?" as your signature - it seems to be your standard response to anyone who doesn't give Wee Georgie a blowj0b.

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Incidentally, before slipping into recession last quarter, Japan grew every quarter since 2001. The growth since then was pretty small but it was continuous and without a local property bubble.

(my addition in bold)

It's easy for an exporter to prosper when its customers are busy inflating a bubble of their own. If we/the USA had a similarly obliging customer I expect we could grow too ... provided we were willing to take their debt-tokens in payment.

Here's a question: if you export something, and the importer can't pay and was never going to be able to pay, should that export count towards your balance of trade/GDP?

Or was the whole thing a credit-induced hallucination?

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Are you forgetting the Thatcher / Major privatisation binge?

Hmm so when Labour does it it doesn't count then? ,

PFI is in effect privatisation by another name, ah yes lets rent hospitals for 5 million a year for 25 years when it would only have cost us 15 million to build it out right such that we can have light bulbs changed for £2000 a time......but of course that doesn't count does it.

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Just skip over posts that contain the words "Wee Georgie". It also helps to avoid posts that contain the word "Eton" if you want to read anything reasoned and un-chippie.

It's a serious point. He's a liability which David Cameron's going to have to do something about. I've been listening to the podcast of the Today programme this morning - if he can't rebut heavy-weight journalists (and this performance is consistent with my previous postings about the man) then he will continue to act as a drag on the Conservatives.

If your idea of debate is posting safely amongst the lobotomised then head over here:

http://www.dailymail.co.uk/debate/newsdebate/index.html

Edited by happy?
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Out of interest, did any of the Today interviewers ever give Chancellor Brown such a hard time, in the years when he was presiding over the inflating bubble?

I haven't listened to the Today programme for years (ever since I started setting my own hours <_<) and I was astonished at how partisan the interviewer (John Humphries, I guess) seemed. 'obvious charge ... nothing like enough'. This is not the language of impartiality IMO; to many of us it is not obvious that more debt-fuelled consumption is the best way forward.

And he seemed almost wilfully to interpret 'insure' as 'ensure'.

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It's a serious point. He's a liability which David Cameron's going to have to do something about. I've been listening to the podcast of the Today programme this morning - if he can't rebut heavy-weight journalists (and this performance is consistent with my previous postings about the man) then he will continue to act as a drag on the Conservatives.

The true liability is the inability to say, 'there are no magic bullets, we're in a mess and getting out of it is going to be a long and painful process.'

A question such as 'what would you do to avoid this economic problem' is loaded because it doesn't countenance the possibility that the solution lies in slogging through the problem rather than avoiding it.

I guess the country isn't ready for honest politicians and honest media, just yet.

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Hmm so when Labour does it it doesn't count then? ,

PFI is in effect privatisation by another name, ah yes lets rent hospitals for 5 million a year for 25 years when it would only have cost us 15 million to build it out right such that we can have light bulbs changed for £2000 a time......but of course that doesn't count does it.

My point was that flogging off the family silver has been going on for decades, whether privatisaion or PFI.

For the record, I don't like either. But you got your retaliation in first :lol:

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(my addition in bold)

It's easy for an exporter to prosper when its customers are busy inflating a bubble of their own. If we/the USA had a similarly obliging customer I expect we could grow too ... provided we were willing to take their debt-tokens in payment.

Here's a question: if you export something, and the importer can't pay and was never going to be able to pay, should that export count towards your balance of trade/GDP?

Or was the whole thing a credit-induced hallucination?

Undoubtedly Japan and its exporters benefited from other peoples' bubbles. This is a big reason why the Nikkei plunged as big exporters like Toyota's profits have fallen.

But I still think the bigger point holds: Japan's real estate prices slumped 80% over a long period, its stock market almost as much. Yet somehow--arguably fiscal stimulus--it managed to maintain its GDP, maintain employment levels (although the quality of many jobs has worsened) and avoid civil unrest. It'll be interesting to see if Britain etc can pull off the same trick.

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