Monday, April 7, 2008

Stephen King has gone mad

Stephen King: From Pope Pius VII to the credit crunch, market failure lives on

He says that the only way out of the credit crunch is to raise the age of retirement and states, that a solution is to give financial education to the masses and create more regulations, that banks are not to blame, that they are innocent bystanders of market forces!

Posted by planning4acrash @ 09:26 AM (623 views)
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9 thoughts on “Stephen King has gone mad

  • “Stephen King is managing director of economics at HSBC.”

    Oh, [i]that[/i] Stephen King.

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  • This is an interesting article, and at least its not the apologetic bleating we had a week or so ago from Stephen King.

    I’d take objection with this though:

    “when they fail, there’s typically a need to bail them out. It would surely have been wrong, for example, to allow the customers of Northern Rock to have lost their deposits through no fault of their own.”

    The customers hold assets in the bank which could easily be protected by legislation. Its the employees and the senior executives who seem to be gaining the most from these high-profile bank rescues though, and they are the ones who actually created the mess.

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  • Captain Flack says:

    I would have to agree with his argument that the retirement age needs raising. 65 was introduced half a century ago, when people were lucky to live to 60. So the average person did not reach retirement age. Now the average life expectancy is 75-80, so the average person spends at least 10 years retired, and in most cases, more than that. This despite the fact that jobs typically are less physical now (office jobs, shop assistants) and people in their 60s and 70s are typically much fitter and healthier than 50 years ago. John McCain is in his 70s and is able to be considered for President of the USA, which is not exactly a light workload. So why should the taxpayer fund people to retire at 60 or 65? Especially when today’s people in their 20s or 30s will not get any state pension when they retire. So they’re being soaked to pay for pensioners who did not contribute enough in tax, but will then get nothing themselves. No wonder anyone under 40 who can is emigrating.

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  • planning4acrash says:

    Maybe First Direct got a bail out and HSBC has sought and got emergency funding. Their 8% 1yr bond is suspect to say the least. Maybe he knows that this cannot be kept secret forever and is covering his tracks?

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  • The fault of their own is if they watch too much television and don’t pay attention to what the institutions that hold their life savings are doing.

    If they were not doing this then fair enough.

    Self-responsibility. Without it we are FUBARed.

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  • Stephen King is just an apologist for City ‘crooks’ who have manufactured a system whereby the middle classes are raped and their wealth transfered to an elite, which is what is happening at the moment. The public’s good will, trust and gullibility has been exploited, and this guy wants to brush this fact under the carpet.

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  • Hasn’t Stephen’s company just lost a disc with lots of customer details relating to life assurance/mortgages?

    Is that another “market failure” ?

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  • Yes Alan. Best give him some more taxpayers money.

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  • Crom Alternative says:

    I can’t believe that we believe in unbelievable believeing that market without confidence is broken. Continue rotation until invisible face become visible: as confidence falling, more and more people belives! Our luck is that without non believers, believing is not worth a penny.

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