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Bankers' Bonuses

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View silvertop's Profile silvertop Flag Portishead 27 Sep 22 11.01am Send a Private Message to silvertop Add silvertop as a friend

Originally posted by Stirlingsays

I think this is very relevant.

I'll all for the attitude that government isn't there to dictate to the private sector. However, I'm afraid after 2008 that argument has been severely damaged.

When you go cap in hand to the state because you're 'too big to fail'.....I'm afraid you lose not only trust but also a certain amount of autonomy.

When your sector had to be saved by Joe Public.....Something which was incredibly damaging, caused death and ruination and hasn't been recovered from....then yeah....We don't want to hear 'we know best' again.

Edited by Stirlingsays (26 Sep 2022 10.19pm)

Now that was well said.

I do get the bit about interference with private sector pay deals, but they made themselves quasi-publicly owned with the cap-in-hand.

I saw at first hand how the government had to slash public spending to beyond the cutting of fat, to beyond the cutting of meat, but to hacking deep into the bone in order to fund that hand-out.

And it wasn't just the septics. Our banks were knee deep in sub-prime.

 

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View NEILLO's Profile NEILLO Flag Shoreham-by-Sea 27 Sep 22 11.08am Send a Private Message to NEILLO Add NEILLO as a friend

Originally posted by Badger11

Alex Salmon sent a public letter to Goodwin demanding that they go ahead and buy ABN AMRO which caused the downfall of RBS because of the hidden toxic debt. I worked for Citi at the time we walked away from that deal when we realised it was a poison chalice.

Salmond of course was motivated by Scotland having the biggest bank in the world instead they ended up with one of the most toxic and if Scotland had been independent it would have bankrupted the country. Point this out next time the SNP give it the Braveheart, it was English money that saved Scotland yet again.

The lack of due diligence conducted by RBS was astonishing. The arrogance of their executive, combined with their ignorance in terms of running an international bank, incredible.

 


Old, Ungifted and White

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View Stirlingsays's Profile Stirlingsays Flag 27 Sep 22 11.30am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by silvertop

Now that was well said.

I do get the bit about interference with private sector pay deals, but they made themselves quasi-publicly owned with the cap-in-hand.

I saw at first hand how the government had to slash public spending to beyond the cutting of fat, to beyond the cutting of meat, but to hacking deep into the bone in order to fund that hand-out.

And it wasn't just the septics. Our banks were knee deep in sub-prime.

I always wonder quite why Clinton gets away from the criticism over sub prime because as I remember it he was the guy who forced the financial institutions to lend to the insolvent back in the ninties....which started that form of nuttery.

I agree, I don't think anyone has really recovered from 2008, it's impacts are still with us....When Owen (who I respect) talks about repayment from a UK respective we have to realise that modern economies are that much more global today (but who really benefits?) and everything works off the US dollar (currently)....the consequences of 2008 ended the possibility of the west ever paying anything back.....That itself leads onto unpleasant consequences that everyone is going to be made to live with. The UK's own debt levels both governmental and corporate are...I'm told, in the same unpayable wheelhouse.

I don't think anyone should be tipping their hat to that.

Edited by Stirlingsays (27 Sep 2022 11.58am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View steeleye20's Profile steeleye20 Flag Croydon 27 Sep 22 12.31pm Send a Private Message to steeleye20 Add steeleye20 as a friend

Truss and Kwarteng what a dim-witted combination, what carnage they have brought in only 20 days.

Sunak did describe her plans as disastrous so it will be interesting to see how they are at their conference.

The most important thing is to get rid of them forthwith, nobody will ever have any confidence in them, the letters have started already.

 

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View orpingtoneagle's Profile orpingtoneagle Flag Orpington 27 Sep 22 12.49pm Send a Private Message to orpingtoneagle Add orpingtoneagle as a friend

We are now really moving forward as a nation things are really on the up.

Interest rates up
Bond rates up
Inflation up
Fuel bills up
We are becoming more attractive to foreign tourists as the pound is now worth far less meaning they get more for their currency

We are doing more for low incomes by allowing more money to trickle down to them.

And all these success in a few short days.

Amazing!

 

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View ASCPFC's Profile ASCPFC Flag Pro-Cathedral/caravan park 27 Sep 22 12.56pm Send a Private Message to ASCPFC Add ASCPFC as a friend

Originally posted by orpingtoneagle

We are now really moving forward as a nation things are really on the up.

Interest rates up
Bond rates up
Inflation up
Fuel bills up
We are becoming more attractive to foreign tourists as the pound is now worth far less meaning they get more for their currency

We are doing more for low incomes by allowing more money to trickle down to them.

And all these success in a few short days.

Amazing!

Yes, soon put the Great back in.

 


Red and Blue Army!

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View Midlands Eagle's Profile Midlands Eagle Flag 27 Sep 22 5.00pm Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by steeleye20

Truss and Kwarteng what a dim-witted combination, what carnage they have brought in only 20 days.

Sunak did describe her plans as disastrous so it will be interesting to see how they are at their conference.

I expect that Truss will try and divert attention away from her economic policies by talking about cheese and pork again

 

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 27 Sep 22 5.24pm Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by steeleye20

Truss and Kwarteng what a dim-witted combination, what carnage they have brought in only 20 days.

Sunak did describe her plans as disastrous so it will be interesting to see how they are at their conference.

The most important thing is to get rid of them forthwith, nobody will ever have any confidence in them, the letters have started already.

'The problem isn't that the UK budget was inflationary, its that it was moronic. And a small open economy that seems to be run by morons gets a wider risk premium on its assets - currency down, yields up'

Classic

 


Did you know? 98.0000001% of people are morons.

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View cryrst's Profile cryrst Flag The garden of England 27 Sep 22 7.41pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Stirlingsays

I always wonder quite why Clinton gets away from the criticism over sub prime because as I remember it he was the guy who forced the financial institutions to lend to the insolvent back in the ninties....which started that form of nuttery.

I agree, I don't think anyone has really recovered from 2008, it's impacts are still with us....When Owen (who I respect) talks about repayment from a UK respective we have to realise that modern economies are that much more global today (but who really benefits?) and everything works off the US dollar (currently)....the consequences of 2008 ended the possibility of the west ever paying anything back.....That itself leads onto unpleasant consequences that everyone is going to be made to live with. The UK's own debt levels both governmental and corporate are...I'm told, in the same unpayable wheelhouse.

I don't think anyone should be tipping their hat to that.

Edited by Stirlingsays (27 Sep 2022 11.58am)

.

Edited by cryrst (27 Sep 2022 7.42pm)

 

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View cryrst's Profile cryrst Flag The garden of England 27 Sep 22 7.43pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Stirlingsays

I always wonder quite why Clinton gets away from the criticism over sub prime because as I remember it he was the guy who forced the financial institutions to lend to the insolvent back in the ninties....which started that form of nuttery.

I agree, I don't think anyone has really recovered from 2008, it's impacts are still with us....When Owen (who I respect) talks about repayment from a UK respective we have to realise that modern economies are that much more global today (but who really benefits?) and everything works off the US dollar (currently)....the consequences of 2008 ended the possibility of the west ever paying anything back.....That itself leads onto unpleasant consequences that everyone is going to be made to live with. The UK's own debt levels both governmental and corporate are...I'm told, in the same unpayable wheelhouse.

I don't think anyone should be tipping their hat to that.

Edited by Stirlingsays (27 Sep 2022 11.58am)

[Link]

I shouldn’t agree but this man is spot on at the end tbh

Edited by cryrst (27 Sep 2022 7.51pm)

 

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View HKOwen's Profile HKOwen Online Flag Hong Kong 28 Sep 22 2.00am Send a Private Message to HKOwen Add HKOwen as a friend

Originally posted by steeleye20

Truss and Kwarteng what a dim-witted combination, what carnage they have brought in only 20 days.

Sunak did describe her plans as disastrous so it will be interesting to see how they are at their conference.

The most important thing is to get rid of them forthwith, nobody will ever have any confidence in them, the letters have started already.

I would never have guessed you were on the 1922 committee, you learn something every day.


I would never have guessed you were on the 1922 committee, you learn something every day.


I am not qualified to make a forecast on where the economy will be in a month/ 3 months / 6 months.

It's all guesswork at the moment as the situation is so fluid.

If wholesale gas prices fall then the borrowing requirement falls etc, who knows what the Fed will do in terms of interest rates.

It is rather dog in the manger for the Truss haters to hope the economy gets worse so they can go into I told you so mode.

At least energy bill catastrophe has been averted for now.


And so far nothing from the Labour conference on the economy other than We're not them , no costings only jargon around ,better, fairer, etc etc

 


Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

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View Badger11's Profile Badger11 Flag Beckenham 28 Sep 22 8.07am Send a Private Message to Badger11 Add Badger11 as a friend

The IMF have put the boot in but they have a terrible track record on predicting our economy.

Starmer is saying the Tories have wrecked the economy he may be right but what exactly would he do differently? The Tories have give the country billions over COVID and now the current crisis, is Starmer saying Labour wouldn't have?

 


One more point

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