Some really sobering financial news

[Ken Davison South Wales]

'Capitalism has within it the seeds of it's own destruction'

 

Karl Marx

 

You could say that about any system, looking at history none have a perfect record including Karl's mob.

[barry luxton]

The simple answer to that is we had bigger more gullible plonkers in charge of our banks. Not only that but they have still failed to disclose exactly what their losses were.

 

I hear what you all say about Brown but who ever was in government it would have gone the same way, these banks did not loose this money because of internal UK trading it was the world markets where they came unstuck, and what we have is dozens of Nick Leesons and the irony is we are paying for their cockups.

 

I think there was one gullible plonker banker guy being mentioned on the radio yesterday, a sir someone or other, his last year's salary was eight and a half mill. Don't think of him as a plonker somehow. Your right about paying for it though and we will be paying for this governments cock ups as well. For years to come, no doubt. Where did all our gold money go Ken. Trying to get an answer on that one.

[Emma two]

You could say that about any system, looking at history none have a perfect record including Karl's mob.

 

Who were 'Karl's mob'? Marxism has never been applied in practice.

[corydoras]

What do you suggest then. I noticed brown and co they came in with a stable economy, since they have been in power it's been down hill from there, same with the buropratts, it ain't gonna get better, tell me how can it, with these who advocate huge public spending creating mythical jobs etc, it will end in tears, there is no light at the end of the tunnel. Call an election, call for a referendum as was promised and see what you will get.

 

fwiw. It ain't me running the country so how can i be part of the problem, i'm the same as every other foot soldier, suffering at the hands of others. I planned for my retirement ok, to have it stolen by this bunch of wasters, It was my money that i worked 40-60 hours a week my friend, put it into the future and it gets knicked by this wastefull ex chancellor, now unelected, who hasen't done anything of use as far as i can see apart from spend, who's fault is that, mine? Tell me what actual use have they been. Give us a positive, please do. .

 

I have sympathy for you and the others with your pension Barry, but I think private pension schemes are a waste of money and always have been. The frogs (I know you don't like me going on about them, but I don't know any other system as well as theirs to contrast ours against) pay high taxes but in return have a health system that is second to none, and a state pension system that works like a final salary scheme, the more you pay in the more you get out. Prudent people make private provisions too, either by building up a portfolio of stocks and shares or buy buying property (with cash that the saved up, not borrowed) and letting it out at a reasonable rate to people that are saving for their first house. My ex lives in Normandy but in the last 10 years or so has bought two flats in Paris and one in Caen which she can afford to rent cheaply because she didn't have to borrow loads of money to buy them. The problem with the private rented sector hear is that your not paying rent, your paying some other buggers mortgage.

 

If a private landlord in France let's a property it's in three year chunks. Once you let a property you can't evict your tenant for three years unless he breaks his tenancy agreement in some ways. French private tenants sometimes improve the property, because they have security of tenure. One of my wives tenants in France asked her if he could do up the kitchen, she agreed. He ripped the whole lot out and put in a solid oak fitted kitchen with granite worktops at his own expense but he knows that as long as he pays his rent his tenancy is secure for six years.

 

I'm sorry for calling you part of the problem, that was a bit strong perhaps but what you can do is face up to the fact that your enemy is not in Brussels your enemy is in Westminster.

Edited January 23, 2009 by corydoras

[yoxer]

"I hear what you all say about Brown but who ever was in government it would have gone the same way, these banks did not loose this money because of internal UK trading it was the world markets where they came unstuck, and what we have is dozens of Nick Leesons and the irony is we are paying for their cockups."

 

These banks didnt only lose your money but money that didnt even exsist , which you have to admit is a prety neat trick in anyones book.

[corydoras]

"I hear what you all say about Brown but who ever was in government it would have gone the same way, these banks did not loose this money because of internal UK trading it was the world markets where they came unstuck, and what we have is dozens of Nick Leesons and the irony is we are paying for their cockups."

 

These banks didnt only lose your money but money that didnt even exsist , which you have to admit is a prety neat trick in anyones book.

ANds most of the CEOs in these investment banks didn't even understand the instruments there trading rooms were dealing in so didn't have a chance of controlling them

 

Nice to see your still alive and kicking BTW yoxer. Long time no see.

[Ken Davison South Wales]

Who were 'Karl's mob'? Marxism has never been applied in practice.

 

Well you hear them saying Marx's this Marx's that through recent history so my guess would be his system was so screwed up it didn't really get of the ground

 

I'll stand by my statement "No system is perfect" and the day someone claims it is we will have another deity in place

[Ken Davison South Wales]

I think there was one gullible plonker banker guy being mentioned on the radio yesterday, a sir someone or other, his last year's salary was eight and a half mill. Don't think of him as a plonker somehow. Your right about paying for it though and we will be paying for this governments cock ups as well. For years to come, no doubt. Where did all our gold money go Ken. Trying to get an answer on that one.

 

I don't know where yours went but I saw mine vanishing into a bankrupt bank a couple of weeks back

 

Just because he got paid £8,500,000 does not mean he is not a plonker, it just means that the idiots who wrote the cheques out are even bigger plonkers. Mind you in his case one could say robber and be quite justified, anyone accepting money for failure is a robber without doubt.

[yoxer]

"ANds most of the CEOs in these investment banks didn't even understand the instruments there trading rooms were dealing in so didn't have a chance of controlling them"

 

Oh those selling them understood alright, its was the greedy and then the mugs as it always is that get left holding the worthless. Business is the same as any other facet of life , if you dont, you end up losing out to the competition that is , its either jump when the others do or your business is going under regardless.The questions that really should be asked is just how come the worlds most astute finacial brains didnt see this coming ? Well they did, but once again the greedy didnt want to know and the foolish didnt want to listen.

[corydoras]

"ANds most of the CEOs in these investment banks didn't even understand the instruments there trading rooms were dealing in so didn't have a chance of controlling them"

 

Oh those selling them understood alright, its was the greedy and then the mugs as it always is that get left holding the worthless. Business is the same as any other facet of life , if you dont, you end up losing out to the competition that is , its either jump when the others do or your business is going under regardless.The questions that really should be asked is just how come the worlds most astute finacial brains didnt see this coming ? Well they did, but once again the greedy didnt want to know and the foolish didnt want to listen.

I used to work on a trading floor (not as a trader, just an IT guy) and yes the traders understood what they were trading in, and so did the risk management guys, but I'd wager that a few if the big bosses either didn't understand them or just didn't want to.