Reccession ..... Calm Down & Carry On

[Barnham Seagull]

The doom mongers will now enter the asylum!

Whilst we all thought we'd see a slight increase this ISN'T the end of the world as we know it.

Still let the binfest commence

Depends how you have been affected realy does'nt it!

Family owned business lost with 160 jobs and supply chain also massively affected. I'm sure they all see it as a minor blip

 

[beorhthelm]

1) / 2) Why would they do this? What do they have to gain?
3) Spain is not the cause of the global financial problems. Local Spanish banking practices are of minor consequence when compared to US QEI and QEII in terms of money circulation.
4) You have a point re investment banks re-packaging high risk loans and selling on to ill informed unsuspecting investors and institutions. I'm not so sure that central banks win by selling "bad debt". What do you mean by this?
5) Thanks for the examples, better than a cartoon but I wouldn't trust Hollywood's versions of events too much. It still doesn't explain your central bank conspiracy theories though.

1/2 ignores the fact the central banks are loaded up with loads of debt as a result of the current situation, hardly something you'd think the master criminals running the banks would be wanting. 4 again overlooks reality that the really bad debt has been written off. its gone, the bank has a hole in the balance sheet so has to retain cash/reduce loans to cover. this is being amplified by the imposition of new rules (basel III) that require banks to hold more cash/safer rated investments, to protect them from a future credit crisis event. ironically this means buying government bonds. so they have to load up on good bonds to cover the loses on poor ones worrying all the time that the likes of Portgual, Spain and other might collapse and lead to another round of write downs.

if you believe Brunswick this is all part of a carefull plan, which has been in progress for 50, 200, 1000 years depending on your flavour of woo. no, its a cockup, not a conspiracy.

 

[Lokki 7]

its a cockup, not a conspiracy.

Is the right answer.

 

[Blackadder]

Watching Newsnight, it was mentioned that in the bad old days of the 1930s we were actually pulling out of our financial problems after 4 years. This time we aren't!

 

[Freddie Goodwin.]

I laugh in the face of recession.

Given the implementation of the increased tax allowances (announced last year), I am nearly £3.50 per MONTH better off and intend to spend my way out of recession!

 

[Lokki 7]

Watching Newsnight, it was mentioned that in the bad old days of the 1930s we were actually pulling out of our financial problems after 4 years. This time we aren't!

Don't know the context of the quote you mention but it took 20 years to recover from the 1929 crash. There were spurts of positivity along that path but it certainly wasn't a 4 year out and out recovery.

 

[Blackadder]

Don't know the context of the quote you mention but it took 20 years to recover from the 1929 crash. There were spurts of positivity along that path but it certainly wasn't a 4 year out and out recovery.

The Geordie fellow (can't think of his name) was showing a graph. Must admit, I thought the 30s were worse but the graph was going, albeit slowly in the right direction after 4 years in the mid 30s. Guess you can do anything with stats.

 

[Tim Over Whelmed]

Depends how you have been affected realy does'nt it!

Family owned business lost with 160 jobs and supply chain also massively affected. I'm sure they all see it as a minor blip

Definitely not underplaying its been tough and there have been masses of casualties, my point is that doom and gloom sells more papers, doom and gloom allows the government to excuse certain decisions and yet, in my recent experience, I'm seeing many small businesses just getting on with it and showing a more positive focus. Sorry to hear your tale though that is a bloody awful shame, good luck in the future. Tim

 

[mikeyjh]

It could be argued that you can.

He humiliated Nadine Dorries in the House of Commons with his 'I know youre frustrated...' effort, which he then laughed at with all the other braying school boys. He is Prime Minister! He cant be arrogant (at least not until hes acheived something), or complacent.

The Hunt thing possibly not. He wasnt to know he was bent when he gave him the job. Hunt should have said to him 'I know something about this, perhaps im not the best man for the job'. What he probably thought was 'Sod it Ill take it anyway, Cameron clueless he wont ever find out'.

Continuing to back his crony shambolic home secretary is his own fault. She wasted no time in hanging out the Border Agency boss to dry when he cocked up. Shes messed up badly and publically on Quatada. His continuing endorsement of her sends the message 'We are home to Mrs and Mrs Cock up. And theyre very welcome'.

For the record, I was trying to be amusing, of course it's the arrogant, complacent toff's fault and am very much enjoying his previously smarmy PMQ face getting redder and redder as he gets more riled by the week. I'm happy to admit that for a long time Ed was not getting the better of it at PMQs but the faces on Govt front bench now are priceless.....

 

[Simster]

Don't know the context of the quote you mention but it took 20 years to recover from the 1929 crash. There were spurts of positivity along that path but it certainly wasn't a 4 year out and out recovery.

The main difference between then and now is that big banks were allowed to go to the wall back then - no government bail outs. The result was a domino effect of collapse after collapse as they all lent to each other, which led to a surge of desperate savers trying to pull out their savings, causing high rates of inflation and no borrowing availability for small businesses.

That's why banks mustn't be allowed to fail, which in turn is the reason why banks must be regulated. Saying "we can't regulate further because it will make us uncompetitive" isn't good enough.

 

[Simster]

1/2 ignores the fact the central banks are loaded up with loads of debt as a result of the current situation, hardly something you'd think the master criminals running the banks would be wanting. 4 again overlooks reality that the really bad debt has been written off. its gone, the bank has a hole in the balance sheet so has to retain cash/reduce loans to cover. this is being amplified by the imposition of new rules (basel III) that require banks to hold more cash/safer rated investments, to protect them from a future credit crisis event. ironically this means buying government bonds. so they have to load up on good bonds to cover the loses on poor ones worrying all the time that the likes of Portgual, Spain and other might collapse and lead to another round of write downs.

if you believe Brunswick this is all part of a carefull plan, which has been in progress for 50, 200, 1000 years depending on your flavour of woo. no, its a cockup, not a conspiracy.

Perfectly correct. Nobody actually believes Brunswick though. He can't even articulate himself beyond cartoons, you tube videos and feebly lazy and simplistic one word answers.

 

[Herr Tubthumper]

The main difference between then and now is that big banks were allowed to go to the wall back then - no government bail outs. The result was a domino effect of collapse after collapse as they all lent to each other, which led to a surge of desperate savers trying to pull out their savings, causing high rates of inflation and no borrowing availability for small businesses.

That's why banks mustn't be allowed to fail, which in turn is the reason why banks must be regulated. Saying "we can't regulate further because it will make us uncompetitive" isn't good enough.

Agree. And regulation does not neccessarily make you uncompetitive. The flip side is that a solid, robust and regulated banking industry MAKES you competitive and attracts investment.

 

[Common as Mook]

Agree. And regulation does not neccessarily make you uncompetitive. The flip side is that a solid, robust and regulated banking industry MAKES you competitive and attracts investment.

Exactly.

 

[Lokki 7]

The Geordie fellow (can't think of his name) was showing a graph. Must admit, I thought the 30s were worse but the graph was going, albeit slowly in the right direction after 4 years in the mid 30s. Guess you can do anything with stats.

Having just re-checked the S&P graph, the US stock market peaked in Sep 1929. It did not reach that level again until August 1954. I appreciate that this is only one indicator of recovery but a sobering statistic all the same.

 

[Westdene Seagull]

None of which measures the current government disagreed with. Nor did they come up with an alternative plan.

Labour have hardly been vocal in their current opposition - indeed, during the election they suddenly realised cuts were necessary and jumped on the bandwagon. Agreed the Tories didn't have an alternative plan but then again Labour don't currently. It seems that the practise of being in opposition now means providing no policies, keeping quiet and hoping the other side hang themselves.

But its not a coicidence is it? They are clearly incompetant. The budget was a shambles (and drawn up by the 'strategist' that masterminded their 'victory' over the deeply unpopular Brown/Labour government), they were clueless over the fuel tankers situation, they were didnt know what day of the week it was over the deportation of Quatada, they are on the verge of knackering the NHS and they are in the shite over what to do about the House of Lords. And thats just in the past couple of weeks!

Fuel Tankers - Blair brought the country to it's knees by mishandling the tanker strike. We came a whisker away from having the Army deployed on British streets.

Quatada - personally I blame the ECHR. A report in the Independent the other day explained how they have such a large backlog of cases they allow dates to slip because they can't respond in time. That's no excuse and the Government were right to stick to the dates that the rules allow. Remind me, how long did Labour work at getting rid of him - 9 years !!!! Hardly a success, especially given they never actually achieved the aim of getting rid of him - they even released him from prison.

 

[Eggmundo]

I'm a victim, being made redundant today
18 years of service. It's cheaper doing it abroad, quality isn't the same but you can soak the warranty costs up with the reduction on overheads.

 

[Westdene Seagull]

I'm a victim, being made redundant today
18 years of service. It's cheaper doing it abroad, quality isn't the same but you can soak the warranty costs up with the reduction on overheads.

Sorry to hear that - I got made redundant at the beginning of the current mess and it feels shit. I've only just avoided redundancy twice in the last six months as well. All because my company are shifting jobs to India because even though we're profitable apparently our margins aren't as good as our competitors. Moving jobs abroad is a disgusting and immoral act.

 

[Lokki 7]

I'm a victim, being made redundant today
18 years of service. It's cheaper doing it abroad, quality isn't the same but you can soak the warranty costs up with the reduction on overheads.

Very sorry to hear that. My whole dept got tinned in June 2011, it's a very common tale these days. Good luck with finding something else.

 

[Eggmundo]

Thank you Guys, there are a lot worse off than me so onwards and upwards.

 

[Tubby Mondays]

Labour have hardly been vocal in their current opposition - indeed, during the election they suddenly realised cuts were necessary and jumped on the bandwagon. Agreed the Tories didn't have an alternative plan but then again Labour don't currently. It seems that the practise of being in opposition now means providing no policies, keeping quiet and hoping the other side hang themselves.



Fuel Tankers - Blair brought the country to it's knees by mishandling the tanker strike. We came a whisker away from having the Army deployed on British streets.

Quatada - personally I blame the ECHR. A report in the Independent the other day explained how they have such a large backlog of cases they allow dates to slip because they can't respond in time. That's no excuse and the Government were right to stick to the dates that the rules allow. Remind me, how long did Labour work at getting rid of him - 9 years !!!! Hardly a success, especially given they never actually achieved the aim of getting rid of him - they even released him from prison.

You seem to labouring under the misapprehension that; because Iam certain that the current bags of barry white are exactly that, I am a flag waving, card carrying, pant wetting member of the Tony Blair, Gordon Brown and Ed Milliband fan clubs.

I am not.

It is possible to kick one lot whilst not having allegiences to any other.