The Banks Are Dead.!

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The Angry Jock
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Re: The Banks Are Dead.!

Post by The Angry Jock » Mon Jun 25, 2012 5:47 am

resident paul wrote:All this political arguing has strayed from point of the thread that the banks have caused the world recession & still struggling because of it!
They're only partially responsible for it and we're struggling because our Government wasn't prepared, so not really off point...unles you only want us to agree with you without question?
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Re: The Banks Are Dead.!

Post by greenberet79 » Mon Jun 25, 2012 7:36 am

merman wrote: Do you want more riots?
Yes.
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Re: The Banks Are Dead.!

Post by resident paul » Mon Jun 25, 2012 8:43 am

The Angry Jock wrote:
resident paul wrote:All this political arguing has strayed from point of the thread that the banks have caused the world recession & still struggling because of it!
They're only partially responsible for it and we're struggling because our Government wasn't prepared, so not really off point...unles you only want us to agree with you without question?
One UK government doesn't make a world recession but a small part of it!
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Re: The Banks Are Dead.!

Post by The Angry Jock » Mon Jun 25, 2012 9:13 am

resident paul wrote:One UK government doesn't make a world recession but a small part of it!
Which part of "if the Labour Government saved during the boom years instead of spending on the credit card, we'd be in a far better position now" don't you understand?

Our Government is at fault for our recession, just like every other country is at fault for their own recession. The banks only accelerated what was inevitable.

The UK government is at fault more than most, as we have the most banks by far (in Europe), which were regulated improperly.
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Re: The Banks Are Dead.!

Post by merman » Mon Jun 25, 2012 9:30 am

The riots were a symptom of the inequality in society. The official report said so.

Cameron's call for a debate on benefits is all about saving money, and anyone drawn in by his claim to be a compassionate Conservative is deluded. Now he wants benefit amounts to be different regionally, which will inevitably widen the inequality.

The banking system will only improve with better regulation, and the Tories are unlikely to clamp down any further for fear of the banks moving overseas.
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Re: The Banks Are Dead.!

Post by psj3809 » Mon Jun 25, 2012 9:45 am

Dont you think the benefit culture has had such a bad press for a long time ? Drastic measures need to be taken. Whether this debate is a 'smokescreen' or not things have got so bad under Labour. Back in the early 90's you didnt hear 'so' much about these teenagers having 4 kids and getting a nice house and benefits, now its common as anything. Just made it too easy, has to be a debate as its clearly not working is it ? Look at figures for the rest of Europe and us and see how bad things are here.

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Re: The Banks Are Dead.!

Post by The Angry Jock » Mon Jun 25, 2012 9:56 am

merman wrote:The banking system will only improve with better regulation, and the Tories are unlikely to clamp down any further for fear of the banks moving overseas.
Thing is mermy, if the banks moved overseas we'd have to fill that gap left in the tax revenues so we can look after the poor and the sick...The Labour Government relied on the financial sector far too heavily. Getting them back into power will change nothing.
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Re: The Banks Are Dead.!

Post by sscott » Mon Jun 25, 2012 2:30 pm

The Angry Jock wrote:
merman wrote:The banking system will only improve with better regulation, and the Tories are unlikely to clamp down any further for fear of the banks moving overseas.
Thing is mermy, if the banks moved overseas we'd have to fill that gap left in the tax revenues so we can look after the poor and the sick...The Labour Government relied on the financial sector far too heavily. Getting them back into power will change nothing.
Any reason this is such a passionate subject for you Angry Jock? Just asking. Everything has to starts with personal responsibility but not everyone is responsible. I've always put my faith in bricks and mortar. I should definitely save more and push my luck more than enough come pay day so I am hardly an example of prudent spending. For the first time in 13 years as a public sector worker I had to apply for a job but got it and wondered what the hell would I do if I hadn't!
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Re: The Banks Are Dead.!

Post by The Angry Jock » Mon Jun 25, 2012 3:00 pm

sscott wrote:Any reason this is such a passionate subject for you Angry Jock? Just asking.
No reason in particular, the last few years I've become increasingly interested in the subject, it's important.
sscott wrote:Everything has to starts with personal responsibility but not everyone is responsible.
Exactly, personal responsibility is where it's at. Why should the responsible be punished to protect the irresponsible?
sscott wrote:I've always put my faith in bricks and mortar. I should definitely save more and push my luck more than enough come pay day so I am hardly an example of prudent spending.
As I mentioned earlier I'm not the poster boy for prudent spending either, but things have most definitely changed over the last few years on a personal level.
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Re: The Banks Are Dead.!

Post by SJ_Sathanas » Mon Jun 25, 2012 3:21 pm

The Angry Jock wrote:
sscott wrote:Any reason this is such a passionate subject for you Angry Jock? Just asking.
No reason in particular, the last few years I've become increasingly interested in the subject, it's important.
sscott wrote:Everything has to starts with personal responsibility but not everyone is responsible.
Exactly, personal responsibility is where it's at. Why should the responsible be punished to protect the irresponsible?
sscott wrote:I've always put my faith in bricks and mortar. I should definitely save more and push my luck more than enough come pay day so I am hardly an example of prudent spending.
As I mentioned earlier I'm not the poster boy for prudent spending either, but things have most definitely changed over the last few years on a personal level.
Ah, "prudence". That's the word Gordon Brown used when describing how New Labour had put an end to boom and bust. I couldn't recall what word he had used.
It's so ironic it almost hurts.

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Re: The Banks Are Dead.!

Post by GameOver » Mon Jun 25, 2012 4:34 pm

I think people should take just as much responsibilty for the recession as the banks, probably even more. We're still undecided on whether personal finance should be taught in school - surely that's a bit of a no-brainer? It's pointless being taught the maths, without the personal responsibility to go with it. My father made sure I knew about the mistakes he and his father made and I'm far better off for it.

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Re: The Banks Are Dead.!

Post by Ferret Oxide » Mon Jun 25, 2012 5:27 pm

pratty wrote:I see, thanks for clearing that up. You can see where that confused me though right?
Yeah, I see why you're confused, and I don't think I explained the last bit very well as they are still only making money from the original amount once. It's just that in the example we were using, the house seller also put his money in the same bank. Sure, the bank can lend against that too, but what I was trying to say is that one bank will get that deposit and lend against it, regardless. It just happens to be the same bank.

So an example:
Person A banks with Bank X, Person B banks with both Bank X and Bank Y
Person B sells a house for £250k to Person A.
Bank X lends that money to Person A from their existing balance sheet. They can still lend against the mortgage as it will be repaid or they will get the equity from forced sale of the house,so it's still on the balance sheet.
Person B now has £250k (we're assuming there are no fees etc to keep this simple).
If Person B puts the money into their account with Bank Y, then Bank Y can now lend against it. In this case, Bank X lends against the mortgage while Bank Y lends against the profit.
If Person B puts the money in Bank X then Bank X gets to lend against both purely because it holds both.

I hope that makes sense. It's not entirely as above, as you have to take into account factors like risk and return and so on.

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Re: The Banks Are Dead.!

Post by Ferret Oxide » Mon Jun 25, 2012 5:31 pm

resident paul wrote:All this political arguing has strayed from point of the thread that the banks have caused the world recession & still struggling because of it!
The Greece/Spain/Italy problems at the moment have a very simple financial solution. Devaluation. Unfortunately they can't do that because they're tied into a single currency and the politicians refuse to take steps economists suggest because they would weaken or fracture that currency. That doesn't seem like it's banks causing the problems to me.

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Re: The Banks Are Dead.!

Post by crusto » Mon Jun 25, 2012 5:44 pm

Re the Euro.

I always holiday in Cyprus, but the Euro is rapidly putting the brakes on that for me. As soon as Cyprus joined the Euro the cost of holidaying there almost doubled, add a crap exchange rate to that and its just not worth it.

Back when it was the Cypriot pound you could buy (roughly) 90c to the pound. Wasnt a great exchange but the value for money out there was great. You could have a lovely meal for 2 with drinks etc etc for £15 if you wanted to. And if you wanted to push the boat out and eat at one of the posher restaurants you could easily have a feast for £40. It only gets silly when you start on the imported wines etc.

Now though, that basic meal will cost around 40 Euros and the better meals start entering the 100's. The cost of entry to the water parks etc has rocketed, the cost of soft drinks, chocolate, hell everything has gone through the roof. I havent gone this year and I am considering not going again tbh. Im sure im not alone there either. For a country that relies on tourism for a major chunk of its income that is one spectacular own goal to score.
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The Angry Jock
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Re: The Banks Are Dead.!

Post by The Angry Jock » Mon Jun 25, 2012 5:59 pm

You're not wrong Crusto, last time I went to the continent was in 2008. Went to Poland, beer was twice the price I can get here, it was outrageous.
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