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At which point does it make more sense to just let a bank fail?

Straight away, fist them with the invisible hand of market forces.

Societies/govts would need to come up with a better way of shuttering banks than currently exists. Right now simply letting a bank crash and burn is a good way to cause runs on other banks, panic investors and motivate mass capital flight, risk national credit score and currency devaluation, loss of faith in govt, and lots of others spiralling consequences.

2008 taught bankers that they’re fucked if they fail, unless they fail so hard it threatens to bring the whole system down with it, in which case they’ll get a bailout that ensures their own ridiculous bonuses still get paid.

Weak. It was obviously such a hot potato that nobody should have given an interview. The only safe thing to do was a written statement approved by the board. But there's a lot more to come out. We don't know who agreed the lie that Farage was rejected for not having enough money, or who decided his politics were a reputational risk, or whether this policy was applied to other customers, or who leaked the memo to Farage. What a nightmare. Hard to believe that Flavel and Rose are the only ones at fault. What about Davies? He must have known about the reputational risk policy. Maybe the person who leaked the memo stands to gain by moving into one of the vacated posts. Maybe this person is a rabid Ukipper. Lots of the super rich are Brexiters. You'd think Coutts would be the perfect home for Farridge.

There was an Ezra Kleine on this off the back of the SVB collapse.

The basic premise was that the Fed should insure all depositors. As it was broken down it seemed to make sense. If you know that your deposit is underwritten then there is no reason for a run, and the bank has a better chance of staying solvent. As it's the depositors who are protected you still let market hands fist shareholders if required.

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The meno wasn't leaked, he did a date request and they supplied it

don't know who agreed the lie that Farage was rejected for not having enough money,

This was commentators jumping to conclusions, he was told he was let go for commercial reasons, the CEO confirmed at the dinner he was let go for commercial reason's as farage had already put that out there. The memo confirms the decision to close his account was due to commercial reasons. Commentators incorrectly assumed the commercial reason related to him not having sufficient money.

At no point was he debanked as he was offered alternative options within the group.

Bringing back Glass-Spiegal would be a better start imo. Mind you, I love money at least as much as the next man, but allowing banks to play casino with consumer savings was recklessness disguised as competitiveness.

An NYPD traffic agent was on duty at West 46th Street and 11th Avenue
around 3:20 p.m., when a bicyclist demanded that the traffic agent
move out of their way.

The cyclist then got off "their" bike and punched the traffic agent
multiple times before fleeing the scene.

https://twitter.com/CrimeInNYC/status/1684952027418263553

Some kinda wise guy.

#adamsmithcuckporn is trending

Hmmn...

The laughter did not last. Just over a fortnight later, Farage released a 40-page dossier obtained from Coutts via a subject access request, which allows account holders to demand to see information held about them. In it, the bank’s staff said that while Farage was “professional in his dealing with us”, he was seen at worst by the public as “xenophobic and racist” and was “considered by many to be a disingenuous grifter”. Although there was “clearly a risk of negative publicity” in getting rid of him as a customer, Coutts concluded that his views “were at odds with our position as an inclusive organisation”. The bank put him on “a glide path to exiting”.

From the Times.

The vibes theory submits that people’s political beliefs are laughably weak. They do not work out what they think and then join the corresponding movement. They join a movement and then infer from it what to think. This is why, once you know someone’s line on Roe vs Wade, you can guess with some confidence their view on vaccines, tax, Greta Thunberg and other questions that have no logical read-across to abortion. They are aligning themselves with their flock, not parsing each issue on its own terms. It answers a psychic need to belong that was once met by religion, fixed communities and stable families.

Ganesh in today's FT.

In response to..
That guy is basically the farage of lfgss.

The motorist is the new brexit post Uxbridge & South Ruislip

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^ wac.

I'm on the side of the motorist any fucking thing that might possibly clutch at the straw that could reduce Labour's upcoming majority.

FTFY

And it's likely to work

More cunts:

https://www.theguardian.com/uk-news/2023/jul/30/bristols-low-traffic-scheme-stalls-as-row-over-ulez-spreads-from-london

So a motorist is someone who counts owning a car as part of their identity?

£20bn already spent and the project deemed unviable, wtf
https://www.theguardian.com/uk-news/2023/jul/30/hs2-officially-unachievable-red-rating-problems-london-birmingham?

Shit’s expensive, and the cost of Labour and stuff is fluctuating wildly. The red rating presumably means something like very uncertain as to when the thing will be delivered and how much it might cost.

Was going to post this almost word for word. They really are the most shallow cunts on the planet.

HS2 was initially scheduled to open in 2026, but is now projected to open between 2029 and 2033 because of construction difficulties and rising costs. A budget of £55.7bn for the whole project was set in 2015 but the target cost, excluding the eastern leg of Phase 2b from the West Midlands to the East Midlands, has risen to between £53bn and £61bn at 2019 prices.

In March, the transport secretary, Mark Harper, announced that work at Euston would be paused for two years as costs had ballooned to £4.8bn compared with an initial budget of £2.6bn.

How does five years late and you are going to spend more but only get some of it sound. Will cost 100bn to get the whole thing

I wonder whether Euston is just going to be a giant building site for the next fifteen years or so.

The people who had their homes and businesses demolished for this must be pretty pissed off. People like the landlord of the Bree Louise who were forced out and then sod all is going to happen to replace them.

how does five years late and you are going to spend more but only get some of it sound

Sounds like buying anything non-trivial these days

I hope rishi makes the ulez an issue during the election, it’ll be in in a month and all the halfwits that think there going to pay it for there Tesla or range Rover will realise it’s not an issue for them.

I reckon they'll start hitting the more mental aspects of 15 minute cities hard.

They are/were just spunking money around the place. The only first hand intel I have is from an archaeology perspective. The contracts along the route are some of the most lucrative the industry has ever seen. Small fish obviously compared to other trades/functions, but I can only imagine other entities similarly rinsed the pot.