Economy & Banks

A little tale from personal finance... When I worked for Barclays, before Abbey, I was encouraged to get folks to take loans to clear their credit cards - cheaper borrowing n'all that. Sounded sensible until the "sales coach" explained I shouldn't tell folks to close their cards once cleared, as that'd remove our chance of sellling them a bigger loan once they maxed their cards again a few months later. No amount if discussion would persuade the "sales coach" that this was un-sustainable. This was 2000 and the great personal credit boom.

The saying that a bank gives you a brolly when it's sunny and asks for it back when it rains is very true.

getting involved in the unlawful war in Iraq didn't cost this country anything... of course you are correct it was just the greedy bankers...

Nope, you're all wrong. It's because of the big bonuses of the greedy bankers.

we probably nicked billions of dollars worth of cash gold treasures and oil while we were there
pays for itself doesn't it

This thread isn't about the war, but the cost of that (mid 2010) was £9.2bn (BBC - http://www.bbc.co.uk/news/world-middle-east-11107739, the cost of borrowing to support the banks was £124bn at the end of 2011 and expected to continue for many years (NAO - http://www.nao.org.uk/publications/1011/support_for_banks.aspx). There's a big difference there.

The "bankers' bonus" quips is generally a convenient shorthand for the attitude of the industry and it's participants, and one that everyone can relate to and understand. However, while we're on it, RBS (a large chunk of that £124bn mentioned above) apparently paid out £1bn bonuses this (loss making) year (guardian - )so combined with Lloyds banking group it looks like at least a couple of percent of that money that we've given them they have just simply stolen...

I don't see China in a whole heap of distress.

They'll be laughing on the other side of their faces when they realise we can't repay all the money they saved and then leant to us in order for us be able to buy stuff from them.

=They'll end up owning Scotland.

wars in the middle east doesn't effect this countries economy... billions spent or wasted on defence budget... beg to differ in my opinion...

This thread isn't about the war, but the cost of that (mid 2010) was £9.2bn (BBC - http://www.bbc.co.uk/news/world-middle-east-11107739, the cost of borrowing to support the banks was £124bn at the end of 2011 and expected to continue for many years (NAO - http://www.nao.org.uk/publications/1011/support_for_banks.aspx). There's a big difference there.

The "bankers' bonus" quips is generally a convenient shorthand for the attitude of the industry and it's participants, and one that everyone can relate to and understand. However, while we're on it, RBS (a large chunk of that £124bn mentioned above) apparently paid out £1bn bonuses this (loss making) year (guardian - )so combined with Lloyds banking group it looks like at least a couple of percent of that money that we've given them they have just simply stolen...

It would need a better economist than me to be able to say whether our economy has suffered from that war (I seem to remember from my history classes at school that it was probably the case that the US benefited from being at war in the 40's).

In any case, my point was that the cost of the war was small relative to the (direct, god knows about the indirect) cost of borrowing to support the banks.

So what you are saying is we should have gone to war for the banks, as that would have been cheaper in the long run?

I agree with a lot that you say and you certainly have a strong point, but that unlawful war must have had a bad effect on the economy...

I think the point that I really wish to make is the ways that the politicians use hard earned tax payers money... very questionable...

So what you are saying is we should have gone to war for the banks, as that would have been cheaper in the long run?

Exactly my point....

(I find the subject of banking hubris fascinating, but I just didn't think that the cost of the Iraq war (c.£10bn since about 2003) would really have meant much in the big scheme of things compared to the need to spirit £124bn out of nowhere since 2008)

I think the point that I really wish to make is the ways that the politicians use hard earned tax payers money... very questionable...

Yes - I wholeheartedly agree.

Hard earned tax payers money...

This is the bit that always gets me.

The banks were no doubt run on an unsound and unsustainable basis, the government failed in both regulating the banks and its own public spending policies, but are the great British public entirely without blame in this?

Surely our society's appetite to consume more than we produce lies at the heart of all of this, for which we are all collectively culpable.

Fuck 'em.

I would if I could... is there a way to fuck banks whilst not resorting to living n a hollowed out cave in the middle of nowhere with a beard refusing to participate in modern society?

If we went and did a fuck on the banks, what would we do with all the cultureless Thatcherite cunts subsequently unemployed, sponging off the system? It's bad enough with all the chavs, pikeys and Jews lining-up for our hard earned money.

eat them

is there a way to fuck banks whilst not resorting to living n a hollowed out cave in the middle of nowhere with a beard refusing to participate in modern society?

yes. Kweku Adoboli did it.

I am not Jewish... but find this offensive... complete racist and fascist comment...

Jews lining-up for our hard earned money.

Braker might be a Jew and just making Jew jokes in the same way I make bearded darkie jokes.

=They'll end up owning Scotland.

Fair enough let them have it

It would need a better economist than me to be able to say whether our economy has suffered from that war (I seem to remember from my history classes at school that it was probably the case that the US benefited from being at war in the 40's).

In any case, my point was that the cost of the war was small relative to the (direct, god knows about the indirect) cost of borrowing to support the banks.

germany after the war too
they haven't done to badly since they borrowed all that money from UK and US and got their war destroyed industry up and running and modernised

Fair enough let them have it

Once they realise how miserable it is I'm not sure they'd want it.

I am not Jewish... but find this offensive... complete racist and fascist comment...

But it's okay to offend chavs and pikeys?

hell yeah, they're the ones out there not working, claiming dole and nicking our bikes