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@binners the regulators changed the rules so "this can never happen again" tbis made it much more expensive for banks to lend and in any case banks had too many loans so theyve had to shrink- working worh the consequnces if that is what ive been doing for a living for 5 years now. Bringing private capital into replace bank lending. Its a natural consequencec of all the new rules
@kimbers I can only hope so 🙂 I see Corbyn will not commit to campaigning to "remain" as he wants to see what Cameron negotiates
If this article is correct, the Tories consider Corbyn an open goal so their strategy is to tar Labour itself with the brush of Corbyn's policy so Corbyn can't hand over to a moderate leaving an electable party.
Personally I think that's a far better strategy than personally attacking Corbyn alone.
It suggests that the Tories think there's a real chance Corbyn won't make it to 2020 as leader.
@grum I can't let that pass the people who screwed it up are long gone, the money was leant to banks in order that small business finance, credit cards and mortgages remained available and those loans are being repaid. Corbyn's version of QE will be an [b]inflationary disaster[/b] which will hurt working people, even the Labour party have spotted that.
Inflation is only a disaster if you have large amounts of cash. Which doesn't describe most of the UK.
It would reduce house prices relative to earnings.
It would wipe off private and government debt.
It devalues the £ making exports competitive.
It's going to happen anyway.
Given the mix of "ring fencing" and outright vote buying the retired rich have had over the last 5 years, a bit of inflation is only fair for the rest of us.
Inflation is only a disaster if you have large amounts of cash.
No it's not, it is also a disaster if you are heavily leveraged and can't make the increased payments.
Problem as I see it is that Corbyn's economic policies are based around anti-austerity post the economic crash, but by 2020 the crash will have occurred 12 years previously and economic conditions will be very different.
aracer - MemberP-Jay » everyone expected UKIP to win a dozen seats or more
Apologies for going way OT, but it is the second mention of UKIP on this thread - I expected them to win 2 or 3 - was a dozen really being suggested?
I'm sorry you're quite right, when I first wrote that I was thinking 3-4 but I thought I'd check and misread the Poll history and read % of vote with seats - no, you're right the pollsters were only expecting 3.
You'll forgive me, the media pre-election seems to be pushing them as contenders.
the money was leant to banks in order that small business finance, credit cards and mortgages remained available and those loans are being repaid.That was the theory anyway. Just a pity they never got anything in writing, as the banks sacked off the bit about making credit available to small business and decided instead to once again flood the market with cheap consumer credit, to increase unsustainable spending on shiny things people don't need, propped up by mortgage lending to stoke another unsustainable housing bubble.
Yeah it was total BS.
I remember it clearly, the PM stood in front of the dispatch box and said words to the effect of "I have made £XBillion available to the Banks who in turn will make these funds available to small businesses who desperately need this credit to keep trading".
I was GUTTED, because I was working for RBS at the time, my job was to lend money to small business to buy Vans / Printing presses, till etc - anything business related that needed finance, I did it and I was sick of it, after 9 years frankly brilliant performance with all the bonuses, awards and promotions that came with it, they'd closed my department, dropped me into a job I couldn't do without any training and 3 months after being given an award for good work, I was facing stage 2 disciplinary for poor performance - stage 5 was dismal
The next day was even worse Stephen Heston called us all for a teleconference, thousands upon thousands listened as I assume he bit the back of his hand to keep a straight face told us that the Government had seen our worth, agreed it was their fault not ours (RBS is like that) and had finally ponied up the money they owned us to keep trading and we would make £xMillion available to small business, which was odd because I'm sure the Government said a figure in Billions, but hey - this was a disaster for me.
The day after that was a smaller teleconference, merely a few hundred of us in my Dept. I was inconsolable now, the future only held two possibilities for me - either I performed a mini miracle and didn't get managed out, or I got the sack and entered the job market with no reference and 10 years experience in finance in 2009...
They say it's always darkest before the dawn - he started, "if your job role contains the following code".... and rolled off a load of letters which denoted how much you got paid and whether you had a Golf or a C-Class company car "your role no longer exists, there will be very limited opportunity to migrate into a new role, but for most of you we offer counselling, redeployment training and your standard redundancy package as illustrated in your terms of employment" some cried, some shouted, most sat quiet as he told us how wonderful things will be once we're all gone. Me? I was to dance out of the door, my boss looked gutted - I know he'd just lost a couple of grand of productivity bonus because he hadn't managed to get rid of me before the deadline.
Anyway, despite what the PM said, and what the bank said both publically and privately, they sacked off 75% of staff that handled small business finance 2 days after they said they were going to lend more - 6 months later Robert Peston asked why, given the terms of the bailout RBS had lent so much less, he was told that "businesses weren't asking to lend" which was bollocks, it was a bailout, Labour bought the bank for too much to save it from collapse and the Tories are selling it for too little for short-term gain, to make the stats look good (and help their mates no doubt) this is a bank that pre-crash made £10bn a year in pre-tax profits.
Re Quantitative Easing - I used to be very skeptical about QE and increasing debt until I heard Martin Wolf speak at Hay festival. He said the maturity of UK and similar economies means that private investment in infrastructure won't happen on any large scale anymore, no one is building new factories etc; the government should use it's ability to borrow at really really low rates to make infrastructure investments. I also recall the 'economic recovery' (which George likes to talk about) is based on the same private-debt driver which lead to the credit crunch, we (policy makers) need to find a different structure of economic growth.
http://www.ft.com/comment/columnists/martin-wolf
P Jay the problem was that the regulator was telling every UK bank to increase their capital ratio and the only way to do that was to shrink their balance sheet.
@thisisnotaspoon - higher rates of inflation hurt working people as prices rise faster than wages. House prices generally do quite a good job of rising with inflation
@P-J I appreciate your post but without those bailout loans small business would have their existing loans/overdrafts called in. There would have been a huge domino effect and the crises would have been much worse. As above banks lent too much and the regulatory responce was to ensure they lent less in the future (relative to their capital)
As a follow on Corbyn and in particular McDonald want to nationisle the banks - from what ive seen of state run German banks that will make the current situstion look like eutopia. Its another "opposition/protest" policy which cant possibly work in practice
from what ive seen of state run German banks
What have you seen of state run German banks?
Its another "opposition/protest" policy which cant possibly work in practice
And yet when we had nationalised banks in the UK in recent years it did work. In fact it worked better than before they were nationalised. In practice.
What have you seen of state run German banks?
Pretty much anyone who has worked in wholesale finance for any time has experienced the state run German banks - they were/are inefficient and exceedingly badly run even by recent standards.
That death of bin Laden is a tragedy headline is a classic bit of selective quoting. Put in context what he actually says (paraphrasing obviously) is that it would have been better if he had been tried and sentenced for his crimes rather than assassinated. When he say's 'tragedy' he doesn't mean in a personal sense like some of the media have been suggesting but a tragedy because it would worsen or at least not help the situation in the middle east.
The scale and depth of this smear campaign can only mean that there are some powerful people who are thoroughly sh!tting themselves over his leadership.
Pretty much anyone who has worked in wholesale finance for any time has experienced the state run German banks - they were/are inefficient and exceedingly badly run even by recent standards
So made up bollocks by the incompetent greedy, you really will have to do better than that.
So made up bollocks by the incompetent greedy, you really will have to do better than that.
Fine - go and look up the financial problems that have engulfed [url= https://en.wikipedia.org/wiki/Portigon_Financial_Services ]West LB[/url], [url= https://en.wikipedia.org/wiki/HSH_Nordbank ]HSH Nordbank[/url] etc
@Spin: 99pc of quotes are out of context and bullshit, but it's not just politicians who have to put up with that. It should be a crime IMHO.
However, the IRA quote is real and in context. He really did say it and his justification of it didn't dispute or amend the meaning at all.
Wow, you found some banks that suffered in the middle of a world financial crisis, that's convincing. Good job there were no privately owned and run banks that needed rescuing with public finances in that period.
Grum - well done for posting the results of a poll. That's it then all proved. I'll get my hat. Of course the nasty tories must have messed with my memory and changed it from memories of an ultra efficient rail network to a completely and utterly incompetent and inconvenient nationalised rail network of my youth. And devaluing our currency contrary to established fact, is actually a good thing. Who'd have thought it.
[quote=Spin ]The scale and depth of this smear campaign can only mean that there are some powerful people who are thoroughly sh!tting themselves over his leadership.
I (and others) covered that one earlier - no it doesn't mean that at all, that is simply his supporters' fantasy. They would be busy smearing whoever had got elected - the scale of it is simply down to the material they have to work with. The supposition that if they thought he was unelectable, they wouldn't need to attack him is a fallacy - they think that they can make him unelectable provided they attack him.
As suggested above, they probably think he won't be around by the next GE (provided they push hard enough), and what's more I imagine that's part of their plan - they might think he's good for them, but even better would be the turmoil caused by another leadership election and shift of direction.
the scale of it is simply down to the material they have to work with
The material they have to work with would seem to be largely soundbites taken out of context. If there was real shit to throw it would have been thrown.
The Tories and their press buddies will do what worked so effectively last time, look at 'red'Ed as well as going at him via his dead commie dad, his love life, his bacon sarnie eating prowess they even said he had a horrible kitchen !
Id like to see a bit more nouse from the electorate but it'll take a Tory bit of a mess over Europe to give labour any sort of chance
but it'll take a Tory bit of a mess over Europe to give labour any sort of chance
I'm not sure even that will help. I hope Corbin signals a return to some politics of integrity rather than the unseemly votes before principles approach of the Blair and subsequent eras but I fear the internal divisions will be too much for him and that labour will once again disappear up their own arseholes.
The Tories and their press buddies will do what worked so effectively last time, look at 'red'Ed as well as going at him via his dead commie dad, his love life, his bacon sarnie eating prowess they even said he had a horrible kitchen !
I'm sure there will be all kinds of personal shit from both sides but this time there will (perhaps) be real policy differences to argue about which will make for a cleaner fight.
They would be busy smearing whoever had got elected - the scale of it is simply down to the material they have to work with.
Rubbish. It is precisely because they have so little to work on that they are very obviously scraping the bottom of the barrel.
As Spin says : If there was real shit to throw it would have been thrown.
It's an interesting video. It may be designed to appeal to traditional Tories but does little for the disaffected with who Jezza has the most appeal. To be honest it could almost be a promotional video for him.
It isn't a great leap of imagination to see how Osama bin Ladens death is a tragedy. It is one death on top of many thousands of other and is more about revenge than justice. It did nothing to improve the situation in the middle East. Killing people is not going to solve that problem. So it is a tragedy on top of other tragedies as it will only make things worse.
Which brings me onto his second point - the only way to solve that problem is with dialogue. I'm sorry it may not be what people want to do but shooting at each other will get us nowhere.
Scrap trident - I don't want to nuke anybody and it is little consolation that should someone decide to nuke Britain we'll be able to hit them back. I don't see the deterrent argument in current political wars as being relevant, we aren't really dealing with countries any more where the threat of a counter attack is of any use.
Finally, in the interests of misquoting and cutting bits from speeches and not understanding them I'd like to add "there is no such thing as society".
If there was real shit to throw it would have been thrown.
I've heard the IRA quote in full three times today from three different media. That's real, I checked.
@jomba: nice post.
[quote=jonba ]It's an interesting video. It may be designed to appeal to traditional Tories but does little for the disaffected with who Jezza has the most appeal.
I can't imagine it's designed to appeal to them - there is a whole other swathe of voters he needs to attract though.
Finally, in the interests of misquoting and cutting bits from speeches and not understanding them I'd like to add "there is no such thing as society".
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I've heard the IRA quote in full three times today from three different media.
I haven't. What did Corbyn say about the IRA?
Can anyone find the "All White people are racist" quote in context. I rember it from the time but before the interweb quotes were hard to check.
If you read the news Ernie you'd know who said it and what was said.
If you read the transcript of his interview with Stephen Nolan on Radio Ulster Ernie, Corbyn refuses repeatedly to condemn the IRA's actions. He is quite happy to condemn the British Army by name and "all other sides" but not the IRA by name.
It may be some others are attributing John McDonnell's historic comments to Corbyn.
I do read the news and I can't see any quotes by Corbyn with regards to the IRA. I suspect that you might have made a mistake which is why you haven't provided a link. Presumably being a smartarse is preferable.
If you read the transcript of his interview with Stephen Nolan on Radio Ulster Ernie, Corbyn refuses repeatedly to condemn the IRA's actions.
So what is the quote which outofbreath has heard three times today?
Your language is deteriorating Ernie. Google would take you less time than me giving you a link. I don't know what outofbreath has heard, but please don't insult the dead in NI. It is where I'm from and some of the friends I left behind aren't above ground.
[url= http://www.belfasttelegraph.co.uk/news/northern-ireland/jeremy-corbyn-the-artful-dodger-a-transcript-of-his-nolan-interview-31430884.html ]Nolan transcript[/url]
SN: But do you condemn what the IRA did?JC: I condemn all bombing, it is not a good idea, and it is terrible what happened.
Pretty clear, so why keep asking the question?
please don't insult the dead in NI.
What the **** are you talking about ? 😯
.
Google would take you less time than me giving you a link
I did. I googled "Corbyn quote IRA" and found nothing under google news.
I'm not sure how your link helps. I'm interested in the quote which outofbreath claims condemns Corbyn. It could be anything in that transcript, for example is it this ?
[i]Jeremy Corbyn: Quite simply I maintained contact with Sinn Fein and believed that there had to be a political, not a military, solution to the situation in Northern Ireland. [/i]
As mud. If you're going to make specific mention of the British Army and Bloody Sunday then why not feel able to be equally pointed about, say, Enniskillen or Warrenpoint? It makes him appear less critical of IRA activity. He was handed a great opportunity there to be even handed and statesmanlike yet he couldn't take it.Pretty clear, so why keep asking the question?
What a load of bollocks. You have to be really looking for offence to find it there. He doesn't specifically condemn the UVF either does he? Why's that not a problem for you?
Look I condemn what was done by the British Army as well as the other sides as well.
That's condemning the violence on all sides, but apparently that's not good enough for some reason. 😕
Crossed posts Ernie? Googling what Corbyn said to Nolan. I'm not sure he's said anything new on the IRA for a while.
I've no idea what outofbreath heard either, although I suggested a possibility earlier.
No, it isn't grum. Think back to Paxman and Michael Howard.
There was once widespread support for "the armed struggle" in the Labour Party, as there was of course within the nationalist community in NI.
I have not however heard any evidence to suggest that that Corbyn ever argued in favour of the armed struggle, on the contary - there's evidence to suggest the opposite. So let's not condemn someone for something which they haven't done.
And just for the record let me make my position emphatically clear - I did not at any time think that the situation in NI justified an armed struggle. And even if it had I would never have supported brutal IRA terrorists targeting non-military civilian targets. I condemned all acts of terrorism by both nationalists and loyalists.
Finally, in the interests of misquoting and cutting bits from speeches and not understanding them I'd like to add "there is no such thing as society".
Nope, it's just you and me brother. 🙂
If the leader really does condemn IRA violence I trust he'll be sacking his Shadow Chancellor:
"It's about time we started honouring those people involved in the armed struggle. It was the bombs and bullets and sacrifice made by the likes of Bobby Sands that brought Britain to the negotiating table. The peace we have now is due to the action of the IRA."