Double dip recession

wot about all those numpties who re-mortgaed their property because of the preceived equity?

All the cheap finance, have your material fix NOW and pay later at 29.9% APR. Would you like some PPI insurance as well……..

The personal greed of the masses also played it’s significant part in the position we find ourselves in. The second highest personal debt ratio in the world.

http://www.thinkmoney.com/debt/news/uk-has-second-highest-debt-to-gdp-ratio-in-the-world-0-5151.htm

Derek:

Banks, Financial Institutuions caused the pain and have yet to repair their balance sheets and restore their confidence to such a point where they’ll loan sufficient funds for the private sector to deliver what is required.

Slowmart:

The personal greed of the masses also played it’s significant part in the position we find ourselves in. The second highest personal debt ratio in the world.

Swedishmatt:

they pretty much spent spent spent their way into massive debt.

So, can we all agree then that at every level of society everyone spent more than they had and then found they were not able to pay it back?

OK they did recover eventually and Ken Clarke handed Brown and Blair a pretty sound economy in the mid nineties and they took ten years to **** it up, so logic says it will take ten years to un **** it.

you mean the economy that was even more dependent on financial services and the finite oil revenue and books bouyed from the utilities sell off and that great tory invention- pension holidays?

So, can we all agree then that at every level of society everyone spent more than they had and then found they were not able to pay it back?

I didn’t.

swedishmatt – Member
I wish Labour won the last election. Truly. They would have been stuck with this great unf-cuk and the population couldn’t blame anyone but the incompetents themselves.

Which of their fiscal policies did Cameron and Osborne so vehemently oppose while labour were in power?

One of many.

So, can we all agree then that at every level of society everyone spent more than they had and then found they were not able to pay it back?

Me neither. During the last 10 years I’ve been saving to keep myself and my family safe.

kimbers – Member

that great tory invention- pension holidays?

Golden Brown loved that shizz too

Just seeing his face……..by god I hate Gordon ****ing Brown.

coffeeking – Member
One of many.

😆

They weren’t even in the shadow cabinet when he was selling off gold reserves ffs!

swedishmatt – Member
yeah that’s a real lol one that isn’t it. I’ll let you stew on that. Think about it real hard.

I don’t have to think real hard about it. I can imagine any number of factors influencing the economy that might be put under the heading of globalisation, hence my request for you to be more specific.

Some come on Toryboys -0 what are you going to do to get us out of this mess. Keynesian policies ( according to you ) are wrong, Its clear the austerity programme is wrong – what are you going to do?

Not one of you has had the balls to actualy put anything forward

A-A. Good luck. Hope the redundancies don’t affect you. But my real point in all of this is that the politics (while fun for mischief makers) is largely meaningless. Blaming Tory cuts for the past is sloppy analysis at best, BS at worse. Government spending has risen in money and real terms throughout the Tory’s period in office. Plus the real gap between Tory and Labour party spending comes in at best at 0.5% of GDP. So politicising all of this is essentially nonense. Hence you get a Labour sympathiser writing as he did in the FT today. It will be as absurd to praise the gov for positive noise around a dull trend and it is to criticise them for negative noise. Politicians react to economic events far more than drive them.

What Davies is missing is the bigger crime of the Tories and that is the cut in government investment. The current expenditure gets all the headlines as it directly affects people in health, education etc. But as yet, spending cuts have hardly started.

But, and its a big but, the area where the government SHOULD be getting more flack is on investment. Unlike the higher profile current expenditure programs, investment FELL 14% last year and forecast at -4% this year. Why are people not up in arms about this. Too long term? But public investment often underpins private investment spending which both lead to growth. But sadly, this is not being given the attention it deserves.

Derek +1 on diamond. Bloody Barc put friends out of business recently and as CEO he still employs most of the capital in a group that delivers returns below its cost of capital. And thinks that he is worth £ms. Absurd. And then the masters/monkeys of the universe at RBS announce a reverse stock split today to cosmetically adjust the share price back to a higher level in the notion that it will fool people cosmetically. More smokes and mirrors from our glorious banks

Not one of you has had the balls to actualy put anything forward

Neither have you Teej, and more importantly neither has Labour.

swedishmatt – Member
I wish Labour won the last election. Truly. They would have been stuck with this great unf-cuk and the population couldn’t blame anyone but the incompetents themselves

Speaking of financial incompetents, wasn’t Cameron Norman Lamont’s right hand man during Black Wednesday?

Grum, coffeeking – excuse my use of the word “everyone”. I revise that to “the vast majority” as there are some people who didn’t go debt crazy when there was a lot of freely avaiilable credit around, and the temptation to buy a hell of a lot of stuff we don’t need with it.

come on the gold reserves sell off thing was vastly overinflated by the torry press and plenty of people love trotting it out, because they have been convinced its a heinous crime

when gb announced the sell off gold was at a high, (his mistake was announcing he was about to do it which led to a drop in prices as everyone waited for the gold to hit the markets- not very clever but it wasnt at alow when he sold it)
also even though it was a chunk of the reserves (a 3rd?) it still only amounts to a fraction (1% ? )of our overall debt
and ultimately it never cost the country anything, it was sitting there not doing much and still would be if he hadnt sold it, of course osborne could never sell off any more because its been made out to be such a dreadful thing

If you read the article properly, which you haven’t by the looks of things, you would see that there are not actually fewer teachers as a whole in the UK by 10.000 or whatever the figure was, but rather that there are fewer publically hired teachers, as more teachers are in the private sector in academies. So what you referred to as “cuts” aren’t quite that based on that article. Correct me if I’m wrong.

Your wrong. Academies are still public sector. I used to work in one.
The article, if you read it properly quotes some tory no mark who says, whilst apparently giving no numbers, that the losses are within local LEA’s with teaching consultants for want of a better word. I doubt there are 10 000 of these people in thecountry.

Your ignorance and confidence levels are still well out of alignment.

swedishmatt – Member
I wish Labour won the last election. Truly. They would have been stuck with this great unf-cuk and the population couldn’t blame anyone but the incompetents themselve

Don’t confuse my dislike of Labour for being a Tory supporter as a whole. No, they’re all fairly incompetent and constrained by getting elected again.

his mistake was announcing he was about to do it which led to a drop in prices as everyone waited for the gold to hit the markets

Not even close to true

it was sitting there not doing much

Apart from quadrupling in value in the last 10 years.

wrecker – Member

“Am i allowed to post on this thread as a non big hitter though?”

This was the initiation. TJ and Ernie will be emailing you with your membership details shortly.

Don’t be so modest wrecker, you little rascal you. As someone who likes to hit two or three times more threads than me on the chat forum, I can only aspire to achieving your impressive record as a Big Hitter.

This will be now my fourth thread in 24 hours, compared to your nine threads.

*swoons at the thought of wrecker’s Big Hitter awesomeness*

anagallis_arvensis: apologies, I should have written “not funded by the council” and not private sector.

What do you teach?

Some come on Toryboys -0 what are you going to do to get us out of this mess. Keynesian policies ( according to you ) are wrong, Its clear the austerity programme is wrong – what are you going to do?

Not one of you has had the balls to actualy put anything forward

Typical response from someone who offers nothing constructive yet will criticise those who endeavour to remedy the situation.

How ironic. Help me….me me me

Why is the austerity wrong? Income to expenditure has to balance. On a narrow view that we have entered a double dip? The remedy in whatever form will taste foul long after it’s gone.

Don’t be so modest wrecker, you little rascal you. As someone who likes to hit two or three times more threads than me on the chat forum, I can only aspire to achieving your impressive record as a Big Hitter.

This will be now my fourth thread in 24 hours, compared to your nine threads.

*swoons at the thought of wrecker’s Big Hitter awesomeness*
I don’t think so. Your average post must be 10 times the length of mine (or anyone elses) and require at least 100 times more googling/wiki-ing.
Also, I’m on my hols as of tomorrow.

it was sitting there not doing much

Apart from quadrupling in value in the last 10 years.

which would help the uk how?

and

The advance notice of the substantial sales drove the price of gold down by 10% by the time of the first auction on 6 July 1999.

http://en.wikipedia.org/wiki/Sale_of_UK_gold_reserves,_1999-2002

kimbers – Member

come on the gold reserves sell off thing was vastly overinflated by the torry press and plenty of people love trotting it out, because they have been convinced its a heinous crime

when gb announced the sell off gold was at a high, (his mistake was announcing he was about to do it which led to a drop in prices as everyone waited for the gold to hit the markets- not very clever but it wasnt at alow when he sold it)
also even though it was a chunk of the reserves (a 3rd?) it still only amounts to a fraction (1% ? )of our overall debt
and ultimately it never cost the country anything, it was sitting there not doing much and still would be if he hadnt sold it, of course osborne could never sell off any more because its been made out to be such a dreadful thing

google “the brown bottom”

What do you teach?

Kids

ok slowmart what would you do with the gold sell it now?

slowmart

Why is the austerity wrong?

Because it makes the problem worse

Reduced tax recepits

Increased benefit bills

Reduced economic activity

= increasing debt,

Good work toryboys BTW – diverting this from a discussion of the failure of the tory economic policy to a discussion on selling some of the gold reserves.

By increasing the value of BoE reserves

anagallis_arvensis: apologies, I should have written “not funded by the council” and not private sector.

that still wouldnt fit the point you wete making.

Apart from quadrupling in value in the last 10 years.

Clearly, it was spectacularly bad timing, but needs to be put into persepctive.

1. Brown couldn’t have predicted 9/11 and the war on terror, which caused people to invest in gold as a safe haven, thus inflating its value.

2. The net loss to the UK (taking into account returns on investments from the sale of that gold) is thought to be around £9 billion. That’s less than 0.01% of our national debt, and about 7% of the annual budget deficit.

Your ignorance and confidence levels are still well out of alignment.

Ha !

Everytime I see your user name, I see the word Anus

😆

3. but 2x the loss in reserves resulting from Black Wednesday

So let’s put both events in the “irrelevant” bin then???

The critics of gold selling all forget the extra monies brought in from bidding for 3G licenses.

THM:

I recall asking an official at the time whether it was true that we had spent most of the reserves. ‘Most?’ he replied, with the clear implication that we had lost the lot. In fact the Bank of England, on instructions from on high, sold $28 billion of reserves on Black Wednesday alone, making the loss in August and September nearly $40bn. We not only lost the lot, we borrowed a further $16bn.

Although the loss of all the reserves (and net borrowing) qualifies as Wildean carelessness, there was also the little matter of selling the reserves cheap and buying them back more expensively after sterling’s decline.

http://www.guardian.co.uk/business/2005/feb/13/economicpolicy.comment

?

Everytime I see your user name, I see the word Anus

thats because you cant see me, i’m here there and everywhere.

So I am still missing how Gordon Brown selling the gold reverses a decade ago caused the global recession. Actually could someone explain how the entire worldwide economic meltdown was his fault? As this is what’s implied over and over again by Tory HQ

I would ask Cameron, but I don’t have a spare 250K lying around.

As for gold increasing in price by fours times, I don’t think its the only material to do this, as that’s global inflation and supply and demand isn’t it? Or it Gordon’s fault that copper has quadrupled in price as well?

Good point grum. My comments came from BoE a well (but I was sloppy and didn’t x-check). I must have made an error there. Good spot – you got me. 😉

thats because you cant see me, i’m here there and everywhere.

Mostly, I find you’re up your own ass.

Which makes your claim to be a certain hue of scarlet, quite amusing.
Possibly more a shade of stercore ?.

You may think everyone is ignorant, but you are colour blind.

😆