Viewing 40 posts - 601 through 640 (of 918 total)
  • mini budget thread
  • stevextc
    Free Member

    whilst tax cuts to the wealthiest 1%, absolutely outdone themselves.

    I think you might have missed the lifting of the limit on banker’s bonus’s…
    No point just cutting the tax if they can’t get the bonus…

    ernielynch
    Free Member

    Ultimately all Starmer has to do economy wise is follow the advice of experts…. rather than ignore it.

    Eh? What “experts”…….the ones that favour a right-wing trajectory or the ones that favour a left-wing trajectory?

    And with what goal in mind – satisfying the market, which has no interest in economic justice or the quality of people’s lives, or other goals such as providing people with secure employment, housing, and financial security?

    Economics is about priorities, and it is priorities that should distinguish the Labour Party from the Tory Party.

    Edit:

    “I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever possible.”

    Milton Friedman – a world renowned “expert”.

    multi21
    Free Member

    scratch
    Free Member

    I think you might have missed the lifting of the limit on banker’s bonus’s…
    No point just cutting the tax if they can’t get the bonus…

    Yeah, almost pales into insignificance when a lot of the population are directly looking at being homeless this time next year.

    ernielynch
    Free Member

    They’re currently on recess for party conference season.

    Which suggests that a recall of parliament is impossible as cancelling or postponing the Conservative Party Conference would suggest that there is an economic crises.

    So far Kwarteng appears to be sticking to his plan of not revisiting the issue until towards the end of November.

    thisisnotaspoon
    Full Member

    id maybe head to the South East…

    I woudn’t bank on it, how about those northerners who voted them in?

    binners
    Full Member

    If he leaves it until the end of November, as he clearly plans too, then addressing the currency issue will involve seeing how many chickens there are to a goat

    trailmonkey
    Full Member

    Milton Friedman – a world renowned “expert”.

    I always find it remarkable that the fall of the Soviet Union is held up as irrefutable, unchallengeable proof that Marxism is an unusable economic model but the fall of the Southern Cone Dictatorships or the crash of 2008 doesn’t result in the same conclusions re Freidman.

    tomhoward
    Full Member

    id maybe head to the South East…

    Knock on any door to a house that is wholly owned by the person that lives in it.

    ernielynch
    Free Member

    id maybe head to the South East…

    I woudn’t bank on it, how about those northerners who voted them in?

    I believe that Greater London has the largest amount of Labour votes of anywhere in the United Kingdom.

    When I have previously pointed that out on stw it was suggested that London wasn’t really what is considered the South East.

    Which surprised not least because the only other GCE O level I have apart from art is geography.

    batfink
    Full Member

    *Makes mental note to ignore @DT78 in future*

    Yes, put me on that list

    Its like when people deliberately pick a stock and try to crash it to buy it out. was there some reddit group that cottoned on to this with a gaming company and collective caused a massive problem by buying shares. maybe the British public, well those not freezing and soon to be starving should be shown how to shore up the pound collective to stop these bastards?

    It was literally the opposite situation of the point you are trying to make.

    The best way for the British public to “shore up the pound” is to vote out the people who are trying to wreck the economy…. the Tory party.

    zippykona
    Full Member

    I have asked my scumbag Tory MP to ask for a vote of no confidence.
    He may have been team Sunak and more than happy to twist the knife.

    winston
    Free Member

    As this whole debacle has now gone way past a simple market reaction to a policy announcement and become a govt confidence issue , I just cannot see how the country can get out of this without a GE.

    BillMC
    Full Member

    By cutting taxes making the BoE intervene to raise interest rates, the bankers’ bonuses are guaranteed and they didn’t need to raise a finger (like they do to the rest of us). Kwarteng’s rewards from Odeyous will be colossal.

    ernielynch
    Free Member

    *Makes mental note to ignore @DT78 in future*

    Yes, put me on that list

    Don’t be put off expressing your opinions DT78, some people might prefer the warm reassuring security of an echo chamber which reaffirms their own beliefs, but for me a thread in which everyone parrots the same opinion is guaranteed to be boring.

    batfink
    Full Member

    yes – boredom is the problem here

    thisisnotaspoon
    Full Member

    Its like when people deliberately pick a stock and try to crash it to buy it out. was there some reddit group that cottoned on to this with a gaming company and collective caused a massive problem by buying shares. maybe the British public, well those not freezing and soon to be starving should be shown how to shore up the pound collective to stop these bastards?

    Gamestop, basically the a US example of a retailer like HMV, Blockbuster etc, a shop who’s industry no longer existed (physical media for computer games).

    Various big hedge funds held short positions on them, which is a promise to sell an amount of the stock at a certain price on a certain day. So if the stock goes down more than predicted they win because they can just buy a stock off the market and sell it to the other party. If the price goes up they lose as they have to buy a stock off the market at a high price and sell it at a low one. It’s dangerous as for no up-front cost, you can make unlimited losses.

    What Reddit managed to do was buy enough of their stock to make those losses actually happen. And they made some money in the process just by pumping up the stock price.

    A few people bought the options to buy the shares from the hedge funds, those are the guys that made a fortune.
    Then the price started to go up. So people bought the shares for a joke.
    A few people made a bit of money from the shares
    Some Hedge Funds made some big losses.
    A lot of normal people made some big losses when the price inevitably crashed again.

    It’s far from a morality tale.

    martinhutch
    Full Member

    Former BofE MPC member on prospects for Team Kwuss.

    DT78
    Free Member

    GameStop that was it. Btw I wasn’t suggesting it to make money, but to stop others from shorting and screwing the economy

    Was just a random idea chucked out there, not suggesting it’s a good one. Just maybe someone out there has an idea how how the public could start to do something to stop the economy crashing. Rather than relying on politicians, who haven’t proven themselves to be particularly trustworthy or competent. (Mostly tories, but labour has track record too)

    Only option appears to be wait two years and vote for the red party who *might* be better than the blue party that have proven worse than useless.

    I want better than that.

    Note. I haven’t called anyone stupid, and idiot or said I’ll ignore them because they are just spouting what I consider nonesense

    molgrips
    Full Member

    Who was the poster who was worried they’d **** up at work? I think you’re not doing all that badly mate compared to some…

    tjagain
    Full Member

    Only option appears to be wait two years and vote for the red party who *might* be better than the blue party that have proven worse than useless.

    or the SNP and remove ourselves from the debacle

    multi21
    Free Member

    It’s all going off

    scruff9252
    Full Member

    It really annoys me when these experts just sit on the fence. tell us what you really think!

    Former BofE MPC member on prospects for Team Kwuss.
    <div></div>

    oldfart
    Full Member

    Isn’t it wasn’t it Ron Manager in charge of England when Danny Blanchflower was in the national side ? Marvelous, small boys , jumpers for goal posts Marvelous. 😁

    Klunk
    Free Member

    Fueled
    Free Member

    Today’s poem is called ‘An Incomplete List of Things More Capable of Running the Country than the Current Government’.

    A bollard. A thimble. A beef gravy granule.
    A bilge pump. A plectrum. A Pokemon annual.
    A doorknob. A chaffinch. An old rusty kettle.
    A footbath. A clothes peg. A wine stain. A pebble.
    A ceramic spoon holder. A fruit polo mint.
    A discarded tissue. A puddle. Some lint.
    A used toner cartridge. Some musical socks.
    A build up of silt. A stuffed startled fox.
    A plimsoll. A wingnut. A set of false teeth.
    A novelty wall clock with the face of Prue Leith.
    A beetle. A drumlin. A short piece of string.
    A packet of Wotsits. A plant pot. Most things.

    kimbers
    Full Member

    Not bad for 3 weeks in the job

    Hilarious that no Tory MPs will be going to the conference next week

    tjagain
    Full Member

    Lolz @ fueled. Thats good

    binners
    Full Member

    It really didn’t take long at all for Truss to take Borises converted title of Worst Prime Minister EVER! did it?

    thisisnotaspoon
    Full Member

    Well that answers my question from the previous page as to why we appeared to have QE and interest rate rises at the same time.

    multi21
    Free Member

    Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

    And yet…

    binners
    Full Member

    Doubling down until they’ve bankrupted the country?

    You’ve got to admire their commitment to their biblical scale stupidity in the face of all the evidence

    That’s Brexiteers for you

    multi21
    Free Member

    stupidity in the face of all the evidence

    thegeneralist
    Full Member

    Does anyone have any further info on the pensions almost insolvency?
    I don’t have a clue and it sounds insane, but terrifying.

    multi21
    Free Member

    thegeneralist
    Full Member

    Does anyone have any further info on the pensions almost insolvency?
    I don’t have a clue and it sounds insane, but terrifying.

    This was linked from the original tweet, I’m not smart enough to understand it though
    https://www.risk.net/derivatives/7954682/uk-pensions-hit-with-ps100m-margin-calls-as-gilts-and-sterling-slide

    somafunk
    Full Member

    I don’t have a clue and it sounds insane, but terrifying.

    I don’t understand it either but I think they’re at the stage of listing everything they own on eBay to raise the funds that will back up their positions

    finephilly
    Free Member

    Markets go up and down all the time. They are driven by sentiment, not rational thinking and logic.
    Obv the sentiment since Friday has been:

    ‘Let’s get as far away from this as possible’ hence the dumping of Sterling etc…

    Long-term, the markets are the least of her worries. It’s the wider impacts which will be more of a problem.

    pk13
    Full Member
    multi21
    Free Member

    Robert Peston
    @Peston
    ·
    1h
    Here is one way of seeing the scale of the markets rout that was close to wiping out pension funds. At start of year, 40-year gilt (government bond) with a 0.5% coupon was worth 85p. This morning it was trading at 25p and even after Bank of England intervention it’s 34p. This kind of savage devaluation was always going to wreak havoc.

    rone
    Full Member

    I have being saying for ages that Q/E will be used. There you go.

    We have this terrible misunderstanding of how the government funds things – it has been caught with its pants down.

    Bonds issued every time the government spends on a deficit is a needless operation and has caused havoc over the last few days.

    We now have a funny old system where the government spends, then borrows money it issued in a previous life via bonds – then BoE issues new money for the government to buy back the bonds.

    And we wonder why everyone has deep misunderstandings about how the government finances itself.

    It would just be easier to accept the government has its own bank and can fund itself. That is the truth.

    You know in the 2008 crisis did the private sector bail itself out? Of course it didn’t. The Government did.

    This is where we are today.

    It’s the culmination of wonky circumstances, bad policy and total lies over how things are funded.

    Total shite that taxes pay for anything.

Viewing 40 posts - 601 through 640 (of 918 total)

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