Thought Id start this one going because its rather dead on this board at the moment and I suppose all my usual muckers are either at the Stella tennis event watching Dim Tim (lose again) or at Henly Regatta eating cucumber sandwiches (they wish,...NOT).

Anyway please feel free to just talk to yourself blast away and let it go on any company or subject you wish. Just wish Id thought of this one before.

cheers GF.

Tabasco,

Very interesting. Don't know if you read that in The Daily Telegraph, but their article also stated that as the FSA is starting to get tough, it is likely to have some effect on corrupt market practises, although if you look at the following,
The FSA's own "market cleanliness" statistics suggest that between 25% and 30% of investor deals are preceded by suspicious movements in share prices that could be the result of insider dealing, they have their work cut out.
Still they are finally waking up.
I just hope successful prosecutions, with appropriate sentences follow.

Daily Telegraph.

I get my chips in that paper, but they taste better in Express.

Warning though don't use the Daily Mail.


8-)

.

NM,

Sadly I have only had chips about three times in the last 2-3 years and fish and chips once in 10years.

My wife likes my Sylph like body and has my wallet.

But I have my memories.

The wife makes home made fish and chipsnot forgetting to three times cook the chipsand twice cook the fish in a beer batterthen we wrap them in the New Statesman and Horse & Hound.sit on the patioand sing Chas & Dave songs.

.

So good old Gordon admits to getting the Banks wrong he couldnt foresee their reckless and irresponsible behaviourand the impact it would haveit was all the rest of the Worlds fault? just a small blunder there Gordonand a bit late in the day with the admissionhe didnt exactly set out too many conditions for any future misconduct when he bailed the ba**ards out with our moneynever mind we all make mistakes?Brown has just said hell impose new curbs on bankers bonuses if he wins next months election giving regulators power to override employment contracts................if he dontor forgets?over the coming four yearshe will admit to getting it wrong againlike true British citizens we will once again forgive him for his fcuk-upsand there could still be a future for him in waiting as a Catholic Priest.

Tabs,

Repeating myself once again.

Prior to the 1997-2008, the Tories were responsible for the demise of much of the industrial bases of the UK. Talking up the Financial and Service industries and the Tories implemented changes to the Building societies regulations in the 1980s which led up to the current problems. (Many of the changes in banking and financial services go back to that period and were condemned by many at the time.)s

The belief was the financial services and banking services were the new cash cows for Britains economy.

(I am not saying all the changes were bad.)

In the period 1997-2008 the majority of people in this country were doing well and their expectancies were on the up.

Wages were increasing, living conditions were improving and in general health treatments and health care were improving by leaps and bounds. The latter two has to exclude the creeping increase in obesity and illegal use of addictive drugs.

The strong pound allowed many to float around in Europe for extensive holidays.

House improvements and false marketing up of their value was rampant.
Greedy bank borrowers were gambling on the continuation of the trend. (The same happened during the Heath government, where property builders and dealers were gambling on increase in equity of properties being built to build more.)

Punters were asking for more or demanding more and more unsupported tick.
Companies were set up for subprime mortgages.

The City and tories were crying out for less regulation of the city and the Banks.

In this free market can you imagine any government being able to restrict by legislation the operations of the profitable banks, especially, with the media chanting on about the freedom of the markets place and Television programs on how to make a quick buck by buying and selling a property.
Gordons Boom and bust boast was crass stupidity, but comparing that period to the boom and bust periods, of the previous torys administration, I can see the pleasure he had in thinking that he had achieved the miracle of economy. (Many shared the delusion.)

Can you imagine dreaming up policies to increase regulations of the financial agencies and getting them into legislations?

In one way the financial bomb was bound to go off.

The problem is, that looking at the pressures on increased Bank lending and reforms to taxation and general over expectancies, I can see another bomb in the making.

Looking at the present political parties, they all seem weak, and at present, I don't think any of them individually will have the courage to introduce the strategic changes necessary to "settle" down and resolve some of the fundamental needs of the country.
.

"The belief was the financial services and banking services were the new cash cows for Britains economy."

Fact: London and the South East produces the highest GDP per capita in the UK.
Fact: UK Financial services share of GDP is around 10% of total UK GDP
Fact: UK manufacturing still accounts for 26% of UK GDP
Fact: UK manufacturing has been in decline throughout the last 13 years of Labour government.
Fact: The first thing Brown did as Chancellor in 1997 was to pass control of interest rates to the BoE.
Fact: Brown told the BoE to set interest rates with the primary objective of controlling inflation based primarily upon inflation data that he had massaged. In other words, Brown was still in control of interest rates in all but name.
Fact: If interest rates had been higher and more in tune with reality throughout the noughties, the irrational exuberance we've witnessed would never have happened.
Fact: Brown has spent every penny we ever had, and then some.
Fact: The country no longer has a pot to p!ss in.
Fact: Brown is 100% responsible for the mess we're in now. It's not the banks' fault and it's moronic to suggest it's the fault of traders.

Fred.the Tories are led by a Rhinestone Delboy.an imitation diamondthat will end up glass paste!.I vote for going down the pub!.................BTW Lib Dems best ever chance to make some differencewait and see!

HilaryI was with you up until you said.It's not the banks' fault..at that point I lost the will to live..

Fred--'Prior to the 1997-2008, the Tories were responsible for the demise of much of the industrial bases of the UK'. I think you'll find the unions can take the credit for the biggest demise, in the 60's & early 70's.
'In the period 1997-2008 the majority of people in this country were doing well and their expectancies were on the up'. If that is true then maybe the strong economy and the excellent financial state of the country inherited by Labour was responsible for that.
2517

Of course it's not the banks' fault, Tabster. They're just a convenient scapegoat; It's important that the Government have somebody they can tell the people to blame.

That doesn't mean that I'm on the side of the banks. Some of them got themselves into a right mess and they should have been allowed to go bust in just the same way as any other business. No harm would have come of it longer term.

.

Hilary.

Are your last two postings your personal manifesto for the coming election?

I see the polls are beginning to suggest a substantial labour majority.

Wishy and Washy don't seem to "get it"!

What are the odds on a coalition government now.

A coalition government may have the courage to sort out the city, financial services, bonuses and salaries.

They then can blame each other for doing what is needed to be done.

If the Tories wanted a landslidethey should have selected Ken Clarkthey would have had my vote for certainand many friends of oursexperienced as Chancellor and Home SecretaryKen Clark has always come over as sensiblecalm honestand no arse licker as Chancellor Britain was set on a course of economic growth with low inflation under himHe bequeathed to Labour a golden economic legacythat took them 13 years to totally fcuk-upfour more yearsand we could go to Zimbabwe for aid?

"I see the polls are beginning to suggest a substantial labour majority."

The opinion polls are for idiots like you!

Hilary,

Like Clark you could be developing Alzheimer's disease.

A very short while ago on a different thread your were lauding the polls as indicating a massive tory election win.

Strange!

Don't make mistakes trading based on memory!

Enjoy the banter on here. No political allegiance, but Gordon Brown's unctuous pomposity makes me regret voting Labour in 1997.

When I was a lad in the 1950s banking was perceived as a nice safe job which paid peanuts, gave you a decent pension when you finished working for the same bank for 40 odd years and had about 5 women employees for every man.The culture was like a big family ( incest apart!) and indeed some families had run big banks for many generations. Banking profits tended to ebb and flow with the state of the economy. That culture began to change in the Thatcher era and as more influence came from across the pond the leadership style became much more aggressive, staff were encouraged to be motivated by greed and they had an ignorant market to plunder. In the old days, it did not matter that the average personal customer knew next to nothing about money issues, because he/she would be guided by their bank manager.Once that manager was motivated to keep his/her job by selling them products they might not want or need then the game changed and we have seen the results. The sooner basic finance is taught in schools from age 7 or 8 the better.

Same applied in the business world. "Socially useless" (I like that term dreampt up I think by Mr Mynors) products were developed to sell to a gullible client base, brought up to trust its bankers. Bank balance sheets began to inflate put of control around the turn of the millenium and the longer it went on the bigger the inevitable crash.

Still undecided who to vote for this time, but it won't be Mr Brown and his crew.

Fred Hung Parliament a certainty.and it will pay for our vacancesthe May election has made a good startIve made money the honest way from Politiceans pity it dont work the other way round?