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leeslover Andy Ritchie

leeslover

Posted
Posted (edited)
The total cost of the banking bailout is somewhere around £850 billion... If it was not for the banking bailout the amount borrowed by Labour to cover improving the NHS, Schools, Police etc etc would not be as big as issue as it as become. It only became a major issue when we bailed the banks out...

 

Fact is, once the banks are sold for a profit, Britain's deficit will be greatly improved.

No it isn't. You are wrong. I can only assume that you are somehow taking the amount of quantitive easing (printing money = zero addition to the deficit), the amount lent at commercial ++ rates to banks (zero cost to the deficit) and the cost of buying RBS (cost certainly to the deficit for 2009/10 certainly = zero) and atimes it by 5. Or possibly you are looking at the theoretical cost of the toxic debt the government has underwritten (cost to defict zero). You then go on to make a different point about whther the bailout was a good or a bad thing, and then go back to praise the government for the amount it spent on, "improving," public services. Which is the real reason for the deficit.

 

Go on, tell me where one penny of the 2009/10 deficit arose from the bailout. I dare you. Or admit that the admirable, "investment," was just Gordy spending your kids' future to show off in the present. The deficit is because spending is outstripping revenue at an enormous rate.

 

Or put it another way - if we have spent £850 billion on the bailout, how much do you think we are going to sell RBS and Northern Rock for? It's actually dangerous the :censored: you are spouting, it will only encourage people to go on thinking that everything is OK and it was just a couple of naughty bankers who made us end up spending more on interest payments than we do on the defence budget.

Edited by leeslover
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oafc0000 John Sheridan

oafc0000

Posted
Posted (edited)
No it isn't. You are wrong. I can only assume that you are somehow taking the amount of quantitive easing (printing money = zero addition to the deficit), the amount lent at commercial ++ rates to banks (zero cost to the deficit) and the cost of buying RBS (cost certainly to the deficit for 2009/10 certainly = zero) and atimes it by 5. Or possibly you are looking at the theoretical cost of the toxic debt the government has underwritten (cost to defict zero). You then go on to make a different point about whther the bailout was a good or a bad thing, and then go back to praise the government for the amount it spent on, "improving," public services. Which is the real reason for the deficit.

 

Go on, tell me where one penny of the 2009/10 deficit arose from the bailout. I dare you. Or admit that the admirable, "investment," was just Gordy spending your kids' future to show off in the present. The deficit is because spending is outstripping revenue at an enormous rate.

 

Or put it another way - if we have spent £850 billion on the bailout, how much do you think we are going to sell RBS and Northern Rock for? It's actually dangerous the :censored: you are spouting, it will only encourage people to go on thinking that everything is OK and it was just a couple of naughty bankers who made us end up spending more on interest payments than we do on the defence budget.

 

http://uk.reuters.com/article/idUKTRE5B300J20091204

 

http://www.independent.co.uk/news/uk/polit...ut-1833830.html

 

Official numbers my friend :)

 

How to spend £850bn bailing out the banks... and £107.1m on financial advice

£76bn To purchase shares in RBS and Lloyds Banking Group

 

£200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support

 

£250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system

 

£40bn Provide loans and other funding to Bradford & Bingley and the Financial Services compensation Scheme

 

£280bn Agree in principle to provide insurance for selection of bank assets

 

£671bn Total Government spending in the financial year 2009-2010

 

£32.9m Slaughter & May - Commercial legal advice

 

£15.4m Credit Suisse - Financial advice on a range of measures, including Bank Recapitalisation and the Asset Protection Scheme

 

£11.3m PricewaterhouseCoopers - Advice on APS

 

£8.7m Ernst & Young - Due diligence on APS, Northern Rock

 

£7.7m KPMG - Due diligence on APS

 

£7.4m Blackrock - Valuation advice on APS

 

£5.3m Deutsche Bank - Financial advice on a range of measures

 

£5m Citi Financial - Advice on Aps

 

£4.9m BDO Stoy Hayward - Valuation of Northern Rock

 

£4.5m Goldman Sachs - Financial advice on Northern Rock

 

£1.5m Morgan Stanley - Financial advice on Bradford & Bingley

 

£2.5m Other advisers - Financial advice on a range of measures and proposals to revive Britain's ailing economy

 

 

 

Now I know the government has spent money improving services but that was manageable and they had a plan to cover those costs. It was bailing the banks out that hurt and pushed over acceptable limits.

 

Even so, our debt remains manageable, and that is the view of most of the worlds economists.

 

If government spending was such a big deal, then why weren't people :censored:ting a brick over the first ten years of labours government instead of just the last couple ? oh yeah... Banking bailout... :)

Edited by oafc0000
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leeslover Andy Ritchie

leeslover

Posted
Posted (edited)
http://uk.reuters.com/article/idUKTRE5B300J20091204

 

http://www.independent.co.uk/news/uk/polit...ut-1833830.html

 

Official numbers my friend, unlike your fag packet bull:censored: :)

 

How to spend £850bn bailing out the banks... and £107.1m on financial advice

£76bn To purchase shares in RBS and Lloyds Banking Group

 

I forgot about Lloyds, still not sure if this was Treasury or Bank of England Mouse Money though. In any case not one penny of it accounts for the £175 billion 2009/10 deficit. Or does it?

 

£200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support

 

Which costs not one penny

 

£250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system

 

Which costs not one penny

 

£40bn Provide loans and other funding to Bradford & Bingley and the Financial Services compensation Scheme

 

Bank of England funds, loans at above commercial rates fully repaid. Which costs not one penny

 

£280bn Agree in principle to provide insurance for selection of bank assets

 

Which in practice costs not one penny

 

£671bn Total Government spending in the financial year 2009-2010

 

£32.9m Slaughter & May - Commercial legal advice

 

£15.4m Credit Suisse - Financial advice on a range of measures, including Bank Recapitalisation and the Asset Protection Scheme

 

£11.3m PricewaterhouseCoopers - Advice on APS

 

£8.7m Ernst & Young - Due diligence on APS, Northern Rock

 

£7.7m KPMG - Due diligence on APS

 

£7.4m Blackrock - Valuation advice on APS

 

£5.3m Deutsche Bank - Financial advice on a range of measures

 

£5m Citi Financial - Advice on Aps

 

£4.9m BDO Stoy Hayward - Valuation of Northern Rock

 

£4.5m Goldman Sachs - Financial advice on Northern Rock

 

£1.5m Morgan Stanley - Financial advice on Bradford & Bingley

 

£2.5m Other advisers - Financial advice on a range of measures and proposals to revive Britain's ailing economy

 

 

 

Now I know the government has spent money improving services but that was manageable and they had a plan to cover those costs. It was bailing the banks out that hurt and pushed over acceptable limits.

 

Even so, our debt remains manageable, and that is the view of most of the worlds economists.

 

If government spending was such a big deal, then why weren't people :censored:ting a brick over the first ten years of labours government instead of just the last couple ? oh yeah... Banking bailout... :)

 

So you throw a few figures in the tens or hundreds of billions which actually cost nothing and then a big list consultancies at a few million here or there and think that proves your point? As for why people weren;t :censored:ting a brick - Gordy promised that there would be no bust at the end of the boom which he enjoyed but did nothing to create. It looked like we were just slowly worsening our debt and decreasing the poroductive sector of the economy, now reality has dawned.

Edited by leeslover
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oafc0000 John Sheridan

oafc0000

Posted
Posted
So you throw a few figures in the tens or hundreds of billions which actually cost nothing and then a big list consultancies at a few million here or there and think that proves your point? As for why people weren;t :censored:ting a brick - Gordy promised that there would be no bust at the end of the boom which he enjoyed but did nothing to create. It looked like we were just slowly worsening our debt and decreasing the poroductive sector of the economy, now reality has dawned.

 

:blahblah:

 

I don't think we are going to see eye to eye over the issue :)

 

Lets just agree to disagree :ass3:B)

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leeslover Andy Ritchie

leeslover

Posted
Posted
:blahblah:

 

I don't think we are going to see eye to eye over the issue :)

 

Lets just agree to disagree :ass3:B)

Very well. I shall leave the argument there and go and spend some money on an Arabian style cheese toastie. Actually, I don't have any cash on me so I will just indemnify against it :tongue1:

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Matt John Sheridan

Matt

Posted
Posted
these are the guys for me!!!

 

http://news.bbc.co.uk/1/hi/uk_politics/ele...010/8631815.stm

 

i'll be voting today..i'm on my travels.

As a big fan of Mark Thomas, I've been following his People's Manifesto on the radio...

 

http://is.gd/bL5wI

 

They have somebody standing in Bristol West.

 

His policies? Well they're interesting at least....

 

* "Margaret Thatcher should pay for her own funeral."

* "The introduction of a maximum wage."

* "Introduce a USA style 1st Amendment, to protect free speech."

* "Party political manifestos should be legally binding."

* "Anyone in favour of banning immigration should sign a register and they will be banned from traveling abroad."

* "On the voting card there should be a box that says 'None of the above.'"

* "That Windsor be renamed Lower Slough."

* "We should build 100,000 council houses a year."

* "The Daily Mail should have to declare on the masthead 'The newspaper that supported Hitler!'"

* "There should be a public referendum before going to war."

* "Drugs will be legalised and their production will be nationalised (and Mark Thomas will become the 'Drug Tsar')."

* "If it pisses down with rain on a bank holiday, it will be considered a rollover."

* "Trident will be scrapped."

* "Newspaper retractions will be printed in the same font size and on the same page as the offending article."

* "A cap will be put on house prices, relative to the average wage in the area (and more council houses will be built in these areas)."

* "People who complain there are too many immigrants will be banned from restaurants serving anything other than British food."

* "The railways will be re-nationalised."

* "The introduction of a 'maximum wage'."

* "The introduction of a Tobin tax on all currency transactions."

* "All minsters will have had experience of their ministry prior to taking office."

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Matt John Sheridan

Matt

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Posted

He's not the first time its happened to a politician and it won't be the last; but it's still a bit of a gaffe...

 

http://is.gd/bLlzd

 

Gordon Brown has been caught out on microphone in an unguarded moment - calling a pensioner "bigoted".

 

The Prime Minister was confronted by the 66-year-old woman while visiting Rochdale.

 

I mean, she probably was but...

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