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[Banjax]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

[Banjax]

the main problem is when banks stop lending to each other - that means they're reluctant to give any credit for mortgages/loans/businesses thats when house prices fall and companies go out of business as usual the fatcats will be OK its the ordinary schmucks that'll have to carry the can for the banks greed and recklessness

That is only a symptom.  The underlying problem is over-leveraged banks and bad debts.  That means that on the surface of it banks are trading insolvent, and anyone that they owe money to whether it be other banks or depositors is SOL.  But if people start pulling out money then they will all go pop.  Hence the desperate rounds of guaranteeing deposits by Governments.

you're right theolodian

any governments worst nightmare is a run on a major bank or banks - so if a few countries (Germany and Ireland at the mo) - guarantee all savings - the worry is every one else starts taking their money out and putting it in banks where its guaranteed 100%

even with these guarantees tho - no bank seems to be safe from collapse - the main problem is all the garbage bad debts they've been buying off each other

p.s. - what does SOL mean? - apologies if its a typo :-?
or am i being thick?

Sh!t outta luck.  

aaah!! -  

[Entwood]

Having recently retired all I'm seeing is the value of investments drop, and the amount of annuity on the AVC I'm going to be offered is way way down on just a few months back .. but this government insists you take your annuity in a very narrow timeframe.

No point in worrying about it ... 'cos theres very little I can actualy do

[Banjax]

Having recently retired all I'm seeing is the value of investments drop, and the amount of annuity on the AVC I'm going to be offered is way way down on just a few months back .. but this government insists you take your annuity in a very narrow timeframe.

No point in worrying about it ... 'cos theres very little I can actualy do

arm yourself to the teeth, load up the Mig, and head for the hills!!

[theolodian]

Having recently retired all I'm seeing is the value of investments drop, and the amount of annuity on the AVC I'm going to be offered is way way down on just a few months back .. but this government insists you take your annuity in a very narrow timeframe.

No point in worrying about it ... 'cos theres very little I can actualy do

Me and my pension will be outta here long before that time.  You can transfer your pension to a pension in another country when you move.

[Nickbat]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

OMG, at this rate we'll have to marry!!  

Seriously, though, I'm glad you seem to view the EU like I do. Slightly (actually quite a lot!) off-thread, but I would welcome your views on this.

Whilst devolution in Scotland and Wales was opposed by many as an unwelcome precursor to the break-up of the UK, it has to be said that it was a move towards greater democracy (despite the operational mechanics being a little suspect). Local accountability is a GOOD THING. Odd then, that so many Scots Nats seem to want greater EU integration - which seems to me to water down the average Scot's ability to control their own destinies through the ballot box.

It's illogical in my book.  

[Banjax]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

OMG, at this rate we'll have to marry!!  

Seriously, though, I'm glad you seem to view the EU like I do. Slightly (actually quite a lot!) off-thread, but I would welcome your views on this.

Whilst devolution in Scotland and Wales was opposed by many as an unwelcome precursor to the break-up of the UK, it has to be said that it was a move towards greater democracy (despite the operational mechanics being a little suspect). Local accountability is a GOOD THING. Odd then, that so many Scots Nats seem to want greater EU integration - which seems to me to water down the average Scot's ability to control their own destinies through the ballot box.

It's illogical in my book.  

looking at what the Scottish Nats have achieved so far, cutting prescription fees, free further education/free tuiton, getting rid of bridge tolls, theres a load of benefits - i'm not an SNP mouthpiece - all in all i'd say we were better for having our own government

but the SNP support europe which is where i differ, i cannot square the fact that we would have no control over the EU - people making laws governing us have to be accountable - if you dont like the government, fine, vote them out - thats democrcay's great strength, but the EU we couldn't vote out - no matter what laws they brought in, no matter how unpopular - there would be unelected bodies deciding on our lives - and that isn't democracy  

[Nickbat]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

OMG, at this rate we'll have to marry!!  

Seriously, though, I'm glad you seem to view the EU like I do. Slightly (actually quite a lot!) off-thread, but I would welcome your views on this.

Whilst devolution in Scotland and Wales was opposed by many as an unwelcome precursor to the break-up of the UK, it has to be said that it was a move towards greater democracy (despite the operational mechanics being a little suspect). Local accountability is a GOOD THING. Odd then, that so many Scots Nats seem to want greater EU integration - which seems to me to water down the average Scot's ability to control their own destinies through the ballot box.

It's illogical in my book.  

looking at what the Scottish Nats have achieved so far, cutting prescription fees, free further education/free tuiton, getting rid of bridge tolls, theres a load of benefits - i'm not an SNP mouthpiece - all in all i'd say we were better for having our own government

but the SNP support europe which is where i differ, i cannot square the fact that we would have no control over the EU - people making laws governing us have to be accountable - if you dont like the government, fine, vote them out - thats democrcay's great strength, but the EU we couldn't vote out - no matter what laws they brought in, no matter how unpopular - there would be unelected bodies deciding on our lives - and that isn't democracy  

100% agree, Bannjaxx. (That's worrying!!   )

[albitz]

Thankyou Nickbat for bringing facts rather than sun/gaurdian headlines to the discussion (again.)

[Entwood]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

OMG, at this rate we'll have to marry!!  

Seriously, though, I'm glad you seem to view the EU like I do. Slightly (actually quite a lot!) off-thread, but I would welcome your views on this.

Whilst devolution in Scotland and Wales was opposed by many as an unwelcome precursor to the break-up of the UK, it has to be said that it was a move towards greater democracy (despite the operational mechanics being a little suspect). Local accountability is a GOOD THING. Odd then, that so many Scots Nats seem to want greater EU integration - which seems to me to water down the average Scot's ability to control their own destinies through the ballot box.

It's illogical in my book.  

looking at what the Scottish Nats have achieved so far, cutting prescription fees, free further education/free tuiton, getting rid of bridge tolls, theres a load of benefits - i'm not an SNP mouthpiece - all in all i'd say we were better for having our own government

but the SNP support europe which is where i differ, i cannot square the fact that we would have no control over the EU - people making laws governing us have to be accountable - if you dont like the government, fine, vote them out - thats democrcay's great strength, but the EU we couldn't vote out - no matter what laws they brought in, no matter how unpopular - there would be unelected bodies deciding on our lives - and that isn't democracy  

Mostly paid for by the English Taxpayer due to the bribes this government gave to the high number of Scottish MP's under the "Barnett Formula" ...


http://www.telegraph.co.uk/news/uknews/2276047/Barnett-formula-could-undermine-the-Union,-says-think-tank.html

[albitz]

very true,although the scots would no doubt mention that westminster nicked their oil.

[Banjax]

I have highlighted the actions of previous US administrations with regard to the sale of junk mortgages. On this side of the Pond, the culprit is....wait for it...the EU (again!)  

Quote:

"At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.

Last December, a leading City economist, Professor Peter Spencer of Ernst & Young's Item Club, warned that unless something was done urgently to modify the new rules, the resulting paralysis of the banking system would "make 1929 look like a walk in the park".

Last week, as his prediction seemed to be coming true, the US was moving to change the rules. But in the EU they are enshrined in a directive which could take months, or years, to unpick.  

Read the full story here:

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/10/05/do0506.xml

thats the problem with EU - its too big and slow to react quickly to these kind of problems


uh oh....did i just agree with you AGAIN Nickbat??

OMG, at this rate we'll have to marry!!  

Seriously, though, I'm glad you seem to view the EU like I do. Slightly (actually quite a lot!) off-thread, but I would welcome your views on this.

Whilst devolution in Scotland and Wales was opposed by many as an unwelcome precursor to the break-up of the UK, it has to be said that it was a move towards greater democracy (despite the operational mechanics being a little suspect). Local accountability is a GOOD THING. Odd then, that so many Scots Nats seem to want greater EU integration - which seems to me to water down the average Scot's ability to control their own destinies through the ballot box.

It's illogical in my book.  

looking at what the Scottish Nats have achieved so far, cutting prescription fees, free further education/free tuiton, getting rid of bridge tolls, theres a load of benefits - i'm not an SNP mouthpiece - all in all i'd say we were better for having our own government

but the SNP support europe which is where i differ, i cannot square the fact that we would have no control over the EU - people making laws governing us have to be accountable - if you dont like the government, fine, vote them out - thats democrcay's great strength, but the EU we couldn't vote out - no matter what laws they brought in, no matter how unpopular - there would be unelected bodies deciding on our lives - and that isn't democracy  

100% agree, Bannjaxx. (That's worrying!!   )

indeed!

[Martin_1962]

Interesting page.

Got another millipede in the cabinet - why!!??

My mortgage is in an interesting state currently 5.99 interest and staying around there!

Next year 100% inflation.

My pension is useless. I think I will work to 70 at this rate

[Martin_1962]

Banjaxx, quite interested in politics.

Different political views to me but agree on a lot - mainly Labour must go.

I reckon in England Conservatives will landslide, Labour second, LibDem will pick up Labour seats where Conservatives are weak.

In Scotland SNP will landslide and Banjaxx will tell me who will come second and third.

[cem_devecioglu]

Interesting page.

Got another millipede in the cabinet - why!!??

My mortgage is in an interesting state currently 5.99 interest and staying around there!

Next year 100% inflation.

My pension is useless. I think I will work to 70 at this rate

According to our laws you need to be at least 65..We call this retirement in the grave