Sunday 11 January 2009

THE MORE I SAVE...THE MORE I LOSE

yo!...hell hath no fury...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+109...


...on sunset boulevard...peterthepainter lies...

...face down in vilma banky's pool...

...beulah...a famous ex gansta's moll...

...has shot him inna head with a reactivated .45...



...the lazy, painty b*stard had shrunk the pension stash...


GIRL ON A RAMPAGE



beulah : who soever seeks ta f**k up mi finances shall...pay!...

...itz that brown wot done it...

...alla msm bollox are too scared ta tell atruth...

...he caused us ta lose...

...our pension stash
...our holiday...our savins interest...


BROWN : BLAME ANYONE BUT ME


...he allas sayin it were a sub prime or it caused by america...


...he says he saved the world...that he saved the banks...


...but the banks is still bust...an they won't lend...


...an they gon be commin back fo mo...



BOULEVARD OF BROKEN DREAMS


edmond conway :..."

Definitive proof that the Bank of England saw the financial crisis coming


edmond conway : ..."As we wrote in our City Comment that day: "One statistic in particular shows precisely how exposed the City is to the bursting of the household debt bubble. At the beginning of 2001, our banks were not lending customers any more than the total amount of deposits they held. By the end of 2005, banks were lending customers £500bn in cash which simply wasn't in the vaults. Should customers default on their loans, these banks could be in trouble, having to resort to borrowing chunks of money at penal interbank rates."

Not only did the Bank's report, which can be found here (page 28 is the one on the funding gap - p30 on the pdf version), lay out the City's increased reliance on wholesale funding - it also warned that this leaves banks extremely vulnerable in the event of a slowdown. Now, the Bank was not the first to diagnose the seeds of the crisis: there were one or two hedge funds which were already trading on the likelihood of a UK banking breakdown caused by this reliance on securitisation. There were plenty of commentators warning on the excessive build-up of debt. But as far as I can tell this was about the earliest warning on the problems inherent to the UK mortgage market.

The report completely debunks the notion that the financial crisis came as a surprise to the City, or indeed the Bank. The Government had been warned explicitly not by some crackpot economist but by its own employees in Threadneedle Street about precisely how the crisis could erupt. Not only this, but the report also revealed that its "war games" plotting out scenarios including a credit crunch revealed that a debt-fuelled crisis could cause a severe UK recession, a 25pc fall in house prices and a wiping out of a third of banks' tier one capital - around £40bn at the time. It is difficult to think how it could have made more noise about the possible risks the debt build-up entailed...."


...Of course, the eventual crisis has been far greater than even this worst-case scenario, but remember that this was a warning delivered more than a year before the securitisation markets broke down in August 2007. Had it been heeded in Government, Northern Rock - not to mention the rest of the banking system - could very possibly have been saved from complete collapse. The UK could have been let off with a mild rather than severe recession. House prices could have been brought back under control, rather than booming again for another breakneck year of growth." Telegraph


HERE IS THE NEWS

...vilma banky looks out of the orangery at the leaves floatin in her new pool...

...yikes!...is that petey?...floatin there?


...petey is sayin nuthin...not because he's dead...

...thats just a minor detail inna much bigger plot...


...he's waitin fo beulah ta git dahn ta the msm bollox...


...she gon tell em fo sho...


...yo sat on yo asses an did nowt...

...while brown and his gang...


...bullied their way ta this bust...


...the plan ta bust the country was in place from the start...


...increase taxes, increase the public sector workforce, create a client state...


...put alla the voters onna state payroll, nationalise the banks...


...punish savers, rob the private pensions, complicate the tax system...


...increase treasury power, politicise the civil service...


HERE IS THE BILL


...a devalued currency...

...unsustainable public finances...

...insolvent banks...

...pension funds in deficit...

...no income for people who rely on interest on their savings...

...house price crash...

...negative equity...

...first time buyers kept out of the housing market...

...rapidly rising unemployment...

...stock market crash...

...commercial property crash...

...20% cuts in with profits policy bonuses...

...no jobs for graduates...

...middle class poverty...

...a new wave of violent robberies...

...car sales slump...

...tax revenues wiped out...

...massive national debt...


INDEXED LINKED PENSIONS FOR POLITICIANS


...and when you have gone...

...whether we recover or not...


...you and your gang will have the best pensions in the land...

safe from any inflation you will have caused...

http://www.spiderfan.org/comics/images/spiderman_amazing/032.jpg

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