- Tuesday, 24 November 2009
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I have nothing to declare apart from a chocolate eclair - Oscar Wild Thing
Brown battles recession with web site
SHOWING IT IS SERIOUS about tackling global recession, the UK Government has launched a Web site.
Having given all our money to the banks, after they connived to lose billions of their own, the Government has launched a Web site to help us all live together in penury.
"Britain always works best when Britain works together," said Brown invoking the spirit of ration books, paint-on stocking seams and grow-yer-own vegetable allotments. "I believe that through this downturn we have got to show that we can work together."
Brown went to Southampton to say the Web site spells out what the Government is doing to boost the economy.
According to Brown on the Web site, an ecomony without banks is like a house without electricity. That's why he gave them all our money. µ
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I' like to offer a different view on banks: an economy without banks is a cure for greedy suits.
Is that fraud? Should there be a criminal investigation?
I still portion a large part of the blame at Alan Greenspan who jacked up US interest rates 15 times in a row.
This meant that people who could afford to pay their mortgage the year before, were now falling behind and facing repossesion.
Multiply that across the whole of the USA and you have a lot of people defaulting, a lot of banks not getting expected loan revenue, and the global knock-on effect of this is where we are now.
Of course that doesn't excuse poor financial regulation and boss's still getting rewarded for failure.
As someone who was recently made redundant (after being with the company less than a year) and getting just 2 weeks wages before leaving to be then told because I earned too much the year before I'm not entitled to government help now, Mr Brown can positively stick this website where the sun don't shine IMHO.
"...if we stop believing in the Tooth Fairy, it goes away.
"Does that mean if I stop believing in banks, they will go away too?"
Slight paraphrase I suppose.
A few decades ago(early 70s, maybe? I forget) a man came up with an equation that could fairly dependably predict the market. The bankers and billionaires saw a chance to make oodles and oodles of cash, so they decided to become almost totally dependent on the algorithm. The algorithm, for the most part, worked the way it was supposed to. The problem was that the world tends to not adhere to the calculations of a simple equation.
If the bankers and billionaires had been less greedy, hadn't over-extended; and lastly, hadn't given those ultra-stupid loans, the equation could have made the US one of richest countries in the world, even more so than we are, or were.
The moral of the story is that anybody can get rich, but staying rich is a little bit more of a hassle. Especially if increasing your net worth is the main goal. Put another way...
Don't put all your eggs in one basket; and backup plans are awesome.
(sorry for the bad grammar, not sure how to fix it. I guess I need to go back to English class. Or have a foreigner proof read it ;) )
Credit 404
Yes I am (should have gone to IT but the .com bubble burst) and I owe £40k which I don't intend to repay!!!! WHY???
Watch Zeitgeist and Money Changers and you'll see that money is a made up amount which is "created" LITERALLY by the fractional reserve banking system. this means that for ever £1 you give to the bank ... they lend out WAIT FOR IT!!!.... £10. yes 10x as much as they have is created due to demand for loans. Sooooooo when you dont pay them back they have to write down everything by factor of 10 and if anough ppl do that they dont have enough to cover reserve requirements and ByB(ody)O(dor) asks you noobs for another gazilion.
I seem to remember hearing something about White House politicians who forced the banks to agree to loan to people who were already insolvant.
Your formula story is interesting, but given the poor predictive performance of any economist (or all of them put together), I seriously doubt that any magical formula got devised and put into effect.