UK 'On Cusp Of Second Banking Failure'

Crapaud
Crapaud Posts: 2,483
edited October 2010 in The bottom bracket
UK 'On Cusp Of Second Banking Failure'
... According to its report - Where Did Our Money Go? - an estimated £1.2trillion of state cash has already been pumped into the banking system.

However, NEF has described a "shocking" lack of information about how that money has been used and demanded "urgent reform". ...
Anyone heard anything about this?

I've not believed that the economic crisis is (mostly) over and I think a house price crash is still very possible, but this is the first I've heard of a, possible, new banking crisis. I don't recall the NEF either.

Thoughts?
A fanatic is one who can’t change his mind and won’t change the subject - Churchill
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Comments

  • rick_chasey
    rick_chasey Posts: 75,661
    I work in finance.

    It's no worse than it was a month ago, 2 months ago, 6 months ago.
    _
  • daviesee
    daviesee Posts: 6,386
    Rick Chasey wrote:
    I work in finance.

    It's no worse than it was a month ago, 2 months ago, 6 months ago.

    or 2 years ago.

    And no better, except the bonuses :evil:

    But, who are the NEF and do they really know anything or just $hit stirring?

    PS:- The highline figure includes guarantees which will in all probability not be paid out but which have to be covered.
    None of the above should be taken seriously, and certainly not personally.
  • rick_chasey
    rick_chasey Posts: 75,661
    I only joined recently. :wink:

    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.
    _
  • finchy
    finchy Posts: 6,686
    Rick Chasey wrote:
    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.

    You should get some brown shoes but then dye them black so you get the best of both worlds. :idea:
  • Crapaud
    Crapaud Posts: 2,483
    Rick, if there is the possibility of a second banking crisis, brown shoes, brown suit and brown undercrackers might be wise. :wink:
    A fanatic is one who can’t change his mind and won’t change the subject - Churchill
  • shm_uk
    shm_uk Posts: 683
    Dunno about another banking crisis, but 'cusp' is a great word ...

    Much better than 'verge' or 'brink' ...
  • Frank the tank
    Frank the tank Posts: 6,553
    Crapaud, I don't khow why you have the idea the economic crisis is mostly over IMHO it's not really started yet.

    I'm thinking more of the spending revue and the impending tidalwave of unemployment and all the horrors that go with it and the cutbacks.
    Tail end Charlie

    The above post may contain traces of sarcasm or/and bullsh*t.
  • pastasauce
    pastasauce Posts: 221
    shm_uk wrote:
    Dunno about another banking crisis, but 'cusp' is a great word ...

    Much better than 'verge' or 'brink' ...

    +1

    yes, lets have it for the word CUSP !

    I'll endeavour to use it as many times as possible today.

    :D
  • iainf72
    iainf72 Posts: 15,784
    Rick Chasey wrote:

    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.

    I thought you were Dutch, not Italian Rick? :wink:
    Fckin' Quintana … that creep can roll, man.
  • Crapaud
    Crapaud Posts: 2,483
    Frank the tank wrote:
    Crapaud, I don't khow why you have the idea the economic crisis is mostly over IMHO it's not really started yet.

    I'm thinking more of the spending revue and the impending tidalwave of unemployment and all the horrors that go with it and the cutbacks.
    I don't believe it's over, Frank. I'll be very surprised if there's not a double dip recession, but we keep getting told that we're coming out of recessiion because of the immediate action that the new gov't's taken - I think it's a load of bollocks.

    I also agree that the pain of cutbacks hasn't even started yet.
    A fanatic is one who can’t change his mind and won’t change the subject - Churchill
  • rick_chasey
    rick_chasey Posts: 75,661
    iainf72 wrote:
    Rick Chasey wrote:

    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.

    I thought you were Dutch, not Italian Rick? :wink:



    Ian, you're not my boss are you? :shock:
    _
  • iainf72
    iainf72 Posts: 15,784
    Rick Chasey wrote:

    Ian, you're not my boss are you? :shock:

    Well, we both work in banking :wink:

    Do you wear black shoes after dark then?
    Fckin' Quintana … that creep can roll, man.
  • jgsi
    jgsi Posts: 5,062
    I was on the cusp of drowning in the saddle yesterday and my five pound emergency note went all soggy.. a crisis for me
  • Aggieboy
    Aggieboy Posts: 3,996
    Rick Chasey wrote:
    I only joined recently. :wink:

    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.

    Oxblood like these, then I'd agree (depending on your choice of shirt/tie) http://www.lodgerfootwear.com/shoes/english-classic/full-brogue-oxblood.html Shite coloured brown/tan, then no.

    Brown will also be a better colour choice for your Christmas do with the 'drinkers' you work with, when you're sick all over them :wink::lol:
    "There's a shortage of perfect breasts in this world, t'would be a pity to damage yours."
  • rick_chasey
    rick_chasey Posts: 75,661
    I'm pretty junior so after dark hasn't really come up.

    If you think I'm going to wear brown shoes with a black suit...!
    _
  • Aggieboy
    Aggieboy Posts: 3,996
    It's nice to be 'on the cusp' and then hold back, now and again. :wink:
    "There's a shortage of perfect breasts in this world, t'would be a pity to damage yours."
  • northernneil
    northernneil Posts: 1,549
    JGSI wrote:
    I was on the cusp of drowning in the saddle yesterday and my five pound emergency note went all soggy.. a crisis for me

    on a totally side issue I found a soggy tenner when riding yesterday, definately worth stopping for that baby drying on my radiator
  • rick_chasey
    rick_chasey Posts: 75,661
    JGSI wrote:
    I was on the cusp of drowning in the saddle yesterday and my five pound emergency note went all soggy.. a crisis for me

    Aren't notes made of the same stuff they put in Museeuw bikes?
    _
  • finchy
    finchy Posts: 6,686
    The ILO predicts that the job market will be in the doldrums for another 5 years.

    http://www.bbc.co.uk/news/business-11454455
  • verylonglegs
    verylonglegs Posts: 4,023
    Given a lot of economics is down to confidence, you spend as you are confident of your future earnings for example, then Rick is right in saying it's not that different to a few months ago..something may happen to trigger more panic but then again it may not.

    The use of 'double dip' doesn't seem right anymore and over used by the media as we've had some growth (according to official figures anyway!) so wouldn't it be another recession as such rather than a double dip? I think it's fair to say there is more pain on the way for some, how much and how long is anybody's guess.
  • nolf
    nolf Posts: 1,287
    25bn doesn't seem like much to trigger a double dip recession. I would have thought the markets could absorb that.
    I find that report a bit suspect tbh, doesn't name a bank or give any specifics.

    This looks like a more accurate report:
    http://www.guardian.co.uk/business/2010 ... er-funding

    It's a bit of a misnomer to say that the govt. has spent loads of money, it's possible that they'll make a profit on their investments, so the Uk taxpayer will have profited from helping out banks.
    "I hold it true, what'er befall;
    I feel it, when I sorrow most;
    'Tis better to have loved and lost;
    Than never to have loved at all."

    Alfred Tennyson
  • finchy
    finchy Posts: 6,686
    nolf wrote:
    25bn doesn't seem like much to trigger a double dip recession.

    The report said £25bn per month.
  • IronHorse100
    IronHorse100 Posts: 302
    Aggieboy wrote:
    Rick Chasey wrote:
    I only joined recently. :wink:

    Still convincing everyone that my brown shoes with a dark blue suit is actually a better look than black shoes.

    Oxblood like these, then I'd agree (depending on your choice of shirt/tie) http://www.lodgerfootwear.com/shoes/english-classic/full-brogue-oxblood.html Shite coloured brown/tan, then no.
    Brogues need a thread all of their own. I'm a self-confessed brogue-aholic. My best is a pair of Loake oxbloods.
  • fleshtuxedo
    fleshtuxedo Posts: 1,858
    Brogues make me think of the Mr Men
  • rick_chasey
    rick_chasey Posts: 75,661
    Good to see sartorial issues are clearly of more pressing importance than financial market fear.

    Whilst on the subject - to while away the time you should be using to earn your wage:

    The Sartorialist

    Especially the street photos (catwalks are catwalks, - same sh!t different day).
    _
  • Le Commentateur
    Le Commentateur Posts: 4,099
    My various banks & building socieites stopped cold-calling me on the phone (trying to lure me into switching my cash savings to stock market investments) 6 months ago, so I assume things are now ticking over OK for them and they aren't so desperate to recapitalize by locking-in money that people could otherwise remove at short notice.

    If they start calling again, I'll assume things are getting bad again.
    Un uomo solo al commando
  • daviesee
    daviesee Posts: 6,386
    Monday - Report saying banks may need up to £25bn/month bail out.

    Tuesday - Report saying same banks will be paying £7bn in bonuses.

    Some people are really taking the pi$$.

    The rest are mugs.
    None of the above should be taken seriously, and certainly not personally.
  • Cressers
    Cressers Posts: 1,329
    The govts of the world have engineeered a bounce fueled by endless amounts of taxpayers' money and Quantatative Easing. It is unsustainable. The banks and stockbrokers will make the best use of the time remaining, after all, they won't let a little thing like the collapse of the global economy get in the way of their making money, but at some point this bubble must burst. The fact that gold is at record highs is a sign of things to come...
  • Smokin Joe
    Smokin Joe Posts: 2,706
    There are two types of people who make economic predictions; Those who don't know and those who don't know they don't know.

    Worry when it happens.
  • daviesee
    daviesee Posts: 6,386
    Smokin Joe wrote:
    There are two types of people who make economic predictions; Those who don't know and those who don't know they don't know.

    Worry when it happens.

    Funny that.
    I have been telling anyone who would listen since the '90's that this was going to happen.
    As such I was prepared for it.
    I don't have to worry.
    None of the above should be taken seriously, and certainly not personally.

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