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  • pblakeneypblakeney Posts: 13,106
    Jezyboy said:

    Jezyboy said:

    Given large bits of the world economy revolve around people taking holidays they can't quite afford, getting a new expensive phone every two years and a new car every 4, would it be a good thing for them to learn financial literacy.

    Yes, once they have sorted out their finances they could still afford the luxuries. Problen is buying the luxuries on credit and then something goes wrong, or a pandemic comes along and you are up the creek without your paddle.

    Ultimately it's down to sheer greed and impatience, wanting things yesterday rather than putting the foundations in place first.
    I would expect very few could afford the new cars without credit.

    I would argue that if this is such an issue then the banks giving credit are the ones that bear responsibility.

    When I was growing up the only people with new cars were the likes of doctors, lawyers etc and sales reps. What has changed is that there in now a distinct lack of personal responsibility.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    veronese68 wrote:
    PB is the most sensible person on here.
  • briantrumpetbriantrumpet Posts: 5,130
    Jezyboy said:

    Jezyboy said:

    Given large bits of the world economy revolve around people taking holidays they can't quite afford, getting a new expensive phone every two years and a new car every 4, would it be a good thing for them to learn financial literacy.

    Yes, once they have sorted out their finances they could still afford the luxuries. Problen is buying the luxuries on credit and then something goes wrong, or a pandemic comes along and you are up the creek without your paddle.

    Ultimately it's down to sheer greed and impatience, wanting things yesterday rather than putting the foundations in place first.
    I would expect very few could afford the new cars without credit.

    I would argue that if this is such an issue then the banks giving credit are the ones that bear responsibility.


    Vaguely interesting. https://www.ft.com/content/1ce6d32e-4520-11e9-b168-96a37d002cd3

    It's profitable for both banks and the car industry, as long as it doesn't go pear-shaped.
  • Jezyboy said:

    Given large bits of the world economy revolve around people taking holidays they can't quite afford, getting a new expensive phone every two years and a new car every 4, would it be a good thing for them to learn financial literacy.

    You should be PM mate. You've got 1000 times the common sense of the idiots in Whitehall.
  • JezyboyJezyboy Posts: 204

    Jezyboy said:

    Jezyboy said:

    Given large bits of the world economy revolve around people taking holidays they can't quite afford, getting a new expensive phone every two years and a new car every 4, would it be a good thing for them to learn financial literacy.

    Yes, once they have sorted out their finances they could still afford the luxuries. Problen is buying the luxuries on credit and then something goes wrong, or a pandemic comes along and you are up the creek without your paddle.

    Ultimately it's down to sheer greed and impatience, wanting things yesterday rather than putting the foundations in place first.
    I would expect very few could afford the new cars without credit.

    I would argue that if this is such an issue then the banks giving credit are the ones that bear responsibility.


    Vaguely interesting. https://www.ft.com/content/1ce6d32e-4520-11e9-b168-96a37d002cd3

    It's profitable for both banks and the car industry, as long as it doesn't go pear-shaped.
    I assume that they haven't learned from 2008 and that they just assume the risk of large scale defaulting can be treated as lot of statistically independent events.*


    *they probably have learned a little, and I'm not 100% sure that the above was the big learning opportunity with regards to 2008.

  • rick_chaseyrick_chasey Posts: 50,646 Lives Here
    To continue my BoJo is a British Trump argument:

  • Dorset_BoyDorset_Boy Posts: 3,054

    To continue my BoJo is a British Trump argument:

    A tweet from a former Labour minister......
    no axe to grind there then
  • bompingtonbompington Posts: 7,368

    To continue my BoJo is a British Trump argument:

    A tweet from a former Labour minister......
    no axe to grind there then
    Disappointing, DB. Of course politicians have an axe to grind, but one of the most appalling things about political discourse these days is the way that so many people refuse to engage with arguments and just use ad hom attacks instead.
  • pblakeneypblakeney Posts: 13,106

    To continue my BoJo is a British Trump argument:

    A tweet from a former Labour minister......
    no axe to grind there then
    Both can be equally true.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    veronese68 wrote:
    PB is the most sensible person on here.
  • Dorset_BoyDorset_Boy Posts: 3,054
    As an ex-Minister for Europe and Labour MP he isn't exactly going to be a fan of Boris, the Conservative Party, Trump or the Republicans is he.
    Just putting some context to Rick's post.
  • rick_chaseyrick_chasey Posts: 50,646 Lives Here

    As an ex-Minister for Europe and Labour MP he isn't exactly going to be a fan of Boris, the Conservative Party, Trump or the Republicans is he.
    Just putting some context to Rick's post.

    But what about the survey findings?
  • rjsterryrjsterry Posts: 18,223

    As an ex-Minister for Europe and Labour MP he isn't exactly going to be a fan of Boris, the Conservative Party, Trump or the Republicans is he.
    Just putting some context to Rick's post.

    It was a poll of ConservativeHome readers. If you have a look, there is plenty of criticism of the government on there as well.

    He's fairly unpopular all round.
    1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
    Pinnacle Monzonite

    Liberal metropolitan, remoaner, traitor, "sympathiser", etc.
  • surrey_commutersurrey_commuter Posts: 11,421
    I am well aware that I do not hold the majority view.

    The majority used to think 120% mortgages were great and you would be mad not to have one at x5 your salary. Guess how many of those I took out.
  • briantrumpetbriantrumpet Posts: 5,130
    Obviously I quote an article from The Telegraph with a heavy heart... but, as requested, just to redress the lefty balance apparent in the Graun...



    Or should this have gone in Stevo's Paean-to-Corbyn thread? Hmm...
  • orraloonorraloon Posts: 6,943
    https://www.bbc.co.uk/news/uk-england-manchester-54833331

    Brexit Britain. Dontcha jest lurve it.
  • pblakeneypblakeney Posts: 13,106
    That's our future leaders, no?
    Sorry, wrong uni. Our future call centre advisors.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    veronese68 wrote:
    PB is the most sensible person on here.
  • ProssPross Posts: 24,234
    pblakeney said:

    That's our future leaders, no?
    Sorry, wrong uni. Our future call centre advisors.

    Oi that was my daughter's campus




    (but she took two short term call centre jobs before getting a proper job!)
  • surrey_commutersurrey_commuter Posts: 11,421
    Reading articles about Boris's pathetic attempts to prepare for Brexit or to try for a deal to benefit UK PLC and then looking at the increasing evidence that his latest lockdown is unnecessary I tried to think of a more plausible explanation than he is in hock to the Russians.

    So how about this for a theory - he has no understanding of business or economics. If 99 out of a 100 people do not understand compound growth/interest what is the chance that one of those is a classics scholar?
  • rick_chaseyrick_chasey Posts: 50,646 Lives Here
    SC can’t find it now but if you’re interested I can dig out a proposal to create gdp-linked bonds where the interest rate moves in step with growth - expensive when growing, cheap when contracting.

    Incentivises counter cyclical borrowing - both spending in downcturns but also cutting in growth periods.
  • rjsterryrjsterry Posts: 18,223

    Reading articles about Boris's pathetic attempts to prepare for Brexit or to try for a deal to benefit UK PLC and then looking at the increasing evidence that his latest lockdown is unnecessary I tried to think of a more plausible explanation than he is in hock to the Russians.

    So how about this for a theory - he has no understanding of business or economics. If 99 out of a 100 people do not understand compound growth/interest what is the chance that one of those is a classics scholar?

    The theory doing the rounds is that the extension of furlough to March is to partly help mask the fallout of us not being ready for the end of the transition period. I'm not sure I buy it, but you may feel differently.
    1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
    Pinnacle Monzonite

    Liberal metropolitan, remoaner, traitor, "sympathiser", etc.
  • surrey_commutersurrey_commuter Posts: 11,421

    SC can’t find it now but if you’re interested I can dig out a proposal to create gdp-linked bonds where the interest rate moves in step with growth - expensive when growing, cheap when contracting.

    Incentivises counter cyclical borrowing - both spending in downcturns but also cutting in growth periods.

    I can see why somebody would sell this but not why anybody would buy it.
  • rick_chaseyrick_chasey Posts: 50,646 Lives Here

    SC can’t find it now but if you’re interested I can dig out a proposal to create gdp-linked bonds where the interest rate moves in step with growth - expensive when growing, cheap when contracting.

    Incentivises counter cyclical borrowing - both spending in downcturns but also cutting in growth periods.

    I can see why somebody would sell this but not why anybody would buy it.
    Yes I thought the same but pension funds need gilts innit
  • surrey_commutersurrey_commuter Posts: 11,421
    rjsterry said:

    Reading articles about Boris's pathetic attempts to prepare for Brexit or to try for a deal to benefit UK PLC and then looking at the increasing evidence that his latest lockdown is unnecessary I tried to think of a more plausible explanation than he is in hock to the Russians.

    So how about this for a theory - he has no understanding of business or economics. If 99 out of a 100 people do not understand compound growth/interest what is the chance that one of those is a classics scholar?

    The theory doing the rounds is that the extension of furlough to March is to partly help mask the fallout of us not being ready for the end of the transition period. I'm not sure I buy it, but you may feel differently.
    Money has been pumped into the economy for four years to avoid a Brexit downturn. Rick would call it counter cyclical spending.

    Lockdown would smash the economy so result in less Brexit damage but then you are back in the world of believing his actions are driven by Russia.

    I am not one for conspiracies so think it more likely that his ignorance precludes him from seeing the colossal downside of his self serving policies
  • TheBigBeanTheBigBean Posts: 10,921

    SC can’t find it now but if you’re interested I can dig out a proposal to create gdp-linked bonds where the interest rate moves in step with growth - expensive when growing, cheap when contracting.

    Incentivises counter cyclical borrowing - both spending in downcturns but also cutting in growth periods.

    I can see why somebody would sell this but not why anybody would buy it.
    Yes I thought the same but pension funds need gilts innit
    They need risk free gilts, not gilts that include a risk best taken by the government.
  • rjsterry said:

    Reading articles about Boris's pathetic attempts to prepare for Brexit or to try for a deal to benefit UK PLC and then looking at the increasing evidence that his latest lockdown is unnecessary I tried to think of a more plausible explanation than he is in hock to the Russians.

    So how about this for a theory - he has no understanding of business or economics. If 99 out of a 100 people do not understand compound growth/interest what is the chance that one of those is a classics scholar?

    The theory doing the rounds is that the extension of furlough to March is to partly help mask the fallout of us not being ready for the end of the transition period. I'm not sure I buy it, but you may feel differently.
    Money has been pumped into the economy for four years to avoid a Brexit downturn. Rick would call it counter cyclical spending.

    Lockdown would smash the economy so result in less Brexit damage but then you are back in the world of believing his actions are driven by Russia.

    I am not one for conspiracies so think it more likely that his ignorance precludes him from seeing the colossal downside of his self serving policies
    Go and sit with the 5G'ers as you are spouting the same rubbish they spout.

    You have 'Brexit Derangement Syndrome'
    Tier 0 living. You should try it. It's not the deadly, hysterical, fear driven state the government have created.

    Fair-weather commuter
    Canyon Ultimate CF 8.0 in Black
  • surrey_commutersurrey_commuter Posts: 11,421

    SC can’t find it now but if you’re interested I can dig out a proposal to create gdp-linked bonds where the interest rate moves in step with growth - expensive when growing, cheap when contracting.

    Incentivises counter cyclical borrowing - both spending in downcturns but also cutting in growth periods.

    I can see why somebody would sell this but not why anybody would buy it.
    Yes I thought the same but pension funds need gilts innit
    Two big drivers of pension fund liabilities are inflation and gilt rates. Your product does not really work as a hedge.

    If other hedging products such as LDI become common alternatives to Gilts then the BofE will have up their game
  • JezyboyJezyboy Posts: 204

    rjsterry said:

    Reading articles about Boris's pathetic attempts to prepare for Brexit or to try for a deal to benefit UK PLC and then looking at the increasing evidence that his latest lockdown is unnecessary I tried to think of a more plausible explanation than he is in hock to the Russians.

    So how about this for a theory - he has no understanding of business or economics. If 99 out of a 100 people do not understand compound growth/interest what is the chance that one of those is a classics scholar?

    The theory doing the rounds is that the extension of furlough to March is to partly help mask the fallout of us not being ready for the end of the transition period. I'm not sure I buy it, but you may feel differently.
    Money has been pumped into the economy for four years to avoid a Brexit downturn. Rick would call it counter cyclical spending.

    Lockdown would smash the economy so result in less Brexit damage but then you are back in the world of believing his actions are driven by Russia.

    I am not one for conspiracies so think it more likely that his ignorance precludes him from seeing the colossal downside of his self serving policies
    Go and sit with the 5G'ers as you are spouting the same rubbish they spout.

    You have 'Brexit Derangement Syndrome'
    So you're saying elections are driven by Russia.

  • pblakeneypblakeney Posts: 13,106
    Sad part being that this is not only accepted, but expected.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    veronese68 wrote:
    PB is the most sensible person on here.
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