Britain is ruled by the banks, for the banks

[vonuber]

Apologies if this has been posted elsewhere, but I found it interesting:
http://www.guardian.co.uk/business/2011/dec/12/bri...

[elster]

His whole ethos is wrong thong, his closing remark that only the archbishop and bill nighy represent the people and they have no political vehicle. The fact is if they were that bothered they could create one and be an elected representative to change what they think.

Although I would take some of his 'facts' with a pinch of salt.

His 'financial sector' corporation tax is a bit of a red herring.

[Du1point8]

same paper mentions that FSA says the Labour government should also be taking the blame:

http://www.guardian.co.uk/business/2011/dec/12/lab...

with GB, blair and Balls all the main culprits for making sure the FSA was lax when they shouldn't have been.

[sidicks]

Guardian article said said:

The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it's still only getting on for half the £378bn paid by manufacturing.

Can anyone confirm whether this is true?

Sidicks

[Marf]

sidicks said:

Guardian article said said:

The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it's still only getting on for half the £378bn paid by manufacturing.

Can anyone confirm whether this is true?

Sidicks

Those figures are irrelevant without knowing the profit and turnover.

[RichyBoy]

Du1point8 said:

same paper mentions that FSA says the Labour government should also be taking the blame:

http://www.guardian.co.uk/business/2011/dec/12/lab...

with GB, blair and Balls all the main culprits for making sure the FSA was lax when they shouldn't have been.

It's amazing that Balls seems to have been rewarded with the position of shadow chancellor and the other two got away unpunished.

[DJRC]

Whats new though?

By the wealthy and for the wealthy has been the default state of mankind since the Bronze age and probably before. The trick is to remove yourself from their game as much as possible or join them and exploit the rest of mankind.

[Du1point8]

RichyBoy said:

Du1point8 said:

same paper mentions that FSA says the Labour government should also be taking the blame:

http://www.guardian.co.uk/business/2011/dec/12/lab...

with GB, blair and Balls all the main culprits for making sure the FSA was lax when they shouldn't have been.

It's amazing that Balls seems to have been rewarded with the position of shadow chancellor and the other two got away unpunished.

Its amazing that the public think its all the fault of the banks and the spin that they dealt meant even if it comes out now and they stick their hands up and say sorry the only people getting the blame is the banks, thanks to these guys and their st don't stick mentality.

[Zod]

sidicks said:

Guardian article said said:

The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it's still only getting on for half the £378bn paid by manufacturing.

Can anyone confirm whether this is true?

Sidicks

In any case, the manufacturing sector is bigger than the City, so it should if profitable pay more tax.

[BOR]

I mentioned this in another thread, but it needs to be repeated again and again:

Guardian link said:

So why do the politicians cling on to them?

Part of the answer is financial. Bankers used the boom to buy themselves influence – so that, according to the Bureau of Investigative Journalism, the City now provides half of all Tory party funds. That is up from just 25% only five years ago.

This can't be allowed to continue. Self interest groups simply cannot be allowed to purchase power like this. This is legalised bribery.

[andymadmak]

BOR said:

This can't be allowed to continue. Self interest groups simply cannot be allowed to purchase power like this. This is legalised bribery.

(cough) Unions? (cough)

Whats your suggestion for party funding in future?

[Du1point8]

andymadmak said:

BOR said:

This can't be allowed to continue. Self interest groups simply cannot be allowed to purchase power like this. This is legalised bribery.

(cough) Unions? (cough)

Whats your suggestion for party funding in future?

legalised bribery?

Didn't Labour give millions to the Unions off the taxpayers and then the unions donate money to Labour, is this not money laundering straight and simple?

[Zod]

Du1point8 said:

andymadmak said:

BOR said:

This can't be allowed to continue. Self interest groups simply cannot be allowed to purchase power like this. This is legalised bribery.

(cough) Unions? (cough)

Whats your suggestion for party funding in future?

legalised bribery?

Didn't Labour give millions to the Unions off the taxpayers and then the unions donate money to Labour, is this not money laundering straight and simple?

Yes and 95%+ of Labour's funding comes from those unions. Ban union funding of political parties and I'm sure the Tories will happily give up on bank donations.

[Ozzie Osmond]

Du1point8 said:

Its amazing that the public think its all the fault of the banks and the spin that they dealt meant even if it comes out now and they stick their hands up and say sorry the only people getting the blame is the banks, thanks to these guys and their st don't stick mentality.

Can you just remind us who was actually (a) lending the money, and (b) pocketing the profits?

Fact is, the bankers turned out to be very bad bankers and strangely everybody realises that except the stupid bankers themselves who continue to twist and turn looking for other people to blame.

It's like a rapist blaming the victim for his crime.

[BOR]

Yes, it's a fair point.

In the other thread I included unions with banks and other self interest groups. Our political parties should be centrally funded for all electoral/parliamentary activities.

Anything else is selling the UK to the highest bidder.

[vonuber]

I would assume that most politicians nowadays enter politics purely for the self enrichment possibilities, and therefore if you help the banking sector out, when you leave politics you can probably expect them to help you out.

[Du1point8]

Ozzie Osmond said:

Du1point8 said:

Its amazing that the public think its all the fault of the banks and the spin that they dealt meant even if it comes out now and they stick their hands up and say sorry the only people getting the blame is the banks, thanks to these guys and their st don't stick mentality.

Can you just remind us who was actually (a) lending the money, and (b) pocketing the profits?

Fact is, the bankers turned out to be very bad bankers and strangely everybody realises that except the stupid bankers themselves who continue to twist and turn looking for other people to blame.

It's like a rapist blaming the victim for his crime.

Think you need to read the FSA report on what Labour did to the regulations and the knock on affect of doing so, whilst I'm not saying the bankers did no wrong you need to look a little further from that, not forgetting the publics entitlement that they have to have the cheap money and some people take advantage of that.

If you ever read what people actually write on these threads you will see they admit that what was done was wrong in certain situations and are trying to point out that its not just them...

But don't let that fact stop you from hating the bankers.

[Puggit]

sidicks said:

Guardian article said said:

The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it's still only getting on for half the £378bn paid by manufacturing.

Can anyone confirm whether this is true?

Sidicks

The BBC claimed last night that banking was ~10% economy and manufacturing was 20%. So those figures would be fine in those terms (but as per above, profit is also important)

[Marf]

Puggit said:

sidicks said:

Guardian article said said:

The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it's still only getting on for half the £378bn paid by manufacturing.

Can anyone confirm whether this is true?

Sidicks

The BBC claimed last night that banking was ~10% economy and manufacturing was 20%. So those figures would be fine in those terms (but as per above, profit is also important)

So basically the guardian are trying to make out that the financial sector is not paying its way by using selective stats. whodathunkit?!

[garos]

Du1point8 said:

Ozzie Osmond said:

Du1point8 said:

Its amazing that the public think its all the fault of the banks and the spin that they dealt meant even if it comes out now and they stick their hands up and say sorry the only people getting the blame is the banks, thanks to these guys and their st don't stick mentality.

Can you just remind us who was actually (a) lending the money, and (b) pocketing the profits?

Fact is, the bankers turned out to be very bad bankers and strangely everybody realises that except the stupid bankers themselves who continue to twist and turn looking for other people to blame.

It's like a rapist blaming the victim for his crime.

Think you need to read the FSA report on what Labour did to the regulations and the knock on affect of doing so, whilst I'm not saying the bankers did no wrong you need to look a little further from that, not forgetting the publics entitlement that they have to have the cheap money and some people take advantage of that.

If you ever read what people actually write on these threads you will see they admit that what was done was wrong in certain situations and are trying to point out that its not just them...

But don't let that fact stop you from hating the bankers.

RBS bought a bank for some 48 billion that was almost worth nothing, based on them having a look over 2 lever arch files!! Noone needed to hold there hand and tell them that that was a pretty stupid and I think negligent thing to do. Alot was wrong but that was pivitol in the downward spiral of this Country and how anyone can try and defend that is beyond me.

The power is still very much with the City financiers and those in Wall street backed up by their cronies in uk government and the Obama administration, in fact alot of those responsible for the USA collapse in 2008 under Bush are now in the Obama Administration, some very, very wealthy people.

Big protests still going on in the USA, anyone seen it recently in the news................nope, well you'll have to look for it, wonder why!