Derek Simpson, Marr now

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NoelWatson

Original Poster:

11,710 posts

244 months

Sunday 8th August 2010
quotequote all
Thought he got off to a good start, but then the bellend mentioned that the bankers caused the crisis. Why do they let these people on TV?

NoelWatson

Original Poster:

11,710 posts

244 months

Sunday 8th August 2010
quotequote all
Ozzie Osmond said:
NoelWatson said:
Thought he got off to a good start, but then the bellend mentioned that the bankers caused the crisis. Why do they let these people on TV?
Are you suggesting the poor bankers were only doing what they were told? In much the same way the US government caused the leak in the Gulf by encouraging oil companies to drill there.

If the bankers were doing what they were told and adding no value, how come they felt the need to pay themselves so much money for their cleverness? It just doesn't hang together.

IMO the governments, their regulators and the banks are all guilty. But at the end of the day it was the banks themselves who were daft enough to "do the deed".
Let us start at the very beginning

http://www.youtube.com/watch?v=aCQREoAmsu0&fea...

NoelWatson

Original Poster:

11,710 posts

244 months

Monday 9th August 2010
quotequote all
heebeegeetee said:
NoelWatson said:
Ozzie Osmond said:
NoelWatson said:
Thought he got off to a good start, but then the bellend mentioned that the bankers caused the crisis. Why do they let these people on TV?
Are you suggesting the poor bankers were only doing what they were told? In much the same way the US government caused the leak in the Gulf by encouraging oil companies to drill there.

If the bankers were doing what they were told and adding no value, how come they felt the need to pay themselves so much money for their cleverness? It just doesn't hang together.

IMO the governments, their regulators and the banks are all guilty. But at the end of the day it was the banks themselves who were daft enough to "do the deed".
Let us start at the very beginning

http://www.youtube.com/watch?v=aCQREoAmsu0&fea...
The beginning? 1997 was the beginning? Since bloody when??!!

I've been taking the mickey out of PHers who think the world began in 1997 but this is genuinely the first time i have seen this so clearly expressed.

The banks lent money to people who were not going to pay it back... serious money. Globally huge amounts of money. They're still encouraging fecklessness today, and you and i and the rest of us have to pay for it. Here's one tiny example: https://www.wonga.com/
heebeegeetee said:
The beginning? 1997 was the beginning? Since bloody when??!!
2nd of May in fact


heebeegeetee said:
I've been taking the mickey out of PHers who think the world began in 1997 but this is genuinely the first time i have seen this so clearly expressed.
That is wonderful to hear

heebeegeetee said:
Here's one tiny example: https://www.wonga.com/
I thought we were talking about banks??

heebeegeetee said:
They're still encouraging fecklessness today
I assume we are talking about central banks - and I agree with you. They held rates too low for too long and caused this unoprecedented bubble.

NoelWatson

Original Poster:

11,710 posts

244 months

Monday 9th August 2010
quotequote all
heebeegeetee said:
There are scores of companys like Wonga. Who underwrites them all? Who underwrites the business model? I learned about Wonga last week when i watched somebody who has no money or regular income (and huge debts) borrow some money off them.
From their website

"We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital"

Can you provide me with the further detail you have please so I can dig further

NoelWatson

Original Poster:

11,710 posts

244 months

Monday 9th August 2010
quotequote all
heebeegeetee said:
NoelWatson said:
heebeegeetee said:
There are scores of companys like Wonga. Who underwrites them all? Who underwrites the business model? I learned about Wonga last week when i watched somebody who has no money or regular income (and huge debts) borrow some money off them.
From their website

"We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital"

Can you provide me with the further detail you have please so I can dig further
Where does the money come from ultimately, if it doesn't come from us via the financial institutions?
Without knowing anything about the backers I don't know, but I'm sure you do

NoelWatson

Original Poster:

11,710 posts

244 months

Monday 9th August 2010
quotequote all
heebeegeetee said:
NoelWatson said:
heebeegeetee said:
NoelWatson said:
heebeegeetee said:
There are scores of companys like Wonga. Who underwrites them all? Who underwrites the business model? I learned about Wonga last week when i watched somebody who has no money or regular income (and huge debts) borrow some money off them.
From their website

"We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital"

Can you provide me with the further detail you have please so I can dig further
Where does the money come from ultimately, if it doesn't come from us via the financial institutions?
Without knowing anything about the backers I don't know, but I'm sure you do
OK, i'm guilty of lumping the financial institutions of the world together under the generic title of 'banks'. I agree it's probably wrong to do so, but at least it's easier to type out.

Shall we agree on a title to give the financial institutions of the world?

Anyway - i remember the boom of the 1980's, which didn't last long before it all came crashing down. I clearly recall the values of classic cars, which i'm guessing have only recently returned or exceeded those levels.

What caused that, and what did it have to do with May 2nd 1997?
http://news.bbc.co.uk/onthisday/hi/dates/stories/may/2/newsid_2480000/2480505.stm

Gordon Brown became chancellor

NoelWatson

Original Poster:

11,710 posts

244 months

Monday 9th August 2010
quotequote all


heebeegeetee said:
NoelWatson said:
heebeegeetee said:
NoelWatson said:
heebeegeetee said:
NoelWatson said:
heebeegeetee said:
There are scores of companys like Wonga. Who underwrites them all? Who underwrites the business model? I learned about Wonga last week when i watched somebody who has no money or regular income (and huge debts) borrow some money off them.
From their website

"We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital"

Can you provide me with the further detail you have please so I can dig further
Where does the money come from ultimately, if it doesn't come from us via the financial institutions?
Without knowing anything about the backers I don't know, but I'm sure you do
OK, i'm guilty of lumping the financial institutions of the world together under the generic title of 'banks'. I agree it's probably wrong to do so, but at least it's easier to type out.

Shall we agree on a title to give the financial institutions of the world?

Anyway - i remember the boom of the 1980's, which didn't last long before it all came crashing down. I clearly recall the values of classic cars, which i'm guessing have only recently returned or exceeded those levels.

What caused that, and what did it have to do with May 2nd 1997?
http://news.bbc.co.uk/onthisday/hi/dates/stories/may/2/newsid_2480000/2480505.stm

Gordon Brown became chancellor
How did that affect the boom and busts of the '80s, and the move into easy debt?
The 80's boom was but a molehill compared to the mountain of debt we have accumulated under Winky's reign.