This is starting to get a little scary Page 372

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  • mcmonkeyplc 27 Jun 2013 09:59:54 39,936 posts
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    Mega Lolz

    The double dip recession never happened after the ONS played with it's numbers.

    Ironic as it's probably why we lost our meaningless AAA rating.
  • Razz 23 Aug 2013 03:13:54 62,325 posts
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    Apparently this is the memo that sparked the recession:

    Analysis here:
    http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

  • Deleted user 23 August 2013 11:02:22
    Reads like the guy saw 'end-game' and let his imagination take over. Every industry was trying to remove regulation and oversight in the '90s. Government is doing it now, to try to boost growth. If it all goes wrong, it'll be on someone else's watch, so that's alright then.
  • Deleted user 23 August 2013 11:34:49
    They aren't removing regulation and oversight now.
  • Khanivor 23 Aug 2013 11:50:31 41,971 posts
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    Absolutely sure this has everything to do with preventing Sumners from chairing the Fed.
  • mcmonkeyplc 23 Aug 2013 11:59:24 39,936 posts
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    Razz wrote:
    Apparently this is the memo that sparked the recession:

    Analysis here:
    http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

    I'll wait for a real news org to verify this but shit has already hit the fan.
  • Deleted user 23 August 2013 12:07:02
    I do like with these global conspiracy things that they think there's anyone in any of these organisations even have the ability to work out how to do this let alone get themselves then everyone else to agree to it.

    90% of that article is conspiracist bullshit.
  • Deleted user 23 August 2013 12:14:33
    Aargh. wrote:
    They aren't removing regulation and oversight now.
    Not in financial services, no, but they're doing it in the market which got the banks into trouble in the first place - housing. Planning regs are being 'relaxed' everywhere.

    Will they tighten up these regs again when the housing/building market starts to bull forward? Probably not. The question then is whether another raft of ropey financial instruments are allowed to be created and sold to help drive sales, creating another foam of debt bubbles.
  • Wacko_AK 23 Aug 2013 12:55:04 212 posts
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    I'm more shocked that someone actually used the phrase "touch base" in a typed memo.
  • EMarkM 23 Aug 2013 21:23:04 3,793 posts
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    Wacko_AK wrote:
    I'm more shocked that someone actually used the phrase "touch base" in a typed memo.
    Now I feel dirty. And you should feel bad :(
  • Carlo 26 Sep 2013 09:51:38 18,558 posts
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    I find this utterly fascinating. Have I read this right?

    Insider infomation must have been known for the trades to be executed that quickly, however the law says they are not allowed to be acted on until after the official announcement.

    However, they were executed 3ms after the announcement, making it 'legal' even though no-one else would have known until 7ms after the news was released.
  • Carlo 26 Sep 2013 10:01:19 18,558 posts
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    Oh and this: http://www.nanex.net/aqck2/4436.html
  • mcmonkeyplc 26 Sep 2013 10:02:43 39,936 posts
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    There is a 4th option they didn't mention, their measurements were wrong.
  • mcmonkeyplc 26 Sep 2013 10:04:25 39,936 posts
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    Also that is a really shit article.

    Hollywood is a waste of money too.
  • imamazed 26 Sep 2013 10:05:19 6,226 posts
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    It were aliens
  • Deleted user 16 October 2013 08:46:04
    I found this article quite amusing:

    Bankers and Ethics


    The Reverend Green

    Another banker who has published books about his philosophy of life is Stephen Green (who happens to be an ordained minister of the Church of England) former Group Chairman of HSBC. In Good Value: Reflections on Money, Morality and an Uncertain World, he wrote: “As a matter of fact the ethics of the marketplace are almost by definition universal … Everyone knows about the importance of truth and honesty for a sustainable business.”

    It was while the Anglican minister was running things that HSBC undertook criminal actions that led to a fine of $1.9 billion. Despite this, Green felt no shame in writing: “Underlying all these events is a question about the culture and ethics of the industry. It is as if, too often, people had given up asking whether something was the right thing to do, and focused only whether it was legal and complied with the rules. The industry needs to recover a sense of what is right and suitable as a key impulse for doing business.”

    Bloomberg Markets magazine reported that HSBC was facilitating money laundering by drug dealers and state sponsors of terrorism. Green said at the time that: “This was a singular and wholly irresponsible attack on the bank’s international compliance procedures”. Subsequent investigations, however, confirmed that money laundering, mainly for the Sinaloa Cartel, did take place for several years throughout Green’s tenure. Green’s salary was well over 25 million pounds per year at the time.

    He stepped down as Group Chairman of HSBC on 3 December 2010. He is now Baron Green of Hurstpierpoint and is the current Conservative Minister of State for Trade and Investment.
    It reminds me why Paul Lafargue called capitalist ethics a pitiful parody of the Christian version.
  • askew 16 Oct 2013 08:53:21 13,495 posts
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    Why is that memo dated 1997? :s
  • mcmonkeyplc 16 Oct 2013 09:32:56 39,936 posts
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    Fuck that article if the US doesn't sort it's self out in the next 24 hours we're in for another recession.
  • Grax 16 Oct 2013 09:37:33 4,493 posts
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    The idiotic thing is they are putting together a stop gap plan to last until January

    What is the point?? Surely they should have been spending since the last time they had to raise it sorting out a way to reduce debt and maybe create a debt ceiling that will actually be a ceiling rather then be about as much use as a leaf in the wind
  • mcmonkeyplc 16 Oct 2013 09:40:24 39,936 posts
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    LeoliansBro wrote:
    Crunch date is the 31st really McMonkey, that's when the first $5.9bn interest payment falls due.
    Shit starts hitting the fan tomorrow though doesn't it? That's when the markets will begin to panic.
  • mcmonkeyplc 16 Oct 2013 09:41:39 39,936 posts
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    Grax wrote:
    The idiotic thing is they are putting together a stop gap plan to last until January

    What is the point?? Surely they should have been spending since the last time they had to raise it sorting out a way to reduce debt and maybe create a debt ceiling that will actually be a ceiling rather then be about as much use as a leaf in the wind
    They are? That IS idiotic. Fucking American politicians. We should just reclaim it and run it as a colony.

    They had the audacity to laugh at us when the Eurozone was fucking up.

    Peasants!

    :p

    Edited by mcmonkeyplc at 09:42:34 16-10-2013
  • Grax 16 Oct 2013 09:47:41 4,493 posts
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    @LeoliansBro

    I Ike the use of when instead of if
  • mcmonkeyplc 16 Oct 2013 09:56:00 39,936 posts
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    Ah in that case I will unclench my arse.
  • mcmonkeyplc 16 Oct 2013 10:00:16 39,936 posts
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    I can't believe that they're that stupid. They can't be...can they?

    Well yeah they probably can. ALL HAIL CHINA!

    INDIA please :)
  • glaeken 16 Oct 2013 10:05:50 11,454 posts
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    It's not about stupid it's about fanaticism. You have people now that would damage their own country to further their own ends. Except of course they would never see it like that because everything they do is absolutely right.

    If you actually look at it American democracy is actually totally fucked. I mean what choice do you have when voting if you don't happen to be insane? I wonder how they can ever break out of their current death spiral. It's really difficult to see how they could.

    Edited by glaeken at 10:06:48 16-10-2013
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