Possible Tax Cuts on the way

chucky

drbeat wrote: »

And do you have any evidence that it didn't happen?

nope - but you made the sweeping statement that it did happen here on this current thread
http://forums.moneysavingexpert.com/showpost.html?p=15758067&postcount=55

i was interested to see whether it was fact and you had evidence or that you had totally made it up.

drbeat

BACKFRMTHEEDGE wrote: »

What carp. The sub-prime loans orginated in the US not the UK, so borrowers in the UK have not brought this country to its knees. And as for only "savers" paying the price - that's carp too - EVERYONE is going to pay the price.

"There is no such thing as full-employment, good health service and good education - despite what that 1997 Labour manifesto you read on the bog tells you!" What bile - tells me all I need to know about you. I suppose jobs, good health service and a good education are only for the rich.

A recession is a sure thing but government policies can make it a better or worse experience and if you don't believe me maybe you should read "The General Theory of Employment, Money and Interest" by John Maynard Keynes next time you are on the bog, instead of that Daily Telegraph you so obviously read and which frankly is only suitable for wiping your big behind.;)

Whats fish got to do with it?

Keynsian theory was so spot on that those who tried to implement it went to war when it failed! Try reading a history book next time you're on the bog as opposed to outdated books on outdated economic theory!

Fortunatley I can afford toilet paper - unlike you who it seems is getting hit hard by the downturn! Are you sacrificing toilet paper in order to pay off your credit cards? LOL!

You're obviously and ex-miner that hedged your bets with Scargill!

drbeat

chucky wrote: »

nope - but you made the sweeping statement that it did happen here on this current thread
http://forums.moneysavingexpert.com/showpost.html?p=15758067&postcount=55

i was interested to see whether it was fact and you had evidence or that you had totally made it up.

Yes it did happen!

Still waiting for your evidence that it didn't happen!

http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/039.shtml

http://www.bbc.co.uk/pressoffice/pressreleases/stories/2003/10_october/29/money_programme_mortgage.shtml

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2283035.ece

drbeat

Still waiting Chucky

ad44downey

drbeat wrote: »

Still waiting Chucky

Give him a chance. His spellchecker just went haywire

BACKFRMTHEEDGE

!!!!!!? wrote: »

The problem is that the market has been pushed so much one way with stupid amounts of credit that it has nothing else to do except rebound the other way. Eventually it will find equilibrium.

What's worrying is that all current UK govt thinking seems to be aimed at restoring 2007 levels of lending, it's a stated policy.

To me this says that the government has no idea about what to do but seems to think that if only they can open the credit taps to full, everything will be all right. And to achieve that, they are prepared to commit to seemingly endless amounts of government borrowing.

I can't see this course of action ending in anything other than disaster. The only way to get 2007 credit levels again is to monetize the banks debts - strongly inflationary and likely to cause untold economic damage as the world's money markets dump sterling bonds.

Alternatively, if they borrow (and succeed in borrowing) the money then they'll be sucking productivity out of the labour market for a decade or longer, making the recession much longer and harder to get out of. Plus, if it doesn't do the trick and things keep slumping in a deflationary manner then they've just massively increased the government debt in a time of deflation - disastrous.


Seriously, I think we ain't seen nothin' yet as regards the full impact of the crisis. It's still brewing.

The problem is there is too little money supply circulating in the economy caused by the credit crunch. The mechanism of getting money to the market is broken, so the government has to find ways of getting money to the market. If it doesn't we will end up in a deflationary spiral and the deficit will balloon anyway. The deficit will increase whatever happens. We can fund a deficit for people to sit on the dole or we can fund a deficit to keep everyone in work but either way we have to fund a deficit. You say your way will make it quicker, I don't agree. Your way will make the recession last longer, be deeper and take the econmy far longer to recover from. Smashing an economy to smithereens just makes it harder to put back together.

I'm not arguing that this isn't going to be painful. I'm arguing that governments should not sit by and do nothing which is what you said in an earlier post.

drbeat

you love disagreeing but have yet to offer a viable alternative. And please, no Keynesian economic bile.

drbeat

ad44downey wrote: »

Give him a chance. His spellchecker just went haywire

I suppose the realisation that mortgage fraud was/still is real and contributed towards the issues we see today as hit him/her hard.

drbeat

hmm...BACKFRMTHEEDGE and Chucky are no longer online???? Same person do you think?

WTF?_2

drbeat wrote: »

hmm...BACKFRMTHEEDGE and Chucky are no longer online???? Same person do you think?

There are so many sock puppets in here that it's actually pretty hard to know which posters are 'real' if you see what I mean. I think 3 or 4 people are each running 2 or 3 extra accounts.

The giveaway is that they can't keep up with posting from multiple accounts at once - so while they might think that having 'backup' is great for wearing someone down they soon learn that all they can really do with the sock is make 'I agree with xxxx' posts.