FSA sets out its nightmare double-dip slump scenario

purch

A report by the FSA? Whilst I'm very sure that their reports are fine and dandy to read, I would take anything in it with a pinch of salt

I thought the FSA wanted us to eat less Salt :eek:

Thrugelmir

tartanterra wrote: »

Let's get this into perspective!

A report by the FSA? Whilst I'm very sure that their reports are fine and dandy to read, I would take anything in it with a pinch of salt.
After all, they spectacularly failed to warn us of the forthcoming credit crunch, defend their own bonuses, try and hide the identity of wayward companies, struggle a bit with the concept of "Financial Services" and don't really grasp the "Authority" angle of the whole thing.

At least they can produce reports though!:D

Along with the BOE reports the FSA ones have been very informative in the past 18 months. Full of facts. Rather than just unresearched opinion.

chucky

Thrugelmir wrote: »

Along with the BOE reports the FSA ones have been very informative in the past 18 months. Full of facts. Rather than just unresearched opinion.

you are right but unfortunately the detail or warnings from the reports were never really addressed.

the FSA will do more this time but the recommendations will not make many changes IMO

tomterm8

The BOE financial stability report was warning of trouble ahead for years before it actually hit us. The problem was more that no one could work out how to stop the SHTF, than that no one saw it coming.

Thrugelmir

chucky wrote: »

you are right but unfortunately the detail or warnings from the reports were never really addressed.

the FSA will do more this time but the recommendations will not make many changes IMO

Todays news that Lehmans were "cooking" their books shows how difficult it is to control the banking sector. As was the case with Robert Maxwell. If people collude to committ fraud it is very difficult to detect.

chucky

Thrugelmir wrote: »

Todays news that Lehmans were "cooking" their books shows how difficult it is to control the banking sector. As was the case with Robert Maxwell. If people collude to committ fraud it is very difficult to detect.

exactly my initial point where these regulations they would like to impose will either be watered down or have little effect on the sector as they will be circumnavigated

tartanterra

Thrugelmir wrote: »

Along with the BOE reports the FSA ones have been very informative in the past 18 months. Full of facts. Rather than just unresearched opinion.

You accuse me of unresearched opinion?
Well that's fine; sticks and stones etc.

However, if you're feeling a bit dizzy up there on Righteous Mountain, you may want to climb down for a bit and try googling "FSA" and "failure", or "FSA" and "criticism", or possibly even "FSA" and "inept".

An FSA report that is "Full of facts", as you state, is still written from the perspective of the organisation commissioning it, and the FSA are a discredited organisation. As you are probably aware, "facts" can be used in lots of ways, and it's easy to be creative with them. A newspaper headline reading "Volcanic eruption wipes out Pompeii - all residents killed" could just as easily read "Housing shortage in Roman town solved - Housing Minister takes full credit"
Let's remember, the FSA lost their deputy chairman when it was revealed he was involved in the sacking of a whisleblower at HBOS; not exactly the CV you would expect a regulator to have. They have been heavily criticised by just about everyone in the financial industry and most serious of all, they failed to act on the irresponsible lending that led to the meltdown in the financial industry.

Feel free to run to have another go at me if you like; I couldn't care less. But I would just like you to note that, due to past performance, I wouldn't trust the FSA to tie it's own shoelaces, far less trust their glossy reports.