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BBC Newsnight: Hugh Hendry: "I Would Recommend You Panic"

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  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    When did he stop playing snooker.
  • Spartacus_Mills
    Spartacus_Mills Posts: 5,545 Forumite
    Really2 wrote: »
    When did he stop playing snooker.


    It is not the same person.

    http://en.wikipedia.org/wiki/Hugh_Hendry

    http://en.wikipedia.org/wiki/Stephen_Hendry

    I hope this clears it up for you ;)
    "There's no such thing as Macra. Macra do not exist."
    "I could play all day in my Green Cathedral".
    "The Centuries that divide me shall be undone."
    "A dream? Really, Doctor. You'll be consulting the entrails of a sheep next. "
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Spartacus_Mills wrote: »
    It is not the same person.

    http://en.wikipedia.org/wiki/Hugh_Hendry

    http://en.wikipedia.org/wiki/Stephen_Hendry

    I hope this clears it up for you ;)

    Your joking.:eek::D

    See we really do need the roll eyes smiley back. :)
  • abaxas
    abaxas Posts: 4,141 Forumite
    tomterm8 wrote: »
    However, the fact he proposed that letting the entire banking system fail, and everyone be wiped out would lead to a 3 year recession, and then everyone would be fine, makes him wrong.

    Very wrong.

    As he said. Everyone else round the table has no financial interest in this. He goes bankrupt if he makes the wrong call, the others may (at worst) lose their jobs. Hence, who do you bet with, those who work inside the market, or those who look and theorise about it.

    As ever in reality, the answer is a mixture of all three outcomes. Take it on instead of sticking your head in the sand. What kind of signal to the world is letting the insolvent/bankrupt continue to exist in that form.
  • Spartacus_Mills
    Spartacus_Mills Posts: 5,545 Forumite
    Really2 wrote: »
    Your joking.:eek::D

    See we really do need the roll eyes smiley back. :)

    Indeed, the wink smiley indicated I was joking.

    I miss the rolleyes smiley.

    Come back rolleyes.

    Snooker loopy nuts are we......
    "There's no such thing as Macra. Macra do not exist."
    "I could play all day in my Green Cathedral".
    "The Centuries that divide me shall be undone."
    "A dream? Really, Doctor. You'll be consulting the entrails of a sheep next. "
  • Kohoutek
    Kohoutek Posts: 2,861 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 28 May 2010 at 12:15PM
    Jeffrey Sachs says in that clip that Greece can stop becoming insolvent through austerity...that's not very a credible view either considering how that approach has worked in Ireland.
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    Spartacus_Mills wrote: »
    Indeed, the wink smiley indicated I was joking.

    I miss the rolleyes smiley.

    Come back rolleyes.

    Snooker loopy nuts are we......


    I know bud, see humor is harder to do without the role eyes. :)
  • tomterm8
    tomterm8 Posts: 5,892 Forumite
    Part of the Furniture Combo Breaker
    abaxas wrote: »
    As he said. Everyone else round the table has no financial interest in this.


    Not true. Another thing he got wrong. Everyone in the UK has a financial interest in this. It cost us all quite a lot of our money to bail out the banks. It will cost us all quite a lot of money if the banks fail. We are all in this together(tm).
    “The ideas of debtor and creditor as to what constitutes a good time never coincide.”
    ― P.G. Wodehouse, Love Among the Chickens
  • 97trophy
    97trophy Posts: 915 Forumite
    I don't like Hendry's prensentation but I think his thesis is right.

    I prefer the way Barry Ritholtz (blog The Big Picture) puts it:
    It took $5 trillion and an unprecedented global coalition of G20 countries to stabilize the economy after investment bank Lehman Brothers collapsed in 2008.

    To stop the panic that erupted nearly two years ago, governments transferred a mountain of debt from private to public accounts. Now, those government debts are distressing financial markets and there is nowhere left to shift the burden............

    you cannot borrow your way out of debt anymore than you can drink yourself sober.”
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Spartacus_Mills wrote: »
    That does not mean he is not right though.

    Then again it doesn't mean he is not wrong either icon7.gif
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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