Debate House Prices


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More bank regulation?

pqrdef
pqrdef Posts: 4,552 Forumite
in Debate House Prices & the Economy
Lord Turner thinks the free market can't be trusted to provide enough credit in the right places and the banks will have to be told how to run their businesses.

http://www.bbc.co.uk/news/business-15117527
"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    edited 4 October 2011 at 8:54AM
    Is that the Lord Turner that used to lobby for UK to join the Euro because of all the benefits it would bring UK industry?
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    Perhaps he fancies Mervyn King's job.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    Lord Turner makes much sense, but note the penultimate paragragraph in Peston's article

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    The alternative is to leave things in the hands of predators who would sell their own grandmothers. Bankers are without shame and would be quite happy to ruin a country for a profit. So what should we do?

    "Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all"
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    pqrdef wrote: »
    The alternative is to leave things in the hands of predators who would sell their own grandmothers. Bankers are without shame and would be quite happy to ruin a country for a profit. So what should we do?

    "Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all"

    Time to be scared - very scared!

    Either that, or take control...

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • hallmark
    hallmark Posts: 1,451 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    pqrdef wrote: »
    The alternative is to leave things in the hands of predators who would sell their own grandmothers. Bankers are without shame and would be quite happy to ruin a country for a profit. So what should we do?

    Bankers are no different than most people. Just because MPs in general & Gordon Brown in particular leapt on the opportunity to blame them for everything doesn't change that. Of course it has fooled a lot of simpletons.

    If bankers are so bad ask yourself why the UK or any other country doesn't simply get rid of them. Or why Gordon Brown spent most of his time up until the crash schmoozing them non-stop.

    Very convenient to blame bankers for everything & ignore the inconvenient truth that banks generated an absolute ton of money into Govt coffers & will do so again at some point.
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    hallmark wrote: »
    Bankers are no different than most people

    Most people are not enormously rich, and neither do they tell governments what they need to do

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    hallmark wrote: »
    Bankers are no different than most people.
    Maybe most people would go for the profit and to hell with the wider consequences, but the bankers have the means and opportunity as well as the motive.

    There are of course other speculators who are just as evil, but they do it with their own money. Bankers screw us with our money.

    In the Freddie Mac/Fannie Mae lawsuit against the banks, including some British banks, it's alleged that those involved in the subprime racket were aware of the potentially calamitous consequences of what they were up to, but carried on regardless. Is that what you want to defend?
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TruckerT wrote: »
    Most people are not enormously rich, and neither do they tell governments what they need to do

    Unions have funded the Labour party for years and wield an influential voice. They choose Ed to be leader......
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    Thrugelmir wrote: »
    Unions have funded the Labour party for years and wield an influential voice

    I think there is a contradiction there (somewhere) - the influential voice right now is the voice of the banks

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
This discussion has been closed.
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