if things looked scary 6 weeks ago...

Ilya_Ilyich

are you about to make a trickle-down argument

julieq

You don't need trickle down. Bank profits go to pension funds and to the taxpayer in terms of increased equity for the nationalised banks. There's some idea that they go to make fat cats richer where building society profits go to the general good, and neither is true.

There are trickledown arguments too, in that bank employees pay stupendous amounts of income tax in the economy, and the taxpayer gets 40% of bank bonuses. There isn't a lot of point one way or another in boycotting banks to boost the community - in this climate you should be taking credit where it's available and at the best price.

This bank bashing is really getting ridiculous, and it seems that no politician has the balls to point that out to an increasingly rabid electorate, who are being led to believe that their money is being siphoned off by rapacious bankers. We need banks, by and large they're doing an efficient job. The real problem is excessive public spending in Europe as a whole, not the fact that banks lent the money. No government was obliged to take the money on offer, and they were in just as good a position to take a cautious view of growth prospects as the banks were.

I have to say that on the subject of the thread, I think things are looking better than a few weeks ago. There is a Franco German resolve to do something, the details are being resolved. Personally I think we should drop the anti eurozone posturing and pitch in with cash to back up the eurozone, ultimately our interests are better served by restoring confidence in Europe than they are by sitting on the sidelines with our wallets padlocked. But that won't be a popular view.

kabayiri

julieq wrote: »

...
This bank bashing is really getting ridiculous, and it seems that no politician has the balls to point that out to an increasingly rabid electorate, who are being led to believe that their money is being siphoned off by rapacious bankers. We need banks, by and large they're doing an efficient job. The real problem is excessive public spending in Europe as a whole, not the fact that banks lent the money. No government was obliged to take the money on offer, and they were in just as good a position to take a cautious view of growth prospects as the banks were.
...

You seem surprised that politicans can turn on banks! Blimey, a politician would sell shares in their own grandma if it got them electoral support.

Banks failed on the PR front, and things like the recent climbdown on PPI aids their image not one bit.

Jimmy_31

julieq wrote: »

You don't need trickle down. Bank profits go to pension funds and to the taxpayer in terms of increased equity for the nationalised banks. There's some idea that they go to make fat cats richer where building society profits go to the general good, and neither is true.

There are trickledown arguments too, in that bank employees pay stupendous amounts of income tax in the economy, and the taxpayer gets 40% of bank bonuses. There isn't a lot of point one way or another in boycotting banks to boost the community - in this climate you should be taking credit where it's available and at the best price.

This bank bashing is really getting ridiculous, and it seems that no politician has the balls to point that out to an increasingly rabid electorate, who are being led to believe that their money is being siphoned off by rapacious bankers. We need banks, by and large they're doing an efficient job. The real problem is excessive public spending in Europe as a whole, not the fact that banks lent the money. No government was obliged to take the money on offer, and they were in just as good a position to take a cautious view of growth prospects as the banks were.

I have to say that on the subject of the thread, I think things are looking better than a few weeks ago. There is a Franco German resolve to do something, the details are being resolved. Personally I think we should drop the anti eurozone posturing and pitch in with cash to back up the eurozone, ultimately our interests are better served by restoring confidence in Europe than they are by sitting on the sidelines with our wallets padlocked. But that won't be a popular view.

We get 40% of the bankers bonuses ? when do we get that because christmas is just around the corner and a cut of a bankers massive bonus wouldnt half help.

crash123

julieq wrote: »

I have to say that on the subject of the thread, I think things are looking better than a few weeks ago. There is a Franco German resolve to do something, the details are being resolved. Personally I think we should drop the anti eurozone posturing and pitch in with cash to back up the eurozone, ultimately our interests are better served by restoring confidence in Europe than they are by sitting on the sidelines with our wallets padlocked. But that won't be a popular view.

When they have finished with the eurozone is it us the uk next that they will be looking at? We have managed to sneak under the radar for quite a while now. How long will it last?

macaque_2

julieq wrote: »

Where do you think bank profits go, out of interest?

• Political donations
• Ill judged investments
• Bonuses
• Tax havens
• Glass clad buildings with big atriums
• Compensation for miss selling scandals
• Lawyers to keep senior management out of prison

Framps

crash123 wrote: »

When they have finished with the eurozone is it us the uk next that they will be looking at? We have managed to sneak under the radar for quite a while now. How long will it last?

The much-maligned but much-needed cuts are keeping us off the radar

crash123

Framps wrote: »

The much-maligned but much-needed cuts are keeping us off the radar

Yes they are but do you think Georgie Boy will keep his nerve?

paddyrg

macaque wrote: »

• Political donations
• Ill judged investments
• Bonuses
• Tax havens
• Glass clad buildings with big atriums
• Compensation for miss selling scandals
• Lawyers to keep senior management out of prison

...Although one could argue that the bulk of these involve the money actively recirculating...