Removing funds from Barclays

Alan_M_2

poppy10 wrote: »

Barings?
BCCI?

Both Merchant Banks, not clearing banks.

And both as a result of unprecedented scale of fraud.

Not even the same ballpark.

You seriously think Barclays Bank is like either of the banks you've mentioned above?

free4440273

NR to be 'propped up' until 2010, reports said yesterday. Great stuff. Anyhow, inflation is rising and the BofE is signalling a rate reduction early next year. Am I being stupid (do NOT answer) :rolleyes:. You know when I suggested that fixed-rate bonds could still reach rates of seven per cent? - scratch that: for savers, fix now. What a way to run an economy. You know something: house prices could actually still rise further thanks to Mervyn.

WTF?_2

free4440273 wrote: »

NR to be 'propped up' until 2010, reports said yesterday. Great stuff. Anyhow, inflation is rising and the BofE is signalling a rate reduction early next year. Am I being stupid (do NOT answer) :rolleyes:. You know when I suggested that fixed-rate bonds could still reach rates of seven per cent? - scratch that: for savers, fix now. What a way to run an economy. You know something: house prices could actually still rise further thanks to Mervyn.

It's not as easy as the BoE deciding to cut rates to ease debt repayment problems and encourage mortgage borrowing/the house market.

If they cut, chances are Sterling will slide vs the Dollar. If that happens, the price of oil products (in pounds) rockets even higher. Also, the price of all imported goods rises.


Since the UK has a huge export deficit, this would be very bad news indeed for the wider economy. Prices would be going up across the board and since the manufacturing sector has shrunk so much, the benefits of a devalued pound wouldn't be realised as much as they were in the 70s or even 80s.

Their mandate is to keep CPI within 1-2%, this would absolutely bust that supposed 'mission'. I doubt that even the government could fiddle the CPI figures any more to cover the sort of massive inflationary pressures that would surface.

SquatNow

Alan_M wrote: »

Both Merchant Banks, not clearing banks.

And both as a result of unprecedented scale of fraud.

Not even the same ballpark.

You seriously think Barclays Bank is like either of the banks you've mentioned above?

So you don't think lending people 8x their salary or not requiring people to prove their salary amounts to "unprecedented scale of fraud"????

What about 125% mortgages? Claiming loans are only 80%LTV while the borrower is borrowing against one property for the 20% deposit for another?

It's not called fraud at the moment, it's called "creative accounting".

Eventually people will come to see it as it is though... Fraud plain and simple.

Alan_M_2

SquatNow wrote: »

So you don't think lending people 8x their salary or not requiring people to prove their salary amounts to "unprecedented scale of fraud"????

What about 125% mortgages? Claiming loans are only 80%LTV while the borrower is borrowing against one property for the 20% deposit for another?

It's not called fraud at the moment, it's called "creative accounting".

Eventually people will come to see it as it is though... Fraud plain and simple.

Unless there's been a recent law change that I'm not privy to, it's quite obviously not fraud.

I was of the understanding people took these loans own of their own free will, now of course if they were forced, that's a different matter. But that would just be plain silly wouldn't it.

Of course if borrowing above your means is some form of fraud, feel free to enlighten me.

There will be plenty of people guilty of poor decision making and a reasonable number of gross stupidity, but fraud, that really did make me chuckle.

Generali

Barclays isn't going bust; it's balance sheet is too strong and if there was so much as a whiff of the thought of the idea, King Merv and his Merry Men would bail them out without a second thought.

Been reading some interesting (to me) stuff about investment banks and the new way of measuring reserves - I wouldn't want to be holding shares in any of the big (US especially) investment banks right now, even after the writedowns.

Sell Goldmans! Sell Citibank! Sell Morgan Stanley! (etc).....

free4440273

^Wall St. ignoring that advice - surprise surprise.

Generali

Worry not free4440273 - Benny Boy (Bush's name for Benanke I heard) is going to inflate us out of trouble.

free4440273

^I just keep looking at the Hang Seng and the Nikkei and think :eek:

SquatNow

Generali wrote: »

Worry not free4440273 - Benny Boy (Bush's name for Benanke I heard) is going to inflate us out of trouble.

And into Slavery