The Uk needs a helicopter drop. The FSA and OFT could do it.

[alecmac18]

OK - I think we all know that the brown stuff has hit the fan with relation to the banking sector over the last six months. And its got worse.

 

Northern Rock is on the rocks.

London and Scottish are getting hit by bad debts

the FT100 is dropping

Gold is rising

 

No one can make payments because no one has any money.

 

The central banks are desperately trying to dump liquidity into the markets - and that has worked but the banks are not facing a liquidity problem - its one of insolvency - and thats cause everyone is squeezed on payments.

 

While we can't expect the governmemt to just gas up the helicopters and drop money in front gardens (although) that would be nice) 0 they can actually do one better - REFUND THE CHARGES.

 

There is billions of pounds stuck in the system in terms of unpaid claims. This is money that could be getting to work in the UK economy by supporting asset prices, property values and retail spending - not to mention backing up securities like unsecured loan payments.

 

It would take a forward thinking economist at Threadneedle St or Canary Wharf to realise it but its probably the best way to inject real money into the UK economy right now - and right now is when its needed.

 

Here's hoping

 

and a merry Christmeas and a Happy New Year to all.

[noomill060]

yup...

[Tawnyowl]

Is there a forward thinking economist in Threadneedle Street or Canary Wharf.

Suppose we have to be Optimists.

Heres hoping the brown stuff does not hit the fan this year.

Happy New Year.

On with the court case- we could do with a injection of cash.

[alecmac18]

Hell,

 

If they don't then I think we're all going to be buggered sooner rather than later. If the OFT dont win this test case in spades by the end of Feb then you can kiss goodbye to the UK economy. Did you notice how all the problems in mortagges started to hit the fan once the OFT stepped in and cut off claims in Aug?

 

Its pretty simple. Banks are robbing people blind - theres no money left to service loan commitments - therefore no one pays any loans back - this is a problem caused by the banks themselves. The OFT and the FSA could fix it - will they? For the sake of the entire economy I hope they do......

[patrickq1]

The only fix the OFT and FSA want is for us to go away and not bother them,why on earth we are accepting the FSA Words as being the good broker is beyond me ,the OFT should not be in the same bed as the FSA the OFT should be demanding transparency from both FSA and The credit companies companies and banks....

hence Northern Rock and OTHERS who have fallen fowl of the borrowing like joe public we have to pay,why should the tax payer fix this problem why not insurance co pay the loans...because the FSA waved all their greedy money grabbin bad practices and ways through and under the nose of the B o E ,Lets not forget the FSA is payed by the Banking Industry,whatever they have to say would be tainted and we should be concentrating our efforts to put pressure on the OFT to do what they are paid to do with our tax money and that is to safeguard us from unscrupiolous grabbers such as some in the financial sector industry and their bad practices would nt happen as often ...how many times have we had the finance co default us with impunity wether it is lawfull or not..

patrickq1

[alecmac18]

Read this:

 

FT.com / World - Seoul aims to stave off credit crisis

 

 

Seoul has helicopters.......why can't we?

[alecmac18]

4.7 billion is in the system ready to be paid out to consumers and shore up the economy...........

 

Bank charges Court case listed for January

[shazzaW]

Good link Alec - the long wait that so many of us are waiting for is nearly upon us.

 

Speculation I know but lets say (hope) the OFT win and as is widely expected the Banks appeal - does anyone think that the FSA will allow the waiver to remain in place throughout the appeals process??

[alecmac18]

Standing on the edge..................

 

 

Thinking back........isn't it weird how the UK economy trundled along fine while bank charges were being repaid during the first six months of the year. Even ignoring the fact that they are illegal, immoral and hurt the most vulnerable in society.....even ignoring the fact that that the reclaim bank charges campaign has been one of the most successful consumer campaigns EVER..............

 

The chickens have come home to roost for the banks and the government. They've won.......pure and simple. The charges are fair they say. The banks can take them directly from your bank account at will. Even ignoring for a second that FSA principles of business say that banks must treat you fairly and protect your assets....

 

It no longer matters..............

 

If banks take all your money how can they expect you to also continue to put food on the table, pay rising gas, electric and petrol bills? How can you pay an increased mortgage? How can you pay your credit cards?

 

Something has to give. If the banks actually manage to somehow win in Feb. If charges are not repaid to people.......it won't really matter anymore.....The banks will have killed the economy stone dead. Credit cards and loans will default big time.......mortgage defaults will go through the roof.....IVA's and debt management will shoot up..........banks will fall.

 

Unless................They really still do have a chance at saving the day. £4.7 billion in bank charge returns spread over 2 years would be equal to about £47 billion worth of financial support to the UK economy. Loans will stay current. People will keep spending. Mortgages will still be paid on time. Credit card payments will continue to roll in. Store owners will pay their rent which supports commercial property which supports share prices etc etc..

 

It might just stop a very hard landing for the economy and let us have a gentle slowdown.

 

But make no mistake......time is running out. Any more delay by the FSA, Treasury and the OFT and it wont matter.

 

The Jan/Feb case is make or break.

 

(The FSA could even go it alone........just remove the waiver )

[Gez]

Helicopters won't solve the problem imo, they will simply encourage financial institutions that it is perfectly ok to continue with irresponsible & wreckless lending practices because when it all goes tits up, the government will pick up the bill..

 

The time has come for someone to regulate them properly. Not the OFT, FSA, FOS, ITV, GBH ETC.. but someone who will do a proper job and allow consumers themselves to have a voice.

Either that or consumers will need to make some kind of a serious movement to lobby MPs to give them a voice or at least an alternative i.e. force companies to make payment methods than DD available so that we're no longer obliged to leave our hard earned money in the hands of dodgy bankers..

[alecmac18]

"Helicopters won't solve the problem imo, they will simply encourage financial institutions that it is perfectly ok to continue with irresponsible & wreckless lending practices because when it all goes tits up, the government will pick up the bill"

 

Everything HAS gone tits up.............and quite frankly I'm not worried about moral hazard and lessons learned. Without a refund of charges ASAP we're looking at an outright recession if not a depression. Frankly...I'm terrified.

 

Better regulation will come. The stable door is always shut after the hoses bolt but the main issue is cash. Consumers need it......banks are actually robbing it from them.....it needs to be returned otherwise there aint going to be many banks much longer.

[alecmac18]

Hmmmm.......FT just dropped 150 points.........they'd better hurry up.

[everyman06]

"Helicopters won't solve the problem imo, they will simply encourage financial institutions that it is perfectly ok to continue with irresponsible & wreckless lending practices because when it all goes tits up, the government will pick up the bill"

 

Everything HAS gone tits up.............and quite frankly I'm not worried about moral hazard and lessons learned. Without a refund of charges ASAP we're looking at an outright recession if not a depression. Frankly...I'm terrified.

 

Better regulation will come. The stable door is always shut after the hoses bolt but the main issue is cash. Consumers need it......banks are actually robbing it from them.....it needs to be returned otherwise there aint going to be many banks much longer.

 

The banks have been greedy beyond redemption,let's hope there is some justice and they get burned for it!

I agree that the money is badly needed by us,the consumers,and the f...... banks stole it!

 

I reckon there will be an agreement early on in the case between OFT and the banks,just to minimize the damage.

Unless the banks of course win the whole bloody thing,but i find that hard to believe,too much **** went down for that to happen,imo.

 

Regarding the economy in general: Yeah,it doesn't look too rosy,but then again,economy is at least 50% psychology,so let's not hang our heads too much south. Also,this country hadan amazing 15 year run,so everything ends at some point...

[the main man]

Hmmmm.......FT just dropped 150 points.........they'd better hurry up.

 

Have you seen what has happened in Ireland?

 

Wise Up Journal

December 30, 2007

 

Did you know the Irish stock market (ISEQ) has crashed and lost over 40 billion Euro in one year? If your not one of the few stock investors in Ireland then your answer will probably be no. Not surprising since you’re not really being told.

 

On the 22nd of May 2007 the Irish stock market hit a high of 10,364 and then crashed to a low of 6,281 in November. That was a 4,083 point drop in a few months, a loss of -39% or approximately over €40,000,000,000. During the last 12 months Bank of Ireland went from a high of 18.83 to a low of 8.80 a lose of -53%, AIB went from 24.39 to 12.87 a loss of -47%, Irish Life & Permanent TSB went from 23.09 to 10.90 a loss of -52% and the list goes on.

 

You would think when a major event happens like a stock market crash, and all the banks losing half of their value the news media might take it on as their responsibility to inform the public of such a collapse. The media hasn’t, and the general public still don’t know. Talk to people about it, I have, they don’t know it has crashed. I’ve been following TV news for the past few months just to see how they are informing the public of this. They tell them the percentage change for the day (up 0.5%, down 1%), but I have not seen as of yet them tell the big picture truth, that the entire market has collapsed, biggest selling in it’s history, all the banking stocks have lost billions in one year.

 

The massive amount of shares being sold during 2007 in the Irish Market worryingly dwarfs previous years by over 400%. This amount of volume points to institutional selling, the ‘big boys’ who know what’s going on are out of the market. Since November a ‘dead cat bounce’ has occurred, this is what traders call it when after a major crash the stock bounces slightly up and then starts to head back down again. This is likely due to the industry influencing traders that it’s a ‘good time to buy’, a common practice in any industry during a crash. In the U.S they told the public Enron was a barging at -50%, then it went down to -100%. The ‘big boys’ can’t sell the rest of their shares if there are no buyers.

 

Earlier this year the ultimate bank of all central banks, the Bank for International Settlements (BIS) submitted it’s 77th Annual Report (April 1, 2006 - March 31, 2007) which talked of a coming global depression. You have to understand this was not a fortune-teller’s prediction, this organization has the power and influence to create booms and busts. In many economist’s analysts the popping of the bubble they created was part of the plan, all debt bubbles burst, and in the end mammoth bubbles cause mammoth depressions.

 

If you understand this is the plan, it doesn’t come as a surprise that in September 2007 a credit crunch occurred with banks even cutting lending to each other. A global credit crunch is vital for a global depression to occur. It wasn’t a surprise that the first British bank run in approximately 100 years happened on the 14th of September 2007 (Northern Rock). It wasn’t a surprise or coincidence that for the first time in Ireland’s ‘Celtic Tiger’ boom in the same year the BIS announced their global depression plan, that the Irish stock market crashed, all the banks lost half of their value in a few months, the construction industry let thousands of workers go, the lucrative housing market begain falling (impossible some said at the start of the year). Since September 2007 billions of emergencies funds have been injected in to the global markets to temporally slow down a rapid collapse of the financial industry.

 

This is not a local issue like politicians will try tell you/pacify you, it’s happening all over the world to the largest economies, the housing market in the UK has also begin falling, the $ is down 60% since 2000, which also means the U.S stock market is worth 60% less than if it was at these levels in 2000 with a stronger dollar (something most Americans can’t grasp).

 

 

Debt bubble policies were approved at the highest levels and encouraged worldwide.

 

It’s no surprise to the people who wanted these polices legal and adopted globally that the biggest debt bubble the world has ever seen was created and is about to pop. Understand that when illegal accounting practices are made legal it’s no longer fraud, and even the most honest bank mangers that don’t like these practices will have to utilise them or his employer will lose a completive edge and the manager will lose his job.

 

There’s only one group of people that this financial disaster won’t disturb and they are the extremely rich, the 1% (families worth trillions, not Bill Gates), the ones who already control the large banks, organizations, companies and institutions around the world, they will still have their comforts but now they will be able to ‘buy low’. Everything will be on sale at a minimum of 90% discount. It’s going to be a wonderful time for the elite, like it was 200 years or so ago when the same families bought up/stole Africa - which they still control today. With their large list of companies that they own controlling shares in they can buy up more smaller banks and merge them with their larger banks, buy up as much prime real estate as they desire, water works, toll roads, basically eliminate the competition, change government regulations in their favour so this ‘never happens again’ like they did in the U.S during the great depression a few decades back. The result will be the 1% gaining even more control over global economies, these people are not British, American, German, they are Globalists “the world is their oyster” and a fix to their created global depression problem is a desired global government which they will sell to us as ‘for our own protection, for the greater

 

 

http://www.truthnews.us/?p=1472

[alecmac18]

I did not know that the Irish market was down 40% over the last year MainMan - cheers for posting that. I go over there a few times a year and no one mentioned it (although everyone was talking about house prices crashing in the last few months of the year).