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[Nickbat]

Quote from Sir David Tang, the Hong Kong-born, English-educated entrepreneur who founded the clothing chain Shanghai Tang

"What we all need to do is to sit down and calm down and go back to basics.

And most important of all, shed our sense of pessimism.

It is only with a sense of optimism, preferably accompanied by a sense of energy and laughter, that we will be able to pick ourselves up from a broken Humpty Dumpty. "

http://news.bbc.co.uk/1/hi/business/7785564.stm


Yep, I think this chap's right. We must be optimistic and look to our beloved government for reassurance...



Bring on Ed Balls!



...The financial crisis will be "more extreme and more serious than that of the 1930s", cabinet minister Ed Balls has predicted.

http://news.bbc.co.uk/1/hi/uk_politics/7880189.stm



[size=24]DOH![/size]

 

[Vamps]

Not really into politics but surly we are talking ourselves into a down turn, perhaps more positive news would help. imho the media have a lot to answer for.

[Nickbat]

Not really into politics but surly we are talking ourselves into a down turn, perhaps more positive news would help. imho the media have a lot to answer for.

Couldn't agree more. To quote David Tang again: "Pessimism has an uncanny knack of being self-fulfilling."

...and yes, Mike, I also blame the media.

[albitz]

And to help matters,Gay Gordon says we are in a depression.
Although he also said recently that we are best placed among major economies to recover sooner,problem was that IMF (?) said the exact opposite a couple of days previously.
Dont think they care too much  as they have found a convenient scapegoat in the bank workers.

[Martin_1962]

What does Ed 'dangle berries' know anyway?

[jerry]

Quite agree with you all here. Current problem caused by a multitude of things but not least the most common of them all; greed/ mis management/ spending beyond your means. A BIG factor in the economy is confidence. Lose that and it all goes to pot. Dont forget that it was the deliberate rumour of loss of confidence in one bank that drove its shares down (causing financial misery to many) so that a bigger one could gobble it up at lower price and thus make money. This has been a trick oft repeated in the past albeit immoral and illegal , just very difficult to prove. So, whilst agree we should all be more prudent , the media are probably doing untold damage with their constant talk of economic disaster. Money doesnt just disapear, it just changes hands.
                                                jerry

[bertiecbx550]

Well as the banks are givingout loads of huge bonus payments a Barclays employee told a BBC reporter yesterday "Why should`nt i get a huge bonus!!!...I mean i only earn £95,000 a year!!!"   oh tobe as poor as that

[Martin_1962]

Well as the banks are givingout loads of huge bonus payments a Barclays employee told a BBC reporter yesterday "Why should`nt i get a huge bonus!!!...I mean i only earn £95,000 a year!!!"   oh tobe as poor as that

I would have thumped him

[bertiecbx550]

It was a lady banker.........

[Martin_1962]

It was a lady banker.........

Her then!

[bertiecbx550]

I`m already in enuff trouble martin

[albitz]

Quite agree with you all here. Current problem caused by a multitude of things but not least the most common of them all; greed/ mis management/ spending beyond your means. A BIG factor in the economy is confidence. Lose that and it all goes to pot. Dont forget that it was the deliberate rumour of loss of confidence in one bank that drove its shares down (causing financial misery to many) so that a bigger one could gobble it up at lower price and thus make money. This has been a trick oft repeated in the past albeit immoral and illegal , just very difficult to prove. So, whilst agree we should all be more prudent , the media are probably doing untold damage with their constant talk of economic disaster. Money doesnt just disapear, it just changes hands.
                                                jerry

Sorry Jerry dont agree,short selling was made the scapegoat for a while to muddy the waters,and was banned for several months.during the ban things got a whole lot worse and since the ban was lifted several weeks ago iirc,it hasnt had any publicity or percieved detrimental effect.
It was blamed mostly for the downfall of HBOS,but HBOS was imo a badly run bank,as was Northern Crock and RBS.

[albitz]

Well as the banks are givingout loads of huge bonus payments a Barclays employee told a BBC reporter yesterday "Why should`nt i get a huge bonus!!!...I mean i only earn £95,000 a year!!!"   oh tobe as poor as that

Barclays bank made substantial profits last year in the most difficult trading conditions imaginable,afaik they havent taken any taxpayers money,therefore how much they pay their employees is no-ones business apart from the board/shareholders/employees.
Btw my daughter is a trader for a bank which has taken no taxpayers money and is quietly going about its business of making a profit for its shareholders and the exchequer,she has worked incredibly hard this year in particular,and has just been given a 10% pay rise and hopes to recieve a decent bonus in the near future.

[jerry]

Define "taxpayers" money. The Banks are businesses and are run to make money BUT society is set up so that we all need banks whether it be for loans and mortgages or vast majority of our financial transactions. Its just the way it is and, especially now , our choices of banks is getting more limited. The various Banks all aim to be competitive with each other to retain their customers but we dont have much of an option to use another system instead of the existing banks for our financial needs. No different than Energy suppliers-and I include petrol/oil companies-there isnt an alternative for the consumer really. Dont mind them making profits but surely, as so very much of that profit is made out of all of us (taxpayers), is it not at least morally wrong that some individuals are able to earn such big bonuses given that we have very limited alternatives but to use their services?
                                                     jerry

[albitz]

Define "taxpayers" money. The Banks are businesses and are run to make money BUT society is set up so that we all need banks whether it be for loans and mortgages or vast majority of our financial transactions. Its just the way it is and, especially now , our choices of banks is getting more limited. The various Banks all aim to be competitive with each other to retain their customers but we dont have much of an option to use another system instead of the existing banks for our financial needs. No different than Energy suppliers-and I include petrol/oil companies-there isnt an alternative for the consumer really. Dont mind them making profits but surely, as so very much of that profit is made out of all of us (taxpayers), is it not at least morally wrong that some individuals are able to earn such big bonuses given that we have very limited alternatives but to use their services?
                                                     jerry

prsonally I have little time for the retail/high st. banks,but the investment banks who largely do business with each other and other businesses have been one of the few big success stories in British business in recent decades.