Have the Tories largely shredded their own "War of Woke" by the Wack way they've engineered (or so it appears) perhaps the most famous example of Cancel Culture, since proto-wokeists beheaded Charles I of blessed memory?
Clearly not among true-blue believers, though seems they've dented even their morale & confidence somewhat. Anti-woke still a rallying cry for rallying the base, esp. parts flaking off toward Reform.
However, with swing-voters, whose votes are up for grabs between Conservatives and a LESS right-wing option, the story, reckon it's a different story.
About time for someone with the PM's and CUP's interest(s) at heart, to start giving direction to stop digging, and start re-filling the hole the Tories have dug for themselves.
Maybe George Osborne's statement is part of that?
I recognise you won't have any sympathies politically with this, but as I have said, there are aspects of the kerfuffle that feel to me like a staged media event to reverse the current migration bill. 'Take the proles' football away and they will soon turn away from the migrant bill'.
Every piece of legislative progress than diverges us from the EU, puts us on a secure footing as an independent country in control of our borders, or can lead to economic growth in a post-EU context, is being dropped, quietly or noisily, by the Sunak Government.
Osborne's commentary within that context reminds me of that slithery man in the Lord of the Rings who was advising the King of the Horse Riders.
Yes, of course, the political classes are some giant conspiracy.
Of course, it does rather raise the question of why the Remain camp in the referendum was quite so extraordinarily incompetent. But, don't worry, I'm sure you can think of a couple of good (albeit absurd) explanations.
Quick question for you: who exactly is in on this plan? Presumably, the government would need to be, because otherwise they might have very sensibly ignored his ridiculous comments.
There isn't much of a conspiracy, there are openly proposed changes, ones that are extremely deleterious to the wealth and wellbeing of the vast majority of people, because they amount to an enormous misappropriation of peoples' money, and unacceptable encroachments on peoples' freedoms, primarily but not exclusively by dangling the theat of a man-made climate catastrophe. Careerist politicians, who are fairly easily identified, have decided that this is the way that the wind is blowing, so they will go along with it. Careerist civil servants likewise. It is important that there is no real political choice. If there were, decisions that are going to be massively unpopular would be overturned. Britain has ended up with a choice of Davos man one or Davos man two. Given that the Davos prospectus is one that nobody voted for, and if it were in a manifesto, nobody would, that cannot be right.
It doesnt matter to rcs anyway. He flies regularly business class london to la and is part of the privileged top 5 % who wont be impacted by climate change measures. So he can afford to support them.
Good for him, though I dare say as a businessman involved in oil and gas, and other consumer-facing service businesses. He will be affected in some way by the chilling affect on economic growth that the WEF model will bring about, unless it is reversed.
Burchill on savage form on Lineker. Almost feel sorry for the bloke by the end. It does go to show how his comments should have been addressed (in slightly more democratic terms) by the Government - playing the ball not the man would have been a far better strategy.
Blah, blah, blah Gary Lineker is the epitome of evil. Have you any idea of how utterly ludicrous that article appears to the average person struggling on minimum wage? There's an out of touch elite all right. They're the Daily Mail and Spectator. In fact. Journalists as a class more generally.
This really isn't complicated All of the following are true.
1. The government's Illegal Immigration Bill is unworkable, probably contrary to international law, and cynical. 2. It is however right that the boats need to be discouraged, the issue isn't the principle, but the practicalities. 3. Yes, some of the language used by some ministers is unacceptable. 4. No it's not like the language used by the Nazis. 5. However Gary Lineker should be perfectly free, in a private capacity outside his role on TV, to make the argument that it is 6. The BBC has made an unholy mess of this.
7. Several loudmouth Tory backbenchers have the political nous to spot an open goal when they see it. And slam the ball home in a Gary Lineker stylee. 8. Unfortunately. They can't distinguish their own goal from the opposition's. 9. The Daily Mail is a fuming mess. Increasingly riling up only its own readership. Whilst being a figure of mockery to outsiders. It's a liability to the Tories. 10. Defending free speech and opposing "cancel culture" has been exposed as laughable bollocks. 11. You can be out of order and still assume the moral high ground if your opponents overstretch like a trainee contortionist on a month's work experience.
12. Where's Leon?
Vietnam, still, I expect. Probably having a lot more fun now that he's been put in the PB sin bin for making comments that could provoke legal trouble for OGH.
Has he been banned?
Getting up at 6 40 every morning for work means I miss all the fun.
Leon will return as a craft perry maker from Belize, at a forum near you.
For those who missed it earlier, here's what Leon's been up to.
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Burchill on savage form on Lineker. Almost feel sorry for the bloke by the end. It does go to show how his comments should have been addressed (in slightly more democratic terms) by the Government - playing the ball not the man would have been a far better strategy.
Blah, blah, blah Gary Lineker is the epitome of evil. Have you any idea of how utterly ludicrous that article appears to the average person struggling on minimum wage? There's an out of touch elite all right.
I'm definitely very out of touch with whatever point this mess is trying to make.
How has Russia got the financial muscle to do serious damage to western markets? Which proxies would these be?
And surely turbulence in western markets is likely to cause trouble EVERYWHERE, including those places still trading with Russia, who I'd suggest are in a far more precarious financial position.
Returning to TSE's header piece, what is the Gaelic for schadenfreude?
I don't know but congratulations to TSE for 'Scotterdammerung'. A definite shortlister for PB headline word of the year.
I believe @AlastairMeeks deserves the credit for ‘Scotterdammerung.’ Back in 2014/15 he identified significant betting value in the potential labour wipeout. I think he wrote a PB header entitled ‘Scotterdammerung’ or some such.
I took a decent amount off the bookmakers, following his logic.
Have the Tories largely shredded their own "War of Woke" by the Wack way they've engineered (or so it appears) perhaps the most famous example of Cancel Culture, since proto-wokeists beheaded Charles I of blessed memory?
Clearly not among true-blue believers, though seems they've dented even their morale & confidence somewhat. Anti-woke still a rallying cry for rallying the base, esp. parts flaking off toward Reform.
However, with swing-voters, whose votes are up for grabs between Conservatives and a LESS right-wing option, the story, reckon it's a different story.
About time for someone with the PM's and CUP's interest(s) at heart, to start giving direction to stop digging, and start re-filling the hole the Tories have dug for themselves.
Maybe George Osborne's statement is part of that?
I recognise you won't have any sympathies politically with this, but as I have said, there are aspects of the kerfuffle that feel to me like a staged media event to reverse the current migration bill. 'Take the proles' football away and they will soon turn away from the migrant bill'.
Every piece of legislative progress than diverges us from the EU, puts us on a secure footing as an independent country in control of our borders, or can lead to economic growth in a post-EU context, is being dropped, quietly or noisily, by the Sunak Government.
Osborne's commentary within that context reminds me of that slithery man in the Lord of the Rings who was advising the King of the Horse Riders.
Yes, of course, the political classes are some giant conspiracy.
Of course, it does rather raise the question of why the Remain camp in the referendum was quite so extraordinarily incompetent. But, don't worry, I'm sure you can think of a couple of good (albeit absurd) explanations.
Quick question for you: who exactly is in on this plan? Presumably, the government would need to be, because otherwise they might have very sensibly ignored his ridiculous comments.
There isn't much of a conspiracy, there are openly proposed changes, ones that are extremely deleterious to the wealth and wellbeing of the vast majority of people, because they amount to an enormous misappropriation of peoples' money, and unacceptable encroachments on peoples' freedoms, primarily but not exclusively by dangling the theat of a man-made climate catastrophe. Careerist politicians, who are fairly easily identified, have decided that this is the way that the wind is blowing, so they will go along with it. Careerist civil servants likewise. It is important that there is no real political choice. If there were, decisions that are going to be massively unpopular would be overturned. Britain has ended up with a choice of Davos man one or Davos man two. Given that the Davos prospectus is one that nobody voted for, and if it were in a manifesto, nobody would, that cannot be right.
It doesnt matter to rcs anyway. He flies regularly business class london to la and is part of the privileged top 5 % who wont be impacted by climate change measures. So he can afford to support them.
Only top 5%? Is this true @rcs1000? You've fallen in my estimation.
I work for the people who run the Grand Council who tell the Illuminati who tell the Zeta Reticulans who tell the Lizard Men In People Suits what to do.
I asked the Chief Lizard about the conspiracy above. He said that he was way too busy organising a paper clip inventory for an audit next week.
Returning to TSE's header piece, what is the Gaelic for schadenfreude?
I don't know but congratulations to TSE for 'Scotterdammerung'. A definite shortlister for PB headline word of the year.
I believe @AlastairMeeks deserves the credit for ‘Scotterdammerung.’ Back in 2014/15 he identified significant betting value in the potential labour wipeout. I think he wrote a PB header entitled ‘Scotterdammerung’ or some such.
I took a decent amount off the bookmakers, following his logic.
Burchill on savage form on Lineker. Almost feel sorry for the bloke by the end. It does go to show how his comments should have been addressed (in slightly more democratic terms) by the Government - playing the ball not the man would have been a far better strategy.
Blah, blah, blah Gary Lineker is the epitome of evil. Have you any idea of how utterly ludicrous that article appears to the average person struggling on minimum wage? There's an out of touch elite all right.
I'm definitely very out of touch with whatever point this mess is trying to make.
Has anyone seen Andrew Bridgen's tweets today? Never seen anything like it before from an MP.
I was going to say he's gone absolutely crackers, but that would just make him more of a prophetic martyr, in his eyes. Plus, these things are usually a case of revealing who someone truly is than a change.
A leading leftwing thinktank has come out in support of home secretary David Blunkett's controversial plan to send all asylum seekers to processing centres outside the EU.
But Demos says in a study published today that the British government's plan for international transit processing centres is unlikely to work unless it is part of a comprehensive system to handle all those who want to come to Europe, including tourists and other visitors.
European commission officials have been asked to submit a detailed working paper on Mr Blunkett's radical scheme to deal with asylum seekers in time for the next European summit in June.
The idea of offshore processing centres has been floated at a time when Tony Blair has announced a commitment to halving the monthly total of asylum applications in Britain by September. The prime minister is believed to have met Downing Street and Home Office officials last Thursday to review progress.
Offshore processing centres are clearly an excellent idea, because they:
(a) make it much harder for people to disappear into the local community (b) discourage people from coming generally
However, they need to be seen as only part of the solution. Many of the people on the boats (particularly those from places like Albania) have no desire to become Asylum seekers. They'd much rather not be picked up by the authorities. So we need to put measures in place to largely shut down the "black" economy in the UK.
Careful Robert.
You're dangerously close to discussing the issue rationally and making practical suggestions.
The Home Secretary wanting to put electronic tags on asylum seekers.
David Blunkett being the Home Secretary.
And how about this from the following year:
The Home Office is in negotiation with Tanzania over a £4m aid deal to take failed Somali asylum seekers from Britain and house them in a camp, the Guardian has learned.
A Home Office team went to Dar es Salaam last year for discussions with their counterparts in the Tanzanian government.
As part of the negotiations, the Tanzanian government has been offered an extra £4m a year in aid.
Blunkett was definitely an odd one. The incident, during a prison riot, where he started demanding that police storm the prison with machine guns passed into civil service legend.
I believe that takes defence spending in the UK up to 2.3% of GDP. Rishi was billed as weak on defence yet he's the first Tory PM to actually increase defence spending. The others all talked a good game but cut spending every time.
Have the Tories largely shredded their own "War of Woke" by the Wack way they've engineered (or so it appears) perhaps the most famous example of Cancel Culture, since proto-wokeists beheaded Charles I of blessed memory?
Clearly not among true-blue believers, though seems they've dented even their morale & confidence somewhat. Anti-woke still a rallying cry for rallying the base, esp. parts flaking off toward Reform.
However, with swing-voters, whose votes are up for grabs between Conservatives and a LESS right-wing option, the story, reckon it's a different story.
About time for someone with the PM's and CUP's interest(s) at heart, to start giving direction to stop digging, and start re-filling the hole the Tories have dug for themselves.
Maybe George Osborne's statement is part of that?
I recognise you won't have any sympathies politically with this, but as I have said, there are aspects of the kerfuffle that feel to me like a staged media event to reverse the current migration bill. 'Take the proles' football away and they will soon turn away from the migrant bill'.
Every piece of legislative progress than diverges us from the EU, puts us on a secure footing as an independent country in control of our borders, or can lead to economic growth in a post-EU context, is being dropped, quietly or noisily, by the Sunak Government.
Osborne's commentary within that context reminds me of that slithery man in the Lord of the Rings who was advising the King of the Horse Riders.
Yes, of course, the political classes are some giant conspiracy.
Of course, it does rather raise the question of why the Remain camp in the referendum was quite so extraordinarily incompetent. But, don't worry, I'm sure you can think of a couple of good (albeit absurd) explanations.
Quick question for you: who exactly is in on this plan? Presumably, the government would need to be, because otherwise they might have very sensibly ignored his ridiculous comments.
There isn't much of a conspiracy, there are openly proposed changes, ones that are extremely deleterious to the wealth and wellbeing of the vast majority of people, because they amount to an enormous misappropriation of peoples' money, and unacceptable encroachments on peoples' freedoms, primarily but not exclusively by dangling the theat of a man-made climate catastrophe. Careerist politicians, who are fairly easily identified, have decided that this is the way that the wind is blowing, so they will go along with it. Careerist civil servants likewise. It is important that there is no real political choice. If there were, decisions that are going to be massively unpopular would be overturned. Britain has ended up with a choice of Davos man one or Davos man two. Given that the Davos prospectus is one that nobody voted for, and if it were in a manifesto, nobody would, that cannot be right.
It doesnt matter to rcs anyway. He flies regularly business class london to la and is part of the privileged top 5 % who wont be impacted by climate change measures. So he can afford to support them.
What a ridiculous and outrageous statement.
These climate change measures are a disaster for me personally. Any hope I had of flying private back and forth has now been completely extinguished. So don't give me this "wont be impacted" bullshit.
The attempt by opposition MPs to conflate the Gary Lineker controversy with the Richard Sharp controversy is an absurdity, a category error.
If I were an opposition MP, I'd be conflating like crazy, of course. What an open goal!
It shows the PM and Home Secretary and the BBC hierarchy are tone deaf and neither have the moral authority to be holding the posts they now hold and it shows in their mendacity how they are now inextricably intertwined.
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Another attack from your personal vendetta sadly
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
Good luck to our junior doctors over the next three days. Their strike is not just about money, but is about securing the future of the NHS. Doctors are already leaving in droves, and although pay needs to be substantially increased, ending the bullying culture of NHS managers is also essential. Of recent excellent trainees who have worked for me, three are now consultants in Australia, three in the Middle East and one in a EU country. We cannot afford this loss of talented and capable young doctors.
Gary Lineker has a track record as a shit-stirrer against this Government. (I don't know how far back that extends.)
Fair enough. He can say that if he wishes.
However, he does have contractual restrictions placed upon him by his employer as to what he can say. He would probably be in deep shit if he just came out and said "this Government is as bad as the Nazis in the 1930s in its attitude to migrants." So he couches it in terms that he thinks gives him an out.
But really, it doesn't. There is no semantic difference between what he says and what people were intended to interpret him as saying. He hasn't taken the opportunity to say "that is not what I meant". Because it is what he meant.
Anybody arguing otherwise is being anti-semantic.
Oh dear.
Yes there have been criticisms of Lineker in the Jewish Chronicle, but he has also had support from less militant Jewish commentators.
You are not attacking Lineker here, you are attacking fellow posters who have a different view to yourself on this issue. That post is an appalling slur.
We have crossed swords in the past and your likely assessment of me as thick as mince, vile Remainer scum is fine, but I am no anti- Semite.
Is that the time?
Lolololololol!
Think as mince - because you read the anti-semantic as anti-semitic.
Go look up "semantics".....
Indeed you are right. I misread your statement, probably due to auto assumption.
I do need to provide you a full apology which I am duly making.
I think it probably time I left the board.
Your analysis is indeed correct. I have made myself look utterly ridiculous.
I can only apologise for my foolishness again.
Sorry.
Don't be so daft. Hang around - I enjoy your contributions on here.
Gary Lineker has a track record as a shit-stirrer against this Government. (I don't know how far back that extends.)
Fair enough. He can say that if he wishes.
However, he does have contractual restrictions placed upon him by his employer as to what he can say. He would probably be in deep shit if he just came out and said "this Government is as bad as the Nazis in the 1930s in its attitude to migrants." So he couches it in terms that he thinks gives him an out.
But really, it doesn't. There is no semantic difference between what he says and what people were intended to interpret him as saying. He hasn't taken the opportunity to say "that is not what I meant". Because it is what he meant.
Anybody arguing otherwise is being anti-semantic.
Oh dear.
Yes there have been criticisms of Lineker in the Jewish Chronicle, but he has also had support from less militant Jewish commentators.
You are not attacking Lineker here, you are attacking fellow posters who have a different view to yourself on this issue. That post is an appalling slur.
We have crossed swords in the past and your likely assessment of me as thick as mince, vile Remainer scum is fine, but I am no anti- Semite.
Is that the time?
Lolololololol!
Think as mince - because you read the anti-semantic as anti-semitic.
Go look up "semantics".....
Indeed you are right. I misread your statement, probably due to auto assumption.
I do need to provide you a full apology which I am duly making.
I think it probably time I left the board.
Your analysis is indeed correct. I have made myself look utterly ridiculous.
I can only apologise for my foolishness again.
Sorry.
Na, don't leave because of it. I made the same mistake, too.
Thank you for your understanding but exposing oneself as "thick as mince Remainer scum" is really quite unforgiveable. My misreading generated an egregiously offensive post.
So it appears that at least a couple of people in US banking regulation has the brains to ask the question - “who else?”
The purchases of such Treasuries weren’t especially secret. There’s already garbage floating around of inside knowledge among the people who got out early. It’s just due diligence and reading the warning signs.
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Another attack from your personal vendetta sadly
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
You’re the most tribal poster here. So thank your kind words.
A leading leftwing thinktank has come out in support of home secretary David Blunkett's controversial plan to send all asylum seekers to processing centres outside the EU.
But Demos says in a study published today that the British government's plan for international transit processing centres is unlikely to work unless it is part of a comprehensive system to handle all those who want to come to Europe, including tourists and other visitors.
European commission officials have been asked to submit a detailed working paper on Mr Blunkett's radical scheme to deal with asylum seekers in time for the next European summit in June.
The idea of offshore processing centres has been floated at a time when Tony Blair has announced a commitment to halving the monthly total of asylum applications in Britain by September. The prime minister is believed to have met Downing Street and Home Office officials last Thursday to review progress.
Offshore processing centres are clearly an excellent idea, because they:
(a) make it much harder for people to disappear into the local community (b) discourage people from coming generally
However, they need to be seen as only part of the solution. Many of the people on the boats (particularly those from places like Albania) have no desire to become Asylum seekers. They'd much rather not be picked up by the authorities. So we need to put measures in place to largely shut down the "black" economy in the UK.
Careful Robert.
You're dangerously close to discussing the issue rationally and making practical suggestions.
And if its Albanians - a country with a population under 3m - which make up such a large part of the problem.
Then what happens if anything near an equal proportion from failed and unpleasant countries in Africa and Asia follow them ?
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Another attack from your personal vendetta sadly
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
You’re the most tribal poster here. So thank your kind words.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
Good luck to our junior doctors over the next three days. Their strike is not just about money, but is about securing the future of the NHS. Doctors are already leaving in droves, and although pay needs to be substantially increased, ending the bullying culture of NHS managers is also essential. Of recent excellent trainees who have worked for me, three are now consultants in Australia, three in the Middle East and one in a EU country. We cannot afford this loss of talented and capable young doctors.
Don't other countries lose talented young doctors to us rather a lot?
(How inadequate is Australia's training system that they can absorb so many brits?)
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
Good luck to our junior doctors over the next three days. Their strike is not just about money, but is about securing the future of the NHS. Doctors are already leaving in droves, and although pay needs to be substantially increased, ending the bullying culture of NHS managers is also essential. Of recent excellent trainees who have worked for me, three are now consultants in Australia, three in the Middle East and one in a EU country. We cannot afford this loss of talented and capable young doctors.
Australia and the Middle East sell things they dug out of the ground to outbid everyone else for doctors. The UK can't justly tax everyone else a lot more to compete for the ones who take a British education and chase top dollar.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
To be honest it sounds as if this could be a disaster if action is not taken
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
A leading leftwing thinktank has come out in support of home secretary David Blunkett's controversial plan to send all asylum seekers to processing centres outside the EU.
But Demos says in a study published today that the British government's plan for international transit processing centres is unlikely to work unless it is part of a comprehensive system to handle all those who want to come to Europe, including tourists and other visitors.
European commission officials have been asked to submit a detailed working paper on Mr Blunkett's radical scheme to deal with asylum seekers in time for the next European summit in June.
The idea of offshore processing centres has been floated at a time when Tony Blair has announced a commitment to halving the monthly total of asylum applications in Britain by September. The prime minister is believed to have met Downing Street and Home Office officials last Thursday to review progress.
Offshore processing centres are clearly an excellent idea, because they:
(a) make it much harder for people to disappear into the local community (b) discourage people from coming generally
However, they need to be seen as only part of the solution. Many of the people on the boats (particularly those from places like Albania) have no desire to become Asylum seekers. They'd much rather not be picked up by the authorities. So we need to put measures in place to largely shut down the "black" economy in the UK.
Careful Robert.
You're dangerously close to discussing the issue rationally and making practical suggestions.
And if its Albanians - a country with a population under 3m - which make up such a large part of the problem.
Then what happens if anything near an equal proportion from failed and unpleasant countries in Africa and Asia follow them ?
So say we can resolve the Albanian issue, do you still support the next three most popular, Afghanistan Iraq and Syria being deported? Because of our actions these people are fleeing.
Could it be that because these people are not white people - not you - don’t want them here?
I believe that takes defence spending in the UK up to 2.3% of GDP. Rishi was billed as weak on defence yet he's the first Tory PM to actually increase defence spending. The others all talked a good game but cut spending every time.
Is there a link or a quote missing from this post?
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
But that's enough memories of Labour in government for one evening.
Bit it did stir one final memory.
Any veteran PBers remember 'gulags for slags':
The prospect of supervised homes for teenage mothers was one of the most eye-catching policy announcements Gordon Brown made in his speech, but the absence of any clear detail about how the commitment would be implemented triggered unease from charities who support young parents.
"I do think it's time to address a problem that for too long has gone unspoken, the number of children having children. For it cannot be right, for a girl of 16, to get pregnant, be given the keys to a council flat and be left on her own," Brown told the conference.
"From now on all 16- and 17-year-old parents who get support from the taxpayer will be placed in a network of supervised homes. These shared homes will offer not just a roof over their heads, but a new start in life where they learn responsibility and how to raise their children properly. That's better for them, better for their babies and better for us all in the long run."
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Another attack from your personal vendetta sadly
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
You’re the most tribal poster here. So thank your kind words.
Good you acknowledged you post tribal nonsense
We all remember you lavishly praising Liz Truss and Boris Johnson even after they’d been exposed. Now run along
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
To be honest it sounds as if this could be a disaster if action is not taken
As is education. A bail out with compulsory minimum wage for the survivors as it can't make a profit might concentrate minds. Oh. But it is different. How?
So it appears that at least a couple of people in US banking regulation has the brains to ask the question - “who else?”
The purchases of such Treasuries weren’t especially secret. There’s already garbage floating around of inside knowledge among the people who got out early. It’s just due diligence and reading the warning signs.
FTSE futures for tomorrow only a smidgen down on Friday close so seems like panic averted
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
But that's enough memories of Labour in government for one evening.
Bit it did stir one final memory.
Any veteran PBers remember 'gulags for slags':
The prospect of supervised homes for teenage mothers was one of the most eye-catching policy announcements Gordon Brown made in his speech, but the absence of any clear detail about how the commitment would be implemented triggered unease from charities who support young parents.
"I do think it's time to address a problem that for too long has gone unspoken, the number of children having children. For it cannot be right, for a girl of 16, to get pregnant, be given the keys to a council flat and be left on her own," Brown told the conference.
"From now on all 16- and 17-year-old parents who get support from the taxpayer will be placed in a network of supervised homes. These shared homes will offer not just a roof over their heads, but a new start in life where they learn responsibility and how to raise their children properly. That's better for them, better for their babies and better for us all in the long run."
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
North Wales live reporting on their poll on the Lineker crisis
49% blame Lineker
23% the BBC
22% The Westminster government
6% all three
Truly another country.
Even the Telegraph acknowledged that "Polling over the weekend showed that the majority of the public sided with Lineker"
The user in question is just finding anything that supports the Tories. Even finding a poll on a random website which won’t be in any way representative or accurate. Truly desperate stuff
Another attack from your personal vendetta sadly
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
You’re the most tribal poster here. So thank your kind words.
Good you acknowledged you post tribal nonsense
We all remember you lavishly praising Liz Truss and Boris Johnson even after they’d been exposed. Now run along
You keep up spouting this nonsense about Truss and Johnson lost me at partygate
I would suggest being rude does not help to prove your maturity
Free market, like free speech, seems a concept within strictly defined parameters I see. Special cases abound. They're always six figure salaries mysteriously.
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
But that's enough memories of Labour in government for one evening.
Bit it did stir one final memory.
Any veteran PBers remember 'gulags for slags':
The prospect of supervised homes for teenage mothers was one of the most eye-catching policy announcements Gordon Brown made in his speech, but the absence of any clear detail about how the commitment would be implemented triggered unease from charities who support young parents.
"I do think it's time to address a problem that for too long has gone unspoken, the number of children having children. For it cannot be right, for a girl of 16, to get pregnant, be given the keys to a council flat and be left on her own," Brown told the conference.
"From now on all 16- and 17-year-old parents who get support from the taxpayer will be placed in a network of supervised homes. These shared homes will offer not just a roof over their heads, but a new start in life where they learn responsibility and how to raise their children properly. That's better for them, better for their babies and better for us all in the long run."
Nah, the Fed is basically bailing out depositors in full, they can't let the contagion spread to other smaller or regional banks because companies and individuals will pull funds on Monday from any bank that looks like it isn't properly capitalised. Guaranteeing all depositors is the only way to stop multiple bank runs. They shouldn't have needed to do it but Trump completely fucked up the rule book and allowed banks with under $250bn in assets to basically ignore capital requirement rules so they went and did what RBS did and operated at 50:1 capital. The issue in the states is that it's not one or two of these, there's potentially a dozen or more "small" banks running at dangerously high leverage.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
To be honest it sounds as if this could be a disaster if action is not taken
As is education. A bail out with compulsory minimum wage for the survivors as it can't make a profit might concentrate minds. Oh. But it is different. How?
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
To be honest it sounds as if this could be a disaster if action is not taken
As is education. A bail out with compulsory minimum wage for the survivors as it can't make a profit might concentrate minds. Oh. But it is different. How?
I get the bit about it not being the fault of the startup companies that their bank has turned out to be run by idiots, and that startups have bills to pay, and it will be bad for us all if some promising tech firms go belly up for a farcical reason.
But (provincial physics master hat on) why did they choose to bank with this lot, rather than someone more obviously reliable?
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else? The tech sector had a problem because it couldn't bank anywhere else. I recommend a huge paycut.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
I believe that takes defence spending in the UK up to 2.3% of GDP. Rishi was billed as weak on defence yet he's the first Tory PM to actually increase defence spending. The others all talked a good game but cut spending every time.
The easiest way to increase defence spending as a %age of GDP is to trash the rest of the economy.
Nah, the Fed is basically bailing out depositors in full, they can't let the contagion spread to other smaller or regional banks because companies and individuals will pull funds on Monday from any bank that looks like it isn't properly capitalised. Guaranteeing all depositors is the only way to stop multiple bank runs. They shouldn't have needed to do it but Trump completely fucked up the rule book and allowed banks with under $250bn in assets to basically ignore capital requirement rules so they went and did what RBS did and operated at 50:1 capital. The issue in the states is that it's not one or two of these, there's potentially a dozen or more "small" banks running at dangerously high leverage.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
While I don’t have any specific knowledge about these firms taking loans from svb (who can’t get loans from anyone else) I’m a bit sceptical many (or even any?) of them could be accurately described as “profitable.”
“Potentially profitable” perhaps. Even that is a heavily subjective assessment.
Huge swathes of these companies are fucked in a normal interest rate environment. They got drunk on free money.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
Because normal banks are run by old white men who don't understand how startup finance works. As an example a normal UK retail bank I've worked with in the past won't accept cash transfers from VCs of over $5m but funding rounds can go into the hundreds of millions. SVB did those things, they were also the networking specialist. They helped small startups get access to VCs and angel investors, they also helped broker deals between startups for trade in services to reduce costs. If you wanted something done, invariably SVB would have a way to help you do it.
It's very, very disappointing that they took their eye off the ball with their capital ratio and have put startup financing at risk in general. Hopefully over here the Bank of London will take their place but they will be tough to replace in the US.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
Start ups have no track record. Most banks will not lend to companies without three years worth of audited accounts.
Plus the shareholders of SVB are going to get wiped out. That is the free market in action.
My question is, by Max’s logic any bank that goes bust we need the government to step in because it isn’t the people who borrowed the money or lent the money’s fault.
But that means all the banks need to be nationalised because they then can never fail.
Have the Tories largely shredded their own "War of Woke" by the Wack way they've engineered (or so it appears) perhaps the most famous example of Cancel Culture, since proto-wokeists beheaded Charles I of blessed memory?
Clearly not among true-blue believers, though seems they've dented even their morale & confidence somewhat. Anti-woke still a rallying cry for rallying the base, esp. parts flaking off toward Reform.
However, with swing-voters, whose votes are up for grabs between Conservatives and a LESS right-wing option, the story, reckon it's a different story.
About time for someone with the PM's and CUP's interest(s) at heart, to start giving direction to stop digging, and start re-filling the hole the Tories have dug for themselves.
Maybe George Osborne's statement is part of that?
I recognise you won't have any sympathies politically with this, but as I have said, there are aspects of the kerfuffle that feel to me like a staged media event to reverse the current migration bill. 'Take the proles' football away and they will soon turn away from the migrant bill'.
Every piece of legislative progress than diverges us from the EU, puts us on a secure footing as an independent country in control of our borders, or can lead to economic growth in a post-EU context, is being dropped, quietly or noisily, by the Sunak Government.
Osborne's commentary within that context reminds me of that slithery man in the Lord of the Rings who was advising the King of the Horse Riders.
Yes, of course, the political classes are some giant conspiracy.
Of course, it does rather raise the question of why the Remain camp in the referendum was quite so extraordinarily incompetent. But, don't worry, I'm sure you can think of a couple of good (albeit absurd) explanations.
Quick question for you: who exactly is in on this plan? Presumably, the government would need to be, because otherwise they might have very sensibly ignored his ridiculous comments.
There isn't much of a conspiracy, there are openly proposed changes, ones that are extremely deleterious to the wealth and wellbeing of the vast majority of people, because they amount to an enormous misappropriation of peoples' money, and unacceptable encroachments on peoples' freedoms, primarily but not exclusively by dangling the theat of a man-made climate catastrophe. Careerist politicians, who are fairly easily identified, have decided that this is the way that the wind is blowing, so they will go along with it. Careerist civil servants likewise. It is important that there is no real political choice. If there were, decisions that are going to be massively unpopular would be overturned. Britain has ended up with a choice of Davos man one or Davos man two. Given that the Davos prospectus is one that nobody voted for, and if it were in a manifesto, nobody would, that cannot be right.
It doesnt matter to rcs anyway. He flies regularly business class london to la and is part of the privileged top 5 % who wont be impacted by climate change measures. So he can afford to support them.
What a ridiculous and outrageous statement.
These climate change measures are a disaster for me personally. Any hope I had of flying private back and forth has now been completely extinguished. So don't give me this "wont be impacted" bullshit.
Then you should do your best to do something about it. There is far too much defeatism and hand throwing up around what is essentially a tiny minority inflicting their pecadillos on a vast majority.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
Start ups have no track record. Most banks will not lend to companies without three years worth of audited accounts.
Plus the shareholders of SVB are going to get wiped out. That is the free market in action.
So the government should only step in to help tech start ups? Is that the logic here?
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
But that's enough memories of Labour in government for one evening.
Bit it did stir one final memory.
Any veteran PBers remember 'gulags for slags':
The prospect of supervised homes for teenage mothers was one of the most eye-catching policy announcements Gordon Brown made in his speech, but the absence of any clear detail about how the commitment would be implemented triggered unease from charities who support young parents.
"I do think it's time to address a problem that for too long has gone unspoken, the number of children having children. For it cannot be right, for a girl of 16, to get pregnant, be given the keys to a council flat and be left on her own," Brown told the conference.
"From now on all 16- and 17-year-old parents who get support from the taxpayer will be placed in a network of supervised homes. These shared homes will offer not just a roof over their heads, but a new start in life where they learn responsibility and how to raise their children properly. That's better for them, better for their babies and better for us all in the long run."
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
Poor risk management, Is that not a little fault? If you have all you reserves uninsured and in one institution you have to take some responsibility.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
You don't believe in deposit insurance? I assume that is what we are talking about here.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
A lot of the time it wasn't even lending, it was just being a bank that knew how startups operated, for example a company we've invested in received over $20m in one go, a standard UK bank was simply unable to provide a corporate retail service that could take the $20m but also accept that the company would have precisely zero incoming revenue for the foreseeable future. It was literally "computer says no". We set them up with SVB UK and the founders came back to us and we're so happy that they finally had a bank that got how startups worked.
A British VC once told me that the UK was so bad at scaling software startups that it was entirely possible that the whole sector was a net negative for the UK. Mind you, this was ten years ago.
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
I find it much more interesting that there was no buyer for SVB.
Not enough time, I think.
The unique (to date) thing about this bank run is how quickly it happened. SVB had a quarter of its deposits withdrawn in the space of a day. That couldn’t have happened a decade ago. The only institution with enough capital, and the incentive to step in quickly enough to sort it out without doing due diligence is government.
Quite lucky we had the weekend, or government might have not been quick enough either. I hope Hunt steps all the way up to the mark tomorrow.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
You don't believe in deposit insurance? I assume that is what we are talking about here.
How involved should the government be?
We’re told the government shouldn’t run banks but they seem to do a fucking hopeless job.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
Start ups have no track record. Most banks will not lend to companies without three years worth of audited accounts.
Plus the shareholders of SVB are going to get wiped out. That is the free market in action.
So the government should only step in to help tech start ups? Is that the logic here?
No.
The logic is that unlike 2008 that government intervention isn’t going to cost the taxpayer anything other than a very small bridging loan costs which will be recouped.
I believe that takes defence spending in the UK up to 2.3% of GDP. Rishi was billed as weak on defence yet he's the first Tory PM to actually increase defence spending. The others all talked a good game but cut spending every time.
The easiest way to increase defence spending as a %age of GDP is to trash the rest of the economy.
We were recently sternly warned that the Public Sector wasn't productive, and didn't respond to market signals. Therefore we should have a huge cut in funding to liberate us to be more efficient. It appears that there are are different incentives for the tech sector. Who knew?
The tech sector didn’t have a problem. A bank did.
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
Cant. Why did none of them bank with any bugger else?
SVB lent to start ups, tech, medical sciences etc when others wouldn’t.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
That's the free market. Suck it up. If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
Start ups have no track record. Most banks will not lend to companies without three years worth of audited accounts.
Plus the shareholders of SVB are going to get wiped out. That is the free market in action.
So the government should only step in to help tech start ups? Is that the logic here?
No.
The logic is that unlike 2008 that government intervention isn’t going to cost the taxpayer anything other than a very small bridging loan costs which will be recouped.
It’s not about money it’s about the principle.
This is a private company. So why does the government step in to help but not help other things?
I believe that takes defence spending in the UK up to 2.3% of GDP. Rishi was billed as weak on defence yet he's the first Tory PM to actually increase defence spending. The others all talked a good game but cut spending every time.
The easiest way to increase defence spending as a %age of GDP is to trash the rest of the economy.
Several countries have doubled what they’re spending on defence as a % of GDP. I hope we don’t attempt to follow with your suggestion…
My question is, by Max’s logic any bank that goes bust we need the government to step in because it isn’t the people who borrowed the money or lent the money’s fault.
But that means all the banks need to be nationalised because they then can never fail.
I'm in favour of a 100% deposit guarantee insurance scheme run by the industry. A high leverage bank would have very high premiums and it would effectively fix the issue of banks running at too high a risk level.
The reality is simple. Banks can never go bust because the public would get screwed if they were.
So they either need breaking up, regulating or the fuckers need to go to jail for negligence.
SVB UK is well resourced the only issue is how long it will take to get the money to their depositors. It could take a few months which would see firms go bust.
Or the government can step and help reduce that time.
My question is, by Max’s logic any bank that goes bust we need the government to step in because it isn’t the people who borrowed the money or lent the money’s fault.
But that means all the banks need to be nationalised because they then can never fail.
I'm in favour of a 100% deposit guarantee insurance scheme run by the industry. A high leverage bank would have very high premiums and it would effectively fix the issue of banks running at too high a risk level.
Fine but right now government is stepping in to help a private company.
What you said is that it isn’t the people who put money in’s fault. I agree.
But then a bank can NEVER fail. When is it ever the fault of the people who borrowed or lent them money?
If the government is happy to step in to save banks why don’t they step in to stop people from going homeless or hungry.
The principle of this whole thing makes me very angry.
My understanding is they are not going to save the bank. They are going to save the depositors. Possibly help solvent firms with an immediate liquidity problem? We'll see.
Comments
They are as accurate as a Scottish sub-sample.
Have you any idea of how utterly ludicrous that article appears to the average person struggling on minimum wage?
There's an out of touch elite all right.
They're the Daily Mail and Spectator. In fact. Journalists as a class more generally.
https://twitter.com/MrMichaelSpicer/status/1634530311756210179?s=20
A clampdown has been launched targeting "foreigners [who] come to this country illegitimately and steal our benefits", home secretary John Reid has said.
The plan is to stop illegal immigrants getting housing, healthcare or work.
He said the UK was now "throwing out" record numbers of asylum seekers and he hoped to make life "constrained and uncomfortable" for illegal immigrants.
But the Lib Dems said "impersonating Alf Garnett" could not absolve him of responsibility for migration failings.
http://news.bbc.co.uk/1/hi/uk_politics/6424377.stm
2008 or 1938 ?
Muslim ghettos which have become no-go areas for whites must be broken up, Labour will declare today.
In a speech which is set to spark a storm Communities Secretary Hazel Blears will say there is a need to take a hard look at the impact of immigration on cities.
It will be the first time a senior Government minister has called for the break-up of areas dominated by racial or religious groups.
https://www.mirror.co.uk/news/uk-news/labour-well-break-up-islamic-301108
And then there was Phil Woolas:
Former immigration minister Phil Woolas tried to foment racial and religious divisions as part of a desperate attempt to change an election result, a court heard yesterday.
https://www.theguardian.com/politics/2010/sep/15/phil-woolas-white-folk-election
But that's enough memories of Labour in government for one evening.
Massive announcement by the Fed and US policymakers. The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress. A short thread. 1/
10:40 PM · Mar 12, 2023
https://twitter.com/MacroAlf/status/1635048179073953792?s=20
I work in banking regulation.
Going to be hell of a few days.
And surely turbulence in western markets is likely to cause trouble EVERYWHERE, including those places still trading with Russia, who I'd suggest are in a far more precarious financial position.
I took a decent amount off the bookmakers, following his logic.
I asked the Chief Lizard about the conspiracy above. He said that he was way too busy organising a paper clip inventory for an audit next week.
You're dangerously close to discussing the issue rationally and making practical suggestions.
These climate change measures are a disaster for me personally. Any hope I had of flying private back and forth has now been completely extinguished. So don't give me this "wont be impacted" bullshit.
So presumably she will be deselected
It may be equivalent of a sub sample used by others but it is being reported in North Wales by the main online paper
Your comment also attempts to demean other views to yours, and frankly I tend to ignore most of your posts to avoid a confrontation as you do post quite a lot of tribal nonsense yourself
Of recent excellent trainees who have worked for me, three are now consultants in Australia, three in the Middle East and one in a EU country. We cannot afford this loss of talented and capable young doctors.
"Sources close to Gary Lineker say..."
The purchases of such Treasuries weren’t especially secret. There’s already garbage floating around of inside knowledge among the people who got out early. It’s just due diligence and reading the warning signs.
Then what happens if anything near an equal proportion from failed and unpleasant countries in Africa and Asia follow them ?
Therefore we should have a huge cut in funding to liberate us to be more efficient.
It appears that there are are different incentives for the tech sector.
Who knew?
(How inadequate is Australia's training system that they can absorb so many brits?)
Klopp speaks for the nation
Klopp speaks for the nation So say we can resolve the Albanian issue, do you still support the next three most popular, Afghanistan Iraq and Syria being deported? Because of our actions these people are fleeing.
Could it be that because these people are not white people - not you - don’t want them here?
What is the "that"?
Any veteran PBers remember 'gulags for slags':
The prospect of supervised homes for teenage mothers was one of the most eye-catching policy announcements Gordon Brown made in his speech, but the absence of any clear detail about how the commitment would be implemented triggered unease from charities who support young parents.
"I do think it's time to address a problem that for too long has gone unspoken, the number of children having children. For it cannot be right, for a girl of 16, to get pregnant, be given the keys to a council flat and be left on her own," Brown told the conference.
"From now on all 16- and 17-year-old parents who get support from the taxpayer will be placed in a network of supervised homes. These shared homes will offer not just a roof over their heads, but a new start in life where they learn responsibility and how to raise their children properly. That's better for them, better for their babies and better for us all in the long run."
https://www.theguardian.com/politics/2009/sep/29/young-mothers-housing-labour-conference
Can anyone remember which PBer came up with the 'gulags for slags' phrase ?
I expect to be smoking some big fat Cuban cigars tomorrow.
I only smoke them during when I’m celebrating or stressed.
A bail out with compulsory minimum wage for the survivors as it can't make a profit might concentrate minds.
Oh. But it is different.
How?
It was around Farmy-farm time.
Do you know what to do if your girlfriend starts smoking?
Slow down and/or use lube.
Brexit has meant we’ve lost control. Paying the French because we can’t do it ourselves
The shareholders (the bank owners) are going to lose their shirts. The people who deposited the money with bank will get most of it back.
The issue is how fast they get it back.
I would suggest being rude does not help to prove your maturity
Special cases abound.
They're always six figure salaries mysteriously.
But (provincial physics master hat on) why did they choose to bank with this lot, rather than someone more obviously reliable?
Why did none of them bank with any bugger else?
The tech sector had a problem because it couldn't bank anywhere else.
I recommend a huge paycut.
So you’ve got very profitable firms about to get wiped out through no fault of their own.
Suck it up.
If they are profitable why wouldn't anyone else lend to them? They should be fighting over it
Privatise the profits.
Nationalise the losses.
We're getting shafted by the fuckers again.
“Potentially profitable” perhaps. Even that is a heavily subjective assessment.
Huge swathes of these companies are fucked in a normal interest rate environment. They got drunk on free money.
It's very, very disappointing that they took their eye off the ball with their capital ratio and have put startup financing at risk in general. Hopefully over here the Bank of London will take their place but they will be tough to replace in the US.
John Barnes seems to agree with me. How strange
Plus the shareholders of SVB are going to get wiped out. That is the free market in action.
But that means all the banks need to be nationalised because they then can never fail.
So they either need breaking up, regulating or the fuckers need to go to jail for negligence.
'Fresh starts for tarts' would have been much better.
The unique (to date) thing about this bank run is how quickly it happened. SVB had a quarter of its deposits withdrawn in the space of a day. That couldn’t have happened a decade ago.
The only institution with enough capital, and the incentive to step in quickly enough to sort it out without doing due diligence is government.
Quite lucky we had the weekend, or government might have not been quick enough either. I hope Hunt steps all the way up to the mark tomorrow.
We’re told the government shouldn’t run banks but they seem to do a fucking hopeless job.
The logic is that unlike 2008 that government intervention isn’t going to cost the taxpayer anything other than a very small bridging loan costs which will be recouped.
This is a private company. So why does the government step in to help but not help other things?
The principle of this whole thing makes me very angry.
Or the government can step and help reduce that time.
What you said is that it isn’t the people who put money in’s fault. I agree.
But then a bank can NEVER fail. When is it ever the fault of the people who borrowed or lent them money?