Banks

gesso · Post by **gesso** » Sun 25 Jan, 2009 7:56 am

Now business accounts are starting to see stays on legal reclaiming of bank charges but this seams to be because of uncertainties within the t&c's but thankfully the forum I mentioned earlier are putting together letters that will be admissible to lift these stays.

Moglet · Post by **Moglet** » Sat 14 Feb, 2009 9:34 pm

More banking scandals and executive level resignations here this week.

is there any general news commentary in other countries on the banking scandals over here? Also, does anyone know how badly bank shares in the UK have slumped from pre-crisis peaks?

gesso · Post by **gesso** » Sun 15 Feb, 2009 10:08 am

averageing out at about 80% down.
Re your reporting on other countries banks you'll need to get on the internet news agencies. BBC and ITN just aint covering indepth. Nowadays its a case of whats not being reported as much as what is.

Moglet · Post by **Moglet** » Sun 15 Feb, 2009 5:49 pm

Thanks for that, Gesso. I just wanted to get an idea of just how v-e-r-y badly they've done here: they've had about a 95% drop. As I suspected, the powers that be have created another "Irish problem".

My second question was to do with whether the banking scandals in Ireland were getting general news coverage, similar to the general reporting of the specific American bank failures last year. Like yourself, I prefer to use the internet for my "news" - televised services are a joke these days, IMCO.

Bill Henry · Post by **Bill Henry** » Sun 15 Feb, 2009 5:51 pm

Moglet wrote:More banking scandals and executive level resignations here this week.

is there any general news commentary in other countries on the banking scandals over here? Also, does anyone know how badly bank shares in the UK have slumped from pre-crisis peaks?

Only a little commentary, and it is usually mentioned in passing when they discuss our bankers. The one that still “has legs” over here is when Citibank or Wells Fargo (or one of the others) went on a $145 K retreat to Las Vegas after they received several Billion dollars in bailout money.

The executives apparently saw nothing wrong with that.

And, despite the “stimulus” package that they received, the banks are holding onto “their” money and not making loans. Many are buying other failed banks.

Moglet · Post by **Moglet** » Sun 15 Feb, 2009 6:05 pm

Bill Henry wrote:"... when Citibank or Wells Fargo (or one of the others) went on a $145 K retreat to Las Vegas after they received several Billion dollars in bailout money.... The executives apparently saw nothing wrong with that."

"And, despite the “stimulus” package that they received, the banks are holding onto “their” money and not making loans. Many are buying other failed banks."

First example of banker behaviour very bad, second example downright appalling!!

Don't know about anyone else but I deeply resent the fact that these people effectively dictate most of our lives.

Nothing has been learned. They've been caught with their trousers down, and they still don't give a damn because we are unfortunately so in thrall to them that, short of a societal meltdown on a global scale, we had to let them get away with it.

This is P?ssed Off of NCW reporting for FNN.*

*Framers' News Network

gesso · Post by **gesso** » Mon 16 Feb, 2009 8:25 pm

Moglet wrote: I prefer to use the internet for my "news" - televised services are a joke these days, IMCO.

This page dosent make for a good night's sleep, I hope they're wrong.

http://www.lifeaftertheoilcrash.net/Arc ... tsDay.html

Moglet · Post by **Moglet** » Mon 16 Feb, 2009 10:57 pm

Well written site, but nothing that's new to me from a "possible future" perspective, Gesso. What winds me up is that it's so hard to dig up some way reliable information on which to base short to mid term plans. Possibly why many people settle for the intravenous drip-feeding by the mass media.

silvercleave · Post by **silvercleave** » Tue 17 Feb, 2009 9:07 am

Back in the 90's the first sign of recovery was the Baltic Exchange Dry Index rising.......it is now doing just that

gesso · Post by **gesso** » Tue 17 Feb, 2009 9:18 am

Ive given up searching for 24ct news, as everyone puts their own spin on events.
Searching for as many perspectives as possible. I hope to be forewarned and red-flag up and coming 'scraps' that we get drip fed by the terrestial media. As you know history can give us another indication of whats to come, as the people we put in place to sought out these problems (while we deal with the more important Framing situations that threaten our civilisation) are programed to repeat the same mistakes time and time again.

Moglet · Post by **Moglet** » Tue 17 Feb, 2009 1:10 pm

silvercleave wrote:... the Baltic Exchange Dry Index ...

What's that, Ian?

silvercleave · Post by **silvercleave** » Tue 17 Feb, 2009 1:32 pm

The way shipping is priced globally, when the rates go up, we are coming out of recession..........................but they don't say when, it could be 12 months.

Don't blame me if we don't see the end before the Olympics

gesso · Post by **gesso** » Tue 17 Feb, 2009 1:42 pm

This will give you a clearer picture

look under;The shipping rebound is more about supply than demand

http://www.moneyweek.com/investments/st ... 14623.aspx

gesso · Post by **gesso** » Tue 17 Feb, 2009 1:57 pm

this is getting a little Orwellian for my liking Comrade

http://www.youdecidepolitics.com/2009/0 ... overnment/

Framerpicture · Post by **Framerpicture** » Tue 17 Feb, 2009 2:36 pm

We're certainly in unchartered waters-
The media has been full of gloom and doom for some time and with good reason!
This world is a very different place since the last reccesion and the excuberance of wealth we've seen in the last ten years has proved to be unsustainable. Of course its much easier to see this with hind-site but when you discover that the bankers were nothing more than a bunch of chancers and gamblers seeking short term gains its not so suprising we're in the state we are.
My view is we are some way off the seeds being sown for recovery never mind the green shoots- We're currently wading through the mire and soon to be up to our necks in it.

gesso · Post by **gesso** » Tue 17 Feb, 2009 2:55 pm

Framerpicture wrote: We're currently wading through the mire and soon to be up to our necks in it.

I'ld be happy...? for want of a better word. If it stayed there and went no further,
then at least theres a chance.

Framerpicture · Post by **Framerpicture** » Tue 17 Feb, 2009 3:42 pm

I agree totally, but with rapidly rising unemployment and the banks having no liquidity I fear the worse.

However on a brighter note , if you've manage to hang on to your job, mortgage's are now cheaper than they've ever been, fuel is cheaper than 6 months ago , infact most things are being pitched at much lower prices as margins are eroded.

Its my aim this year to break even and I have taken advantage of my low overdraft rate to invest in some (bargain) new ( and second hand) equipment so we can offer a wider variety of services. If by this time next year I've manged to hang on to my 6 staff then I will have achieved my goal.

Bill Henry · Post by **Bill Henry** » Tue 17 Feb, 2009 5:01 pm

The really galling thing to me is that our gum’mint, having realized that aiding the banks directly isn’t working, is now considering “jump starting” the housing market by giving people a $15,000 tax credit if they purchase a house (or, a second home for that matter); and, for those people who defaulted on their mortgage payments, a refinanced 4% loan on the now reduced value of their homes.

In the mean time, the stupid fools such as myself who misguidedly struggled to pay their 6-1/2% mortgage payment every month for the past thirty years get a pat on the back and “thanks from a grateful nation” for being “responsible citizens”.

So, the schemers who tried to milk the system get rewarded for buying a house they knew they couldn’t afford with money that I, as a taxpayer, am giving them. Seem fair?

I’d write to my congressman if only she could read.

gesso · Post by **gesso** » Tue 17 Feb, 2009 5:56 pm

Framerpicture wrote:
I agree totally, but with rapidly rising unemployment and the banks having no liquidity I fear the worse.

However on a brighter note , if you've manage to hang on to your job, mortgage's are now cheaper than they've ever been, fuel is cheaper than 6 months ago , infact most things are being pitched at much lower prices as margins are eroded.

Interest rates will rise within the year as this is the only way the banks will draw in more money while the base rate stays low. This is exactly why they haven't passed on all the falls in rates to us.
As for fuel prices have you read the latest info on falling oil reserves so guess what? yep! fuel will go upwards.

We have never been so well off (even if it is on paper) and this is what will be squeezed out of us whether by devaluing our investments or the value of our currency.

Framerpicture wrote:Its my aim this year to break even and I have taken advantage of my low overdraft rate to invest in some (bargain) new ( and second hand) equipment so we can offer a wider variety of services. If by this time next year I've manged to hang on to my 6 staff then I will have achieved my goal.

Good plan all the best

gesso · Post by **gesso** » Tue 17 Feb, 2009 6:07 pm

Bill Henry wrote:The really galling thing to me is that our gum’mint, having realized that aiding the banks directly isn’t working, is now considering “jump starting” the housing market by giving people a $15,000 tax credit if they purchase a house

MMM....... MIRAS......UREKA!

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