| "Brexit recession warning from RBS boss" 08:03 - Oct 4 with 3301 views | Keno |
isn't that statement a tad ironic coming from the boss of the bank that basically triggered the financial crash and the recession that followed? |  |
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| "Brexit recession warning from RBS boss" on 10:09 - Oct 4 with 1204 views | No9 |
| "Brexit recession warning from RBS boss" on 09:50 - Oct 4 by Keno |
you could actually argue that whatever the trigger was the slow burn fuse was the removal of successive layers of banking regulation, banking liquidity measures and, run the UK specifically, taking oversight away from the bank of England
(oversight was given to a group so inept they make the lookout on the titanic seem eagle eyed - the FCA) |
Thw question of how much the banks either lied or withheld the facts of their borrowing and liquidity from government.
As an example HSBC knew what was coming and started to call in loans they considered problemsome -what did they know as it was in the US as well as here.
The situation isn't that much better now if fact on performance the FCA is much worse than the FSA was. |  | | |
| "Brexit recession warning from RBS boss" on 10:14 - Oct 4 with 1212 views | StokieBlue |
| "Brexit recession warning from RBS boss" on 10:09 - Oct 4 by No9 |
Thw question of how much the banks either lied or withheld the facts of their borrowing and liquidity from government.
As an example HSBC knew what was coming and started to call in loans they considered problemsome -what did they know as it was in the US as well as here.
The situation isn't that much better now if fact on performance the FCA is much worse than the FSA was. |
That's not really true.
Nobody expected the Lehman collapse and thus the essential end of interbank liquidity at the time.
The situation is vastly better now.
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
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| "Brexit recession warning from RBS boss" on 10:18 - Oct 4 with 1192 views | No9 |
It isn't just that GDP has been based on consumption it is that the consumption feuling that growht has been achieved by debt. That must be lining the UK up for another recession ?
Then there is the contraction of industry (less tax income) Carrillion went bust and according to the industry the sub contractor failure now stands at 780.
On top of the high street woes restaurants as well as retailers, LR/Jag go on a 3 day week, Mini will close for at least a month at the end of March 19, Toyota say they may close for an indefinate period - none of that will help brexit or no brexit.
Last night it was announced one of the UK's biggest chicken suppliers was about to go under.
One could be forgiven for thinking the recession has already commenced? | | | |
| "Brexit recession warning from RBS boss" on 10:20 - Oct 4 with 1204 views | Pinewoodblue |
| "Brexit recession warning from RBS boss" on 10:14 - Oct 4 by StokieBlue |
That's not really true.
Nobody expected the Lehman collapse and thus the essential end of interbank liquidity at the time.
The situation is vastly better now.
SB |
Hasn't Trump rolled back regulation on all but the largest banks. |  |
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| "Brexit recession warning from RBS boss" on 10:26 - Oct 4 with 1179 views | No9 |
| "Brexit recession warning from RBS boss" on 10:14 - Oct 4 by StokieBlue |
That's not really true.
Nobody expected the Lehman collapse and thus the essential end of interbank liquidity at the time.
The situation is vastly better now.
SB |
It may be at international level but not here, well not as far as the FCA is concerned.
& UK borrowing / debt, accoring to official figures is now worse than it was in 2006/7/8.
When Mr Hammond announced the 'eye watering debt' at circa 85% gdp he conceded the economy is not now as well placed as it was when the bankers crash happened.
There are a lot of problems in UK business at the moment and the governemtn have yet to sort out the Carrillion mess | | | |
| (No subject) on 10:28 - Oct 4 with 1177 views | No9 |
| (No subject) on 08:56 - Oct 4 by Pinewoodblue |
Strange how small and medium businesses seem less concerned, perhaps they see an opportunity |
More like it is strange how many small to medium size businesses have been badly damaged by RBS? | | | |
| "Brexit recession warning from RBS boss" on 10:32 - Oct 4 with 1164 views | BanksterDebtSlave |
| "Brexit recession warning from RBS boss" on 09:49 - Oct 4 by factual_blue |
Should I be investing in a large quantity of tinned food? |
Always, plus water purifiers and generator. (Oh and gold and a gun!) |  |
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| "Brexit recession warning from RBS boss" on 10:33 - Oct 4 with 1176 views | StokieBlue |
| "Brexit recession warning from RBS boss" on 10:26 - Oct 4 by No9 |
It may be at international level but not here, well not as far as the FCA is concerned.
& UK borrowing / debt, accoring to official figures is now worse than it was in 2006/7/8.
When Mr Hammond announced the 'eye watering debt' at circa 85% gdp he conceded the economy is not now as well placed as it was when the bankers crash happened.
There are a lot of problems in UK business at the moment and the governemtn have yet to sort out the Carrillion mess |
That has nothing to do with the state of the banks which you said is worse.
You are conflating different subjects.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| "Brexit recession warning from RBS boss" on 10:35 - Oct 4 with 1169 views | StokieBlue |
| "Brexit recession warning from RBS boss" on 10:20 - Oct 4 by Pinewoodblue |
Hasn't Trump rolled back regulation on all but the largest banks. |
Yes, but as you say, not on the large banks that can cause things like 2008.
They are subject to far more regulation now, especially with regards to capital ratios and incorporating funding and risk charges into their numbers.
This is of course a good thing.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| "Brexit recession warning from RBS boss" on 10:36 - Oct 4 with 1153 views | BanksterDebtSlave |
| "Brexit recession warning from RBS boss" on 10:14 - Oct 4 by StokieBlue |
That's not really true.
Nobody expected the Lehman collapse and thus the essential end of interbank liquidity at the time.
The situation is vastly better now.
SB |
Better for who? I suppose now that austerity is over though we are all going to share in the joy!  | |
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| "Brexit recession warning from RBS boss" on 10:42 - Oct 4 with 1144 views | No9 |
| "Brexit recession warning from RBS boss" on 10:33 - Oct 4 by StokieBlue |
That has nothing to do with the state of the banks which you said is worse.
You are conflating different subjects.
SB |
As the banks lend to the puplic and borrowing is now worse than at any time since the late 80's the two are not entirely divorced are they?
Bank lending, one way and another, has only made gdp look better than it is & created a bubble that looks like bursting | | | |
| "Brexit recession warning from RBS boss" on 10:51 - Oct 4 with 1137 views | hampstead_blue |
There is a rather large error with the OP.
The boss who led RBS into oblivion was Fred Goodwin.
The last two chaps have done a cracking job in bringing it back (of course there are bits which are not perfect, for the pedants out there).
RBS is a completely different bank. |  |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
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| "Brexit recession warning from RBS boss" on 10:53 - Oct 4 with 1128 views | StokieBlue |
| "Brexit recession warning from RBS boss" on 10:36 - Oct 4 by BanksterDebtSlave |
Better for who? I suppose now that austerity is over though we are all going to share in the joy! |
Surely better regulation with more oversight and better capitalisation is better for everyone?
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| "Brexit recession warning from RBS boss" on 10:53 - Oct 4 with 1124 views | No9 |
| "Brexit recession warning from RBS boss" on 10:51 - Oct 4 by hampstead_blue |
There is a rather large error with the OP.
The boss who led RBS into oblivion was Fred Goodwin.
The last two chaps have done a cracking job in bringing it back (of course there are bits which are not perfect, for the pedants out there).
RBS is a completely different bank. |
You are forgetting the recent scandals regarding SME's | | | |
| "Brexit recession warning from RBS boss" on 10:54 - Oct 4 with 1125 views | Keno |
| "Brexit recession warning from RBS boss" on 09:58 - Oct 4 by StokieBlue |
Certainly that was a factor, however the main issue with regards to regulations was the reduction of the amount of tier 1 capital banks had to hold and the changes to allow massive leverage (the removal of regulations actually started in the 80's in the US). It meant that when the interbank lending market dried up there was nowhere to access the liquidity they needed to cover their leveraged positions which were about to roll. That market dried up due to the collapse of Lehman which was itself due to a contraction in house prices in the US, especially in the sub-prime sector which lead to lots of defaults on mortgages.
It's actually quite an interesting subject and fairly complicated, but as I said, I don't think many people care anymore. Happy to go into it in more depth if you like though!
SB |
It certainly was interesting and the best 'simple' explanation I heard was the Banks got caught in their own kite flying exercise | |
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| "Brexit recession warning from RBS boss" on 10:55 - Oct 4 with 1123 views | hampstead_blue |
| "Brexit recession warning from RBS boss" on 10:53 - Oct 4 by No9 |
You are forgetting the recent scandals regarding SME's |
My words in () were meant to include that. | |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
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| "Brexit recession warning from RBS boss" on 12:24 - Oct 4 with 1092 views | factual_blue |
| "Brexit recession warning from RBS boss" on 10:51 - Oct 4 by hampstead_blue |
There is a rather large error with the OP.
The boss who led RBS into oblivion was Fred Goodwin.
The last two chaps have done a cracking job in bringing it back (of course there are bits which are not perfect, for the pedants out there).
RBS is a completely different bank. |
I doubt very much that a financial professional like Keno would realise that, so thanks for putting him straight. |  |
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| "Brexit recession warning from RBS boss" on 12:56 - Oct 4 with 1075 views | dalianwasexciting |
| "Brexit recession warning from RBS boss" on 10:01 - Oct 4 by StokieBlue |
Yes, ~65% government owned.
SB |
I have to say that if this goes as wrong as I suspect it will, then our worries about our manager will pale into massive insignificance. |  |
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| "Brexit recession warning from RBS boss" on 13:01 - Oct 4 with 1074 views | StokieBlue |
| "Brexit recession warning from RBS boss" on 10:54 - Oct 4 by Keno |
It certainly was interesting and the best 'simple' explanation I heard was the Banks got caught in their own kite flying exercise |
Unfortunately a number of things happened which caused what were essentially feedback loops which made things worse and worse.
The actual trigger to everything was the drop in US house prices which meant that sub-prime lenders couldn't remortgage and were placed onto the non-fixed rates at the end of their terms (upwards of 15%). Products built on these mortgages then were hit, which pushed Lehman over the edge which then prompted banks to stop lending to each other which again then hit the sub-prime and alt-a mortgage holders because now they couldn't remortgage because the banks were unwilling to lend as they didn't know where they could get more funds if they did.
It went on from there.
Happy to provide more detail if anyone actually cares - things have moved on.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| "Brexit recession warning from RBS boss" on 14:16 - Oct 4 with 1044 views | GeoffSentence |
| "Brexit recession warning from RBS boss" on 10:51 - Oct 4 by hampstead_blue |
There is a rather large error with the OP.
The boss who led RBS into oblivion was Fred Goodwin.
The last two chaps have done a cracking job in bringing it back (of course there are bits which are not perfect, for the pedants out there).
RBS is a completely different bank. |
Where's the error?
Keno didn't say it was the current boss who led us into oblivion, he said that this was from 'the boss of the bank that...'
The bank that led us into oblivion was the RBS.
The statement was by its boss. |  |
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| "Brexit recession warning from RBS boss" on 16:51 - Oct 4 with 1023 views | BanksterDebtSlave |
| "Brexit recession warning from RBS boss" on 10:53 - Oct 4 by StokieBlue |
Surely better regulation with more oversight and better capitalisation is better for everyone?
SB |
We're all bankers now! | |
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