T W A U ... The Chase...from...
Film, Media & TV2 mins ago
Jumping on the bandwagon
The banks almost brought this country to its knees through their greed and ineptitude and their bailout which for which we had to loan thousands of billions of pounds will take years to pay back. They sent us into recession, made many unemployed, services have been cut and taxes have risen for all as a result.
And yet 5 years later nothing has really done about them. No regulation, no breakups, business as usual. The Government have gone out of their way to resist all calls for reform.
Then suddenly we hear
// David Cameron has said that cleaning up Britain’s discredited and “shoddy” banks is a priority for the Government on a par with cutting the country’s debts. //
Do you think this will happen? Is this not merely paying lip service and the Prime Minister is saying what we want to hear but in the end the Banks will stay largely the same. Or they will say it will take 10 years to implement.
Do you think anything will change?
And yet 5 years later nothing has really done about them. No regulation, no breakups, business as usual. The Government have gone out of their way to resist all calls for reform.
Then suddenly we hear
// David Cameron has said that cleaning up Britain’s discredited and “shoddy” banks is a priority for the Government on a par with cutting the country’s debts. //
Do you think this will happen? Is this not merely paying lip service and the Prime Minister is saying what we want to hear but in the end the Banks will stay largely the same. Or they will say it will take 10 years to implement.
Do you think anything will change?
Answers
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I think amongst the public there is an appetite for change, but given the less than transparent practices of banking, I think it is difficult to identify those measures that would be of greatest benefit.
I am not sure politicians and government have the appetite for the fight - banks and bankers and their lobbyists have been far too close to successive governments and I fear that this will remain broadly unchanged.
I think if most of the measures recommended in the Vickers report are implemented, that would be a major step forward in proper regulation and control of the financial services sector.
I am not sure politicians and government have the appetite for the fight - banks and bankers and their lobbyists have been far too close to successive governments and I fear that this will remain broadly unchanged.
I think if most of the measures recommended in the Vickers report are implemented, that would be a major step forward in proper regulation and control of the financial services sector.
things could change back to the way they were before Maggie unleashed the banks, with restrictions on what business they do and the way they do it. But politicians are too enthralled by the world of big money to do it.
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A couple of articles in the Guardian on this subject worthy of a read, i think...
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Banks know that there is not a chance in hell they will be left to sink if things go wrong, as has been shown by recent events and bailouts.
which means they also know they can do what they want and take whatever risks they want, because they'll always be saved.
Its business as usual as it always has been and always will be in the future
which means they also know they can do what they want and take whatever risks they want, because they'll always be saved.
Its business as usual as it always has been and always will be in the future
Whilst I share the concerns I think it should be pointed out that (a) the banking crisis of 2008 was a worldwide crisis rather than just an issue with UK banks, and (b) and there have been breakups- for example Lloyds TSB is being divvied up and Nat West and RBS had to sell off branches on competition grounds (although as Santander bought many I'm not sure how that helped). I also thought that investment and other parts had to be separated but I'm not sure whether that has started yet.
As for no regulation, I think questions need to be asked of the FSA. I worked for a bank and know how the FSA had us running scared with their compliance visits, but given that they clearly failed to pick up some major issues I wonder whether they were looking in the wrong places
As for no regulation, I think questions need to be asked of the FSA. I worked for a bank and know how the FSA had us running scared with their compliance visits, but given that they clearly failed to pick up some major issues I wonder whether they were looking in the wrong places
How odd it is to read that (quote) "The banking crisis of 2008 was a worldwide crisis rather than just an issue with UK banks." I thought it was now accepted gospel that it was entirely down to Gordon Brown, who was the CEO of Lehman Brothers, Managing Director of Northern Rock, Chancellor of Iceland and performing a host of other worldwide moonlighting jobs!
well, I've heard that, QM... but as I keep pointing out, it goes back to Maggie and her Big Bang, involving massive deregulation of banking activities. US banks had to follow suit to compete, and the rest is history (and economics).
My proposal that all Tory voters be publicly flogged for electing her also tend to fall on deaf ears.
My proposal that all Tory voters be publicly flogged for electing her also tend to fall on deaf ears.
Venator,
Margaret Thatcher did indeed throw off a lot of the shackles on the banks when she heralded the so called "Big Bang". John Major continued it as did Blair and Brown. It was convenient to do so as the Financial Sector was doing great. Brown gets the blame because he was resident in No.10 when this house of cards collapsed, but the truth is it could have happened anytime to Thatcher, Major or Blair.
Margaret Thatcher did indeed throw off a lot of the shackles on the banks when she heralded the so called "Big Bang". John Major continued it as did Blair and Brown. It was convenient to do so as the Financial Sector was doing great. Brown gets the blame because he was resident in No.10 when this house of cards collapsed, but the truth is it could have happened anytime to Thatcher, Major or Blair.
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