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  #121  
Old 11th February 2012, 02:05 AM
ratcatcher ratcatcher is offline
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Originally Posted by rhondda rudie View Post
Accusing people of sucking up sounds like the ramblings of someone who can only make themselves feel better by trying to make someone else feel bad.My conversations with Jimmy on here tend to revolve around 3 things.

1 UB40's music

2 Politics and social issues,where we agree most of the time but not always.Logical really,the band's outspoken political stance has always appealed to me.

3 Banter-where we take the p*ss out of ourselves,each other and everything else that moves but never with the intention of hurting anyone.Can you say the same?
1. occasionally

2. yep - just recently I corrected some half baked theories about the credit crunch

3. all the time
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  #122  
Old 11th February 2012, 12:54 PM
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ah, but that's not entirely correct is it rodent.

you claimed that the 2008 credit crunch originated in the USA. You even named bush and his administration as the main culprits when it came to de-regulation. Your reasoning was that most of the toxic debt was built around sub-prime real estate, which, once the bubble was burst had a knock-on effect for the rest of the world. You even suggested that I was unable to grasp the "global nature" of the financial markets.

seems a reasonable argument. Particularly given the way mainstream media has represented it.

but I think it's a bit more complex than that.

My argument is this.
the problem may have originated in the USA because the housing bubble had burst, but the debt was kept off the books by re-packaging and selling it on. The financial sector came up with ever more complex products that it launched on the market that weren't worth the paper they were written on. This is where the city of london cam in. because the US laws were more strict than the, even MORE unregulated city of london, the city was where these financial institutions turned. That's why lehmannns, who were the first to go, opened their new office in london in 2006. So de-regulation in the UK meant that the companys coul;d spin it all out further. Something that tighter american law didn't allow them to do. This is because of the "global nature" of financial corporations.
The city of london is THE major player when it comes to global finance. This is why cameron and his millionaire chums are so protective of "the city". The tory party is financed and controlled by the city. And this is why most of the rest of the world want to put pressure on the city to bring in more regulations. It has removed the checks and balances that most other countries [including the USA] have in place. the city has a global reach, and most major global financial transactions go through, and are facilitated by, the city of london. Like the vatican, it has the ability to make it's own laws. Which is a freedom most other countries, including the US and wall street don't have.

there is nothing "half-baked" about my so-called theory. And it isn't a theory, it's a fact. The information is out there. It's just that you have to dig a bit deeper than a couple of financial websites and the BBC to get to them. I wish I could remember the name of the product that lehman's launched on the global market [via the city, not via wall street], but it will come back to me evntually. It was this complex product [so complex that even lehman's didn't understand it] that eventually caused the whole edifice to come crumbling down. I never denied that the main debt came from the US real estate bubble. what I am saying is that lack of regulation in the city of london allowed it all to get too out of hand.

hope this clears thing up.

Last edited by JB40; 11th February 2012 at 02:04 PM.
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  #123  
Old 11th February 2012, 12:59 PM
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rhondda rudie rhondda rudie is offline
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Afternoon comrade,watching the rugby today? Don't you dare burst into Swing Low.
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  #124  
Old 11th February 2012, 01:20 PM
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rugby comrade ??
what's that then ??

I'm just about to watch Man U and Liverpool.
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  #125  
Old 11th February 2012, 01:22 PM
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rugby comrade ??
what's that then ??

I'm just about to watch Man U and Liverpool.
And me.

What's that then?? Bet you didn't say that to Martin Johnson.
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  #126  
Old 11th February 2012, 01:25 PM
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not while he was around I didn't. Not someone you want to upset is he ??
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  #127  
Old 11th February 2012, 01:35 PM
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not while he was around I didn't. Not someone you want to upset is he ??
Too right.It's a small world.The cousin of the other player interviewed,Dorien West, (Homegrown in Holland DVD,Swing Low at the NEC) lives in my village.
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  #128  
Old 11th February 2012, 02:16 PM
ratcatcher ratcatcher is offline
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Quote:
Originally Posted by JB40 View Post
ah, but that's not entirely correct is it rodent.

you claimed that the 2008 credit crunch originated in the USA. You even named bush and his administration as the main culprits when it came to de-regulation. Your reasoning was that most of the toxic debt was built around sub-prime real estate, which, once the bubble was burst had a knock-on effect for the rest of the world. You even suggested that I was unable to grasp the "global nature" of the financial markets.

seems a reasonable argument. Particularly given the way mainstream media has represented it.

but I think it's a bit more complex than that.

My argument is this.
the problem may have originated in the USA because the housing bubble had burst, but the debt was kept off the books by re-packaging and selling it on. The financial sector came up with ever more complex products that it launched on the market that weren't worth the paper they were written on. This is where the city of london cam in. because the US laws were more strict than the, even MORE unregulated city of london, the city was where these financial institutions turned. That's why lehmannns, who were the first to go, opened their new office in london in 2006. So de-regulation in the UK meant that the companys coul;d spin it all out further. Something that tighter american law didn't allow them to do. This is because of the "global nature" of financial corporations.
The city of london is THE major player when it comes to global finance. This is why cameron and his millionaire chums are so protective of "the city". The tory party is financed and controlled by the city. And this is why most of the rest of the world want to put pressure on the city to bring in more regulations. It has removed the checks and balances that most other countries [including the USA] have in place. the city has a global reach, and most major global financial transactions go through, and are facilitated by, the city of london. Like the vatican, it has the ability to make it's own laws. Which is a freedom most other countries, including the US and wall street don't have.

there is nothing "half-baked" about my so-called theory. And it isn't a theory, it's a fact. The information is out there. It's just that you have to dig a bit deeper than a couple of financial websites and the BBC to get to them. I wish I could remember the name of the product that lehman's launched on the global market [via the city, not via wall street], but it will come back to me evntually. It was this complex product [so complex that even lehman's didn't understand it] that eventually caused the whole edifice to come crumbling down. I never denied that the main debt came from the US real estate bubble. what I am saying is that lack of regulation in the city of london allowed it all to get too out of hand.

hope this clears thing up.
so your proposition is that the crunch originated in the U.S. but then again it didn't?
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  #129  
Old 11th February 2012, 02:40 PM
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don't see why your having trouble with this one rodent. it isn't THAT difficult.

it's quite straight forward.

no need to repeat anything again.
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  #130  
Old 11th February 2012, 02:58 PM
mariska mariska is offline
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now boys behave as grown-ups LOL (love this)
nice reads
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