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Copperpot what did you expect , surely not the truth?
DC also made it sound like a farmer and a farmer's small bare cottage...his father in law is gentry and the cottage was a lodge which DC and his wife actually own i.e a second home not just an empty random building.
But let's leave it there..
Hi Interestking, without sounding pedantic I do know quite a bit about autism. My wife worked with young adults that had autistism/aspergers/downs etc etc. When my wife was about to retire we decided to look after a young lady with (primarily) Aicardi syndrome/autism/cerebral palsy/epilepsy/double incontinence/scoliosis/total confinement to a wheelchair and the list goes on.
To get to my point about DC without waffling on too much....both my wife and I have felt unwell during the lockdown, and indeed at one point I had to take to my bed for three days. At no point did we ever consider moving to be with family, we just got on with it. Our GP was diagnosed with C19 and we had been with him at surgery five day's prior to that, so there was some concern. Our daughter needs us by her side 24/7, I forgot to mention that she is totally non verbal and has the mental age of an eighteen month old child. If she is ill we can't ask her how she feels or where it hurts, she doesn't understand. There are many families with these difficult and worrying situations all around the world. Guess what, they get on with it and don't break the spirit of "the agreement" (self isolation at HOME). He jumped the gun and got caught!! We are not irresponsible parents, we would have taken the next step when/if that was indeed necessary. His situation (in my mind) did not necessitate his actions! All the Barnard Castle bullshine makes me sick to the core! My loyalties are with families and frontline workers who stuck to the agreement! Some doctors and nurses never got home to their families for weeks on end, they went to work and then isolated in rooms for rest and sleep. Don't try to convince me that DC did the right thing!
HE GOT CAUGHT OUT, AND ALL HIS CRONIES COLLUDED ROUND HIM AND CONCOCTED A BULLSHINE STORY! That is simply the top and bottom of it. He used a loophole that was never explained to the layman to get a change of scenery and see loved ones! He didn't give a flying fluke to all the families that could not be with loved one during death or funerals. I've voted Tory, I've labour, so there's no allegiances with any party. One thing I've never done is closed ranks to protect a slimy lying toad like DC. All his party cohorts that are defending him should hang their heads in shame. THIS IS ALL ABOUT A NATION, NOT ONE MAN!
Interestking, I don't want to fall out with you bro, let's leave it there.
GLA.
Coppper - very interesting comment and thank you for the positives.
DC and I don’t mean The idiots in Washington has an autistic child who requires specific familiar care. His parental farm is in the middle of nowhere and hence social distancing is virtually irrelevant He travelled with. a family he thought was contaminated,, in a car to take them to somewhere safe.
I now leave it to you to judge.
XX.
The journalists who purport to enlighten us were socially distancing by 1 millimeter when they strummed round his gate - are you sure you supporting that and listening to th B/S you hear on The “News”
Thank you for The after comments however.
Good morning iceberg, I am going to disagree with you on Northern Rock on Tier one capital. The loan book wasn't huge, but the quality of loans was such, that they practically used the maximum LTV's allowed (Basel 2 allowed this ), so they drew more money than any other financial institution from the bank of England, for the size of their loan book. When it all went bad with the selling of SIV's from the American continent, Financial institutions brought what they fought was AAA rated loans. Cannot understand why the organisations that rated these packets of debt, have not been prosecuted. I guess their is a part of the story that I don't have the facts for. My point is Basel two, allowed reckless lending, and when a downturn came, the system collapsed, as they never had enough money to meet the bad debts, but just as important to allow new lending. The original Basel accord made banks behave more cautiously. I think that the graduated Tier1 reserves have been necessary to allow Governments, not to pick up a larger bill. But firmly believe that any bank that does not meet the capital requirements, should not get any more government money, and not be allowed to lend any more on the open market, until the repayments from existing loans, rebalance their books. All the best.
Interestking, you're the very person that had a pop at folk the other day for just mentioning Dominic Cummings. Now here you are talking about everything but SOLG. I'm finding you're chat with Quady very interesting, please carry on....it's good reading and informative. I think it's healthy to have these little chats during the lulls. Please don't berate others for having a bit of off topic banter of an evening when nowt Solg wise is happening. Have a good day matey and cut others a bit of slack during the lulls.
Northern rock's problem wasn't so much it's tier 1 but that it was built on lies and deceit. They kept insisting that they had a tier 1 that was higher but kept lots of things in the closet. It was a vast fraud.
Mr interest. I helped implement Basel 1 and 2. What about 2 was much worse than 1?
're Gordon he was a clown but did one thing that was excellent..on the Friday it all happened, hsbc and Barclays stopped receiving money from Lloyds hbos and RBS. By 12.00 alarm bells were ringing as positions had become huge , billions ..
They refused to return any calls to hsbc and barc. By 13.30 the conference calls with the BofE was alarming...Brown had 1 hr to make a decision as at 14.30 hsbc and barc said they would stop all payments inc customer payments i.e no paying at shops petrol stations. .Brown did in that hour agree to cover any positions and the money flowed until the weekend..
There was no desire to bail out the banks, but it needed doing and a decision in that 1 he period..he made the right decision.
Hi Quady.
You obviously know your stuff, as do I, having fought against Basel 2 and the prospective Basel 3 @ the time.
It was a recipe for disaster as was proved.
The likes of Gordon Brown who sold half of our gold @ $284 (great deal that vis a vis SOLG) perpetrated this and in his 2007Mansion House speech (just months before the disaster) acclaimed to the “Bankers” that they were the best thing since sliced bread!
Q.E.D.
I agree - big trouble still to come as we are still in the same financial indebtedness worldwide and CV 19 hasn’t been computed yet!
P.S. Why didn’t Brown get a job after being ousted? Because the other movers and shakers knew he’d blown it.
GL mon ami.
IK
XX
Good morning Iceberg, thank you for an interesting post, yes I also agree with all you have put. My point on the 2.5% buffer, was it should never have been as low, and banks did hit it, one in particular was Northern Rock, who were lending 125% mortgages, in order to use all their capital reserves believing that dormant money that was not lent out, wasn't increasing the banks profits. I would not have introduced Basel 3, but reverted to the original Basel accord, as this worked. It would have required greater oversight I believe. Unfortunately, we still would have required quantative easing to meet the capital requirements, to allow loans to continue. But , I would only have allowed the level of QE, to meet the required criteria in all loan categories up to 100%. Any financial institution that lent more, would have to pay zero dividends until they were fully capitalised again.
So one of the highest earning hedge fund managers who just happened to own a big slice of CA never used it for his financial benefit? I think you're being a little naive.
Quady I agree with a lot of what you say here..but I was in charge of the tier 1 account for one of the big banks. It never went below 5.2% and can't remember any of them going much below 5% and Basel 2 wasn't per se the problem..it just wasn't the solution it should have been. It should have (even at 5-7%) given the reserves needed..
The problem was what was accepted as tier 1. Tier 1 had to be in measured at midnight each day...so banks often used some interesting techniques to achieve this.
We also had exposure information that wasn't accurate.ie if your cdo is 90% collateralized then you exposure is only 10% and your tier 1 is just based on the 10%. The problem is that your collateralized rate has been guaranteed by Goldman so wasn't accurate.
Your right that the banks knew what was happening but the regulators were mainly people in their 20s with 2-3 years experience. I met a lot of them, they were utter folks and only in place for 6 months so never really knew what they were doing.
Basel 2 wasn't bad it just needed to be strictly enforced by experienced people who knew what they were doing
Good morning interestking, when you talk about the 2008 disaster, I take it you are talking about the banking crash. This was entirely perdictable in 2005. The reason being was the adaptation of Basel two. In particular capital tier lending ratio one, that was reduced on its 100% book, from 7% to 2.5%, so banks could lend the same amount, with only 1/3 of the capital reserves. It was a self made problem, by greedy European governments, which was made worse, by the credit reference agencies, giving packaged mortgage debt, triple A ratings, and passing it from financial institution to financial institution, in the form of SIV's ( structured investment vehicles ). Everyone saw this coming, governments were warned, but took no notice, as they wanted, and some would argue needed, the extra tax take on the increased lending. This enabled mortgages above 100%. Governments, should have cut their costs, as you couldn't tax most of Europe any more. France, still has to go through this correction. So have to disagree, the tools are there. The problem is the willingness of governments, particularly in the EU area. By the way, another banking crash is on the way in Europe, within 5 years, if proper enforcement of Basel 3, is not strictly adhered too. As lending, against capital reserves, is starting to rise again. Governments, will not take the decisions required, and Covid19 has made the situation worse.
Hi Quady
The problem with your point is that “The Authorities” employ underpaid folks to oversee over paid folks and therein lies the dilemma.
No disrespect intended to anyone but I’ve worked with both sides of that equation and the difference is quite alarming.
Refer to 2008 financial disaster – “The Authorities” didn’t have a clue what was happening, what had occurred and how to deal with it.
Which is why The Western World is effectively bankrupt- and that’s before CV19.
GL
IK
XX
Hi Shipright, Cambridge Analytica don't do this. As for the algorithms employed, these are also executed, by the regulatory authorities, to find insider dealing, and unusual buying and selling patterns. The big players have too much to lose. This is not the 1980's. So guess we will have to agree to disagree.
BHP not holding back the price.
Now, I'm not saying they are or aren't.
With the advent of AI everything has changed. If you have the correct It team on your side you can do anything. Manipulating a share is small beans in comparison to what the likes of Cambridge Analytica were doing several years ago.
Please don't tell me they have just gone and buried their expertise.
The whole world is now in a situation where anything can be bought or won by employing the correct IT team.
You are more than welcome to refute this but I'm afraid you will be wrong if you do.