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magicjack10000

Listed below are comments made by magicjack10000 between Wednesday, 21st May 2008 and Monday, 16th March 2009.

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The Goldman infallibility myth 7:00pm on 16 Mar 2009 #8
So true... I knew this bloke called Gordon once... full of himself? I should say so... reckoned he had fixed it so there would be "no more boom and bust"... turned out he believed it himself and loads of people believed him too!!! Some even borrowed 10x their income to buy houses and some even became landlords and bought loads of flats to rent to people who then couldn't afford the crazy prices that happenned as a result. Insane!!! In the end Gordon just stopped talking about it... nobody cared... none of his peers ever really tackled him on it... loads of people just ended up in loads of debt... don't know where he ended up... probably running the country, or saving the world or something now!!!
Treasury's mortgage rescue plan 7:43pm on 29 Jul 2008 The house price bubble was the wound, the credit crunch is the scab, allowing the wound to heal. The Government have got it the wrong way round and try to pick the scab and put crappy plasters on - LEAVE IT ALONE AND STOP BODGING! It will fix itself.
Brown is the Fiscal Rules 5:34pm on 18 Jul 2008 The reality is it's kind of like you or I looking like we are about to go over our agreed overdraft, and contacting the bank manager beforehand to increase the limit.

The worrying thing for me is that, the supposed boom over the last 10 years or relative economic prosperity should have resulted in Tony/Gordon to have put a bit away for a rainy day or credit crunch or "fix the roof".

Instead, just like all those people that have £000's on credit and are still continuing to spend in the face of a recession, Gordon's told Darling that all the cards are maxed, so he needs to get another card to spank. Just like a good boy, he's done what he's told. The problem, like all those people who are in debt have found, is that you can't go on borrowing forever - it catches up with you in the end.

Face up to it Brown and Darling - you've not put any money away and now the UK Taxpayer is going to end up paying even more in all kinds of inventive stealth taxes that are passed off as environment saving taxes.
HBOS, UBS and Sants 2:06pm on 21 May 2008 Seems like scary stuff.

Assets sold at 30% discount with only 25% down-payment.

Does this mean that UBS was so short of cash that, they were prepared sell at this price to trouser the £3.75Bn up front or have they called the true value of MBS's?

What does this all mean in terms of the risks the Gov't have taken with Northern Rock?

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