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megamartin123

Listed below are comments made by megamartin123 between Tuesday, 7th October 2008 and Wednesday, 25th March 2009.

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Gilts and guilt 5:16pm on 25 Mar 2009 Nr 6 - one of the most poignant posts for a long time.

All the macro news masks what is really going on out there and how bad it is.
Lloyds and HBOS humbled 7:55pm on 13 Feb 2009
"Owners of capital will stimulate the working class to buy more and more expensive goods, houses and technology, pushing them to take more and more expensive credits, until debt becomes unbearable.

The unpaid debt will lead to the bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to Communism. "

Karl Marx, 1867.

This is a true quotation - look it up on the web!
Why Sir James Crosby resigned 8:23pm on 11 Feb 2009 No doubt Sir James is the sort of person referred to as 'talent' in the bonus debate.

I am rapidly coming to the conclusion that banking 'talent' is a synonym for greed and incompetence.

The banking sector has a massive credibility problem right now. I think we are just seeing the tip of the iceberg as well.
Obama biffs bonuses 6:19pm on 04 Feb 2009 How about a new twist on this for bankers?

"Pay back the bonuses you creamed off over the last X years or you are fired?"

This way, some of the historic bonuses can go into a pot to reduce the tax payers bail out burden.

Those who don't want to pay back can be the first to go, as the banks cut back anyway, thereby savings costs as well. Those who pay back get some job protection.

Seems fair to me.
China's moment 1:52pm on 26 Jan 2009 I am reminded of a BBC news piece a few years ago showing container ships full to the brim, heading down the Channel before the run up to Christmas in the UK.

Probably a vast amount of what they brought over is now in landfill somewhere in the UK (e.g. unwanted Xmas presents, junk products etc).

It is an absurd waste of global resources and a totally unsustainable way of living.

Hopefully China can encourage its own people to buy what it makes instead of sending it all our way, although globally this doesn't help the environment either.

Perversely, the credit crunch could be one of key drivers of a more sustainable lifestyle (e.g. less gas guzzlers, less unnecessary imports etc), however painful in the short-term for those impacted economically.
Sterling challenge for UK shops 4:39pm on 06 Jan 2009 Can someone clarify my thinking?

Is the pound likely to stay in the doldrums for long?

As it is so low now, imports are expensive, so companies will increase their prices, thus causing inflation eventually (compounded by potential govt spending). Thus interest rates will rise, therefore pushing Sterling up against the Euro/$.

Is this thinking correct? If so, how long before inflation kicks in and Sterling increases (end 09, first half 10, sooner?).
The New Capitalism - in video 3:36pm on 21 Dec 2008 Robert,

A good analysis.

However, I am not so optimistic that the new capitalism will be a fairer, gentler version.

We have had the dot com boom followed by the house price boom. It may take some time before the next one materialises, but as soon as it does (the green boom?). it will be the same thing all over again. Unfortunately, greed is part of human nature.
Varley: credit to shrink for up to two years 06:21am on 20 Dec 2008 The problem will be to regain trust with the banks whilst the same people are in charge and more importantly, the same (bonus) culture that encourages greed.

It is a real shame we can't just swap out the senior management of the leading financial institutions and replace with successful managers of small-medium sized businesses, who are the savours of our economy.

Whilst a lot is made of the complexities of modern finance, the actual (senior) management of it is probably pretty straight-forward and based on common business sense, something that has been sorely lacking.
Fixing the Jag 9:12pm on 18 Dec 2008 Politicians are living in denial.

The world has changed.

The Old World:
- borrow, borrow, borrow
- gaz guzzler cars as status symbols; no regard for the environment
- mass consumption of enviro harmful products shipped from China

The Future
- live within your means
- reduce consumption of rubbish products we can live without
- switch to low enviro impact products
- basically, live a sustainable lifestyle

The government should support industries with a future, like internet infrastructure, hi-tech, enviro friendly technology etc and let old ones go to the wall.

Painful, but we don't have time to live through denial, realisation, change; just do it now. The majority of the country knows this is the way to go. Why can't our politicians see the light?!!
Banks' most pressing problem 6:09pm on 07 Oct 2008 As someone who has just left the UK due to its depressing slide into materialism, this crisis is exactly what the country needs; a wake up call before it is too late.

Hopefully it will bring back a few basic values like:

* work related to reward
* living off money you have saved, not borrowed
* time away from work to spend with your family
* teaching your kids some meaningful values in life
* re-developing communities again
* a sustainable and lower resource intensive lifestyle

The banking crisis shouldn't be fixed with sticky tape; let the shake-out begin and let everyone look at themselves in the mirror and ask themselves how they are going to change?

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