Current Affairs The Conservative Party

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Bruce Wayne said:
She's coming across a bit deranged there. I get that it probably doesn't sit easily with people who view the sector negatively and wish we got back to making things again, but whether we like it or not, financial services is the biggest and most globally competitive industry we have as a country, so the government of the day doing things to support that industry isn't "that" unusual. To call it stripping the country of its dignity is an incredible use of language. Would she regard the huge subsidies being given to the steel industry in the same way?

I get she doesn't like the sector, but it contributes 8% of all economic output, 3% of all jobs, over 4% of all taxes, and generated a trade surplus of some £40bn, which probably makes it our biggest exporter by some distance. Maybe the question should be whether we should be doing "more" to support it rather than less?

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Huge subsidies ?

www.theguardian.com

UK offers £600m help to try to keep last steel plants going and save jobs

Jeremy Hunt expected to confirm support for British Steel and Tata to employ lower-emissions technology
www.theguardian.com www.theguardian.com
 
Bruce Wayne said:
The Premier League is another hugely successful British export, and it too generates the most successful participants obscene amounts of wealth. Would we advocate that the government intervenes and dictates how much players can be paid? The arts are a similarly strong export for the country, and I suspect Ed Sheeran or Adele earn far more than singers in the Royal Opera House, despite (IMO) the latter being more talented and artistically worthy. Should the government intervene there too?
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What EPL footballers, Ed Sheeran and Adele earn and how they earn it doesn't effect me, you or anyone else. Banking, bankers and finance does. We all lived through the last recession and that's precisely why the regulations and bonus caps were put in place - to help prevent likely abuse.

Carol is absolutely right. This bill is not good news.
 
Nightman said:
What EPL footballers, Ed Sheeran and Adele earn and how they earn it doesn't effect me, you or anyone else. Banking, bankers and finance does. We all lived through the last recession and that's precisely why the regulations and bonus caps were put in place - to help prevent likely abuse.

Carol is absolutely right. This bill is not good news.
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Have you read the bill? It's 300 odd pages. I'd be interested in your assessment of it and precisely which bits are bad. Seems quite a lot of Johnson being shown up by Andrew Neill at play here. Everyone is outraged by something they haven't read.
 
Bruce Wayne said:
Have you read the bill? It's 300 odd pages. I'd be interested in your assessment of it and precisely which bits are bad. Seems quite a lot of Johnson being shown up by Andrew Neill at play here. Everyone is outraged by something they haven't read.
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I lived through the last recession and the banks and banker's were found to be rotten to the core.

My point stands - the regulations and bonus caps that were put in place to stop abuse of the system and unfettered gambling by the banks - the Tory's want rid of.

No I haven't read the bill, but I could turn the question on its head and ask you what's in it that makes you want to defend it?
 
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Bruce Wayne said:
So foreign steel is OK for national security as long as its based here, but a Tata plant in India would be a grave threat?
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Testing and standards are more easily applied here, there's also someone to blame if there are corners cut and a poor batch is produced and fobbed off as structurally sound. Microstructure fails in welds of steel with boron involved is an issue. It's important to know whats in your RSJ's.
 
Nightman said:
I lived through the last recession and the banks and banker's were found to be rotten to the core.

My point stands - the regulations and bonus caps that were put in place to stop abuse of the system and unfettered gambling by the banks - the Tory's want rid of.

No I haven't read the bill, but I could turn the question on its head and ask you what's in it that makes you want to defend it?
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I'm not defending it. People are saying it's destroying our dignity, I'm just asking which bits are doing that. It feels like we're outsourcing our thinking to whomever is outraged about something today. Then a week later it's forgotten about and we're outraged by something else.
 
Bruce Wayne said:
Phwoar, I love it when you talk all technical.
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If you like that, you're gonna love... deregulating finance, lets checkout the american sub prime fiasco, selling property to people that couldn't afford them, instead of reeling in peoples wildest dreams, 'W' had promised to back the first 5 years of the mortgage with state funding, so the brokers insured against defaults and sold on the debt (toxicity due to its scale). They've pocketed their fee's and are off down the road, like cowboy builders. Defaults happen, people dumped on the streets and suddenly great swathes of towns were abandoned. The need for homes was still there, the money simply wasn't, so now the banks are sat on foreclosed properties that are going unmaintained. Eventually the base stock falls apart and is worth only the plot its stood on.

There's regulation of medicine, of vehicle safety, of food additives and livestock care. With the tories on a campaign of harm and a flawless record of delivery I consider their every move with as much suspicion as I can muster - alls I see from bulldozing the rules around finance is a free for all for their pals down the brokerage and a few kick backs. It's usually all great going till the music stops and it's time to pay the piper.... off down the road, like cowboy builders. Let someone else clean up the mess.... "I'm alright Jack..."

Maybe I'm just cynical in my advancing years...
 
Rita_Poon said:
If you like that, you're gonna love... deregulating finance, lets checkout the american sub prime fiasco, selling property to people that couldn't afford them, instead of reeling in peoples wildest dreams, 'W' had promised to back the first 5 years of the mortgage with state funding, so the brokers insured against defaults and sold on the debt (toxicity due to its scale). They've pocketed their fee's and are off down the road, like cowboy builders. Defaults happen, people dumped on the streets and suddenly great swathes of towns were abandoned. The need for homes was still there, the money simply wasn't, so now the banks are sat on foreclosed properties that are going unmaintained. Eventually the base stock falls apart and is worth only the plot its stood on.

There's regulation of medicine, of vehicle safety, of food additives and livestock care. With the tories on a campaign of harm and a flawless record of delivery I consider their every move with as much suspicion as I can muster - alls I see from bulldozing the rules around finance is a free for all for their pals down the brokerage and a few kick backs. It's usually all great going till the music stops and it's time to pay the piper.... off down the road, like cowboy builders. Let someone else clean up the mess.... "I'm alright Jack..."

Maybe I'm just cynical in my advancing years...
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Believe it or not, I don't disagree. I was just hoping someone had read the thing and could point out precise problems.
 
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