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baypond

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Everything posted by baypond

  1. What I genuinly find difficult to work out is why everyone talks about 'too big to fail' and those large banks should be broken up. When you look at the recovery of Lloyds, RBS and banks like Citibank in the US, the banks are all returning a profit to the treasuries. The banks that were allowed to fail ie Northern Rock and Lehmans and all the small regional banks in the U.S and building socirties in the UK will never be able to repay. Too big to fail just doesn't make any sense. What they need to do is to regulate ALL banks in a way that makes economies more sustainable and less prone to shocks.
  2. I am almost ashamed to say that I bought some swallow nests from the RSPB, and they will be on the lorry to France in two weeks. Why did I not build them? Well for a start I am totally and utterly useless at any form of DIY, and two, I just don't seem to be able to find the time. However, I am concerned because I know that swallows like flying through windows in to fairly dark barns to nest. We have a large farm barn (largely metal framed) that doesnt have any natural fixing points for either natural or man made nests. So, should I place a wooden beam with attached plank at right angles on to  a dark corner of the barn so that I can attach the nests on what would look like an eave? I think the swallows will nest in there because last year while we were renovating a building, swallows nested in the renovation and we waited until the birds left the nest before closing up the property. Afterwards the young birds would line up on the metal cross members inside the farm barn waiting for their parents to feed them. On another note, despite asking the builders to leave nesting holes in the stone barn, they ended up filling in everything while creating the pierre apparent. To try and create a new nesting area for the dozen or so sparrows that nested in the walls, I have also bought some sparrow community nesting boxes from the RSPB in the hope that they will populate these. The ideal place from my perspective would not be on the original east facing wall where they would stick out like a sore thumb, but on a side wall which overlooks a small courtyard (northeast facing) which can be a bit busy in summer (not so much spring). Do you think the sparrows would be put off by the extra noise of being close to the kitchen etc?
  3. http://www.guardian.co.uk/sport/2010/feb/14/andy-powell-golf-buggy-wales
  4. Unfortunately England turned up expecting to win. Johnny doesn't seem to be taking his form with Toulon in to International matches. The forwards looked turgid, and no one should be surprised at Dylan Hartley's line outs since throwing has never been his forte. He is meant to be good taking the ball on, but I can't remember seeing him do that in two games. All a bit dull, but you can be sure that England will turn up at Twickenham in 2 weeks time.
  5. [quote user="Boscoe"]£92 for every £1 spread bet since I posted... [/quote] but did you bet that £1 ?
  6. [quote user="Quillan"] The only difference is that the world markets have more confidence in the UK than they have in Greece but its gradually waining.[/quote] I agree with you about the UK, but I think one major difference is that the UK has a flexible exchange rate which takes some of the strain, whereas Greece is locked in. By the way, it seems there is progress afoot for EU to bail out Greece in some form or another - it hit the tapes a couple of hours ago.
  7. [quote user="Quillan"] The only difference is that the world markets have more confidence in the UK than they have in Greece but its gradually waining.[/quote] I agree with you about the UK, but I think one major difference is that the UK has a flexible exchange rate which takes some of the strain, whereas Greece is locked in. By the way, it seems there is progress afoot for EU to bail out Greece in some form or another - it hit the tapes a couple of hours ago.
  8. The FSA has been heavily involved in the renumeration guidelines for banks this year. So all banks are actually complying with the structure. I think the banks needed an external regulatory agency to create a level playing field. All banks want to keep their staff from moving, so a level playing field helps. So it is not just Barclays, but all banks in the UK/US. Not sure about Europe? Incedently, it is the percentage being held back whicih is larger than normal, not the practise of doing so. Most banks in the world have held back equity and cash portions of bonuses for many many years hence the fact that bankers really did suffer from the banks mistakes because their share holdings, which they couldn't sell have in some case lost 90% of their value. Lehmans always held back 60% for 5 years, so employees of Lehmans lost everything that had been deferred. Typical hold backs have been between 35% and 60% of the total bonus. This year it is as much as 90/95% which will be distributed over 3 years I believe.
  9. Europe and UK are both suffering head winds as they move back to growth. In the UK, the election, rising inflation (potentially causing higher interest rates sooner) and the withdrawl of fiscal (govt spending) pump priming, and end of QE could all cause GDP to remain sluggish for the next year or so. In Europe, specifically in EMU there is the problem that Greece, and a lesser extent Spain and Ireland, did what the UK did, which was to spend too much in the good times, and have no buffer for the current bad times. For the UK it is not deemed as bad as they have a flexible exchange rate which allows the UK to see their currency depreciate and help rebalance the economy. Unfortunately in a fixed exchange rate, once size does not fit all. Countries like Greece should probably need to see their currency weaken to help the economic adjustment, but it can't, so has to take politically unpalatable fiscal measure to reign in govt spending and prevent a default. This particular problem will not be sorted out in 1 or 2 months, but probably take a year or two to play out. This could become a constant uncertainty for the EURO. In additions Societe Generales results were quite a nasty suprise. All the US banks have declared/revealed their losses and holdings of poor mortgage books and credit card portfolios. SOCGEN marked their down at the end of three quarters when US banks saw the value of their bad assets increase. The question now is, how much bad debt do the European banks have on their books that they havnt revealed. If it is a lot, then the ECB may well have to keep liquidity pushed in to the economy to help fund these banks. My best guess at the moment is that the GBP/EUR could move to 1.2000, and maybe we have removed the risk of a move to par for the time being. But I would'nt bet on the type of move we saw when the pound went from 1.45 to 1.05 in a few months. Polls this morning put conservatives back in the driving seat... lets see because a hung parliament might mean a UK downgrade.
  10. Thanks Russethouse, perhaps I shouldn't have risen to the bait, and I am sure Dog is enjoying the antagonism!! I am off for my Sunday roast.
  11. [quote user="Dog"][quote user="baypond"]Skimming markets doesn't cause inflation any more than eating cabbage [/quote] Incredible - you think skimming markets is OK??????   [/quote] Incredible - you think skimming markets cause inflation ????????
  12. Nick P. Appologies to you in full. The attack on me by dog implied I steal and that I make no contribution to society. The answer was to him, not to self employed in general. My point about tax was in relation to my contribution to society. This year I am lucky enough that I will be paying more than 52% TAX & NI not 45% Self employed tend to be able to offset much of their tax on things like depreciation, office costs etc. I have no problem with that, after all I could be self employed if I wanted to and use the same system. The 5% was extreme, and it was probably a higher number, but relates to the marginal rate of tax that I know two of my friends (roofer and plasterer) paid last year. There is also a black economy that still washes cash around with out any tax applied.
  13. Dog, my answer was in relation to the fact that you imply that I steal. The implication of what I was saying about PAYE vs Self employed is that within PAYE you can not offset any contribution against expenses, depreciation etc etc. What I was implying was that Self Employed tend to pay a much lower marginal rate of tax than PAYE because of all the offsets. You were suggesting I make no contribution to anything. That I steal and skim, and that I add no value to society. You don't know me, and you are wrong. Please don't start parading about your charitable contributions and works, it is a bit of a cheap shot really. Again you imply that I do not, because I am a meat eating banker which you think disqualifies me from being a contributor to society. I think that if you are really a retired bishop of scientology, as your avatar says, then there are more questions about you than there are about me.
  14. Dog as I said skimming doesn't cause inflation. You were ignorant of economics in thinking it does
  15. Nor do I steal. And I am in PAYE meaning every pound I earn I pay 45p in the pound. If I were self employed it would be more like 5p. I make a contribution which I make without complaint, but I have a clear concience having paid taxes for 29 years. Have you?
  16. Skimming markets doesn't cause inflation any more than eating cabbage
  17. Sweet You are so right. The one thing I love about the area we have a house in is that they don't like overt shows of wealth. Why is it that we buy new tea mugs not because they are broken or chipped, but because we just fancy a new set. When I went for a coffee at the farmhouse next door, their cups must have been 30 years old. It is funny how those cups held coffee just as well as any new cup. I don't think the coffee tastes any different either!
  18. [quote user="sweet 17"]Blimey, Baypond, we do live in interesting times, then?[/quote] Always interesting, always changing. Don't you think it is interesting that in the old days, a profession was something to aspire too. These days there are only a few that have any respect left. No one likes/respects bankers, politicians, accountants, estate agents, police, councillors, plumbers, chippies, etc etc We now only respect excrutiatingly difficult jobs that combine pay that in no way compensates them for the large part of their lives they give. Armed forces, doctors, nurses etc
  19. Dear Sweet, I love cooking. Meat, Vegetables, trading books, and tax returns (only joking Dog) I just placed something on the other thread, but there has been a combination of EUR negative news, GBP positive news, and a sense that a lot of bad news is already priced in. There is also a sense (after the SOCGEN results) that maybe the US and to a lesser extent UK banks, have taken a lot of their medicine whereas European banks have yet to really divulge the full extent of their problems.
  20. baypond

    1.145

    1.1550 now Greek tragedy Soc Gen banking results China saying dollar too weak ag EURO High UK CPI print suggesting rate rises sooner Obama's democrats losing Massachussetts (threatening health care agenda etc) All helping sterling at the moment. Both GBP and the USD have some momentum which could run for a while. Perhaps we can see 1.2000 EUR to the pound before the elections cause problems again
  21. Welcome back, though our paths didn't cross much in these forums. I hope you retain some fond memories of France - I guess this forum is one of them! I am glad your life is complete again.
  22. [quote user="Dog"]I don't hate you - I am amazed you can rob at will and abuse the system. I  think the only agenda you are interested in is your own - you would eat well and drink well at my table - probably better than you ever have.[/quote] Without knowing anything about me other than the fact that I am a meat eating banker, I think your statement that "only agenda you are interested in is your own" undermines any coherent argument you make about anything in these threads. Quite an ignorant assumption, as is the satement "I am amazed you can rob at will and abuse the system" is based on what exactly? Your attacks seem very personal which again is a shame. You would eat well at my table because I am the mug that would go out of my way to cook vegetarian faire for you, with non meat infected plates forks chopping boards and cooking pans if neccessary. I dare say if I asked for meat in your home, I wouldn't get within a mile.
  23. Dear Dog, A dinner party with you would be a very interesting affair. You would hate me for being a carniverous banker, and I would be intrigued/frustrated with your ability to try and impose your doctrines and opinions. We all have different agendas in life, but you speak as though the only opinion that is right is your own. That is a shame.
  24. Interesting point in the telegraph about integration in society though, especially when you consider that in terms of demographics, Muslim population in USA is 4.4% and UK is 2.7% (from wikepedia under demographics). I am actually very shocked that both numbers are that low.
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