Anti-British bias?

Discussion in 'Current Affairs, News and Analysis' started by Cold_Collation, Aug 7, 2012.

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  1. Cold_Collation

    Cold_Collation LE Book Reviewer

  2. Do bears excrete dung in boreal forest areas?
     
  3. Cold_Collation

    Cold_Collation LE Book Reviewer

    That was my first reaction, Gun-Brickie (and it pains me to say 'Well done' to a Labour MP). But just wondered if there was more to it.
     
  4. I've been drinking, but even to me this just stinks of the typical US politics where they find a convenient foreign target, instead of looking at their own messy Augean stable of banks (that provide a lot of their party political funding).

    My tuppen 'orth
     
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  5. I honestly don't think there's much Anglophobia in the States, in fact the UK doesn't often come up in conversation, but when it does there's not really ever any hostility evinced toward you all.

    The current Idiot-in-Chief likes to play the blame game though (the buck doesn't stop at the White House anymore, it's passed on like a hot potato), and he doesn't like you guys much anyway apparently cuz his Communist daddy fell afoul of you during his revolutionary days in Africa. So you're a convenient scapegoat. Just like the disastrous economy is all Bush's fault 4 years into his Presidency, and I'm one of those "bitter people clinging to their guns" who keep voting for legislators who won't go along with his exalted plans. Welcome to the club, it's everyone's fault but his.
     
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  6. Impressive, one doesn't expect many Arrsers to channel Glenn Beck. Hope you enjoy handing him your hard earned money ;)
     
  7. My understanding ( I stand to be corrected) is that the whole disastrous chain of events started with Bill Clinton insisting that the 'poor people' should have easier access to mortgages. These loans were then sold on to banks all over the world as being safe investments. But the 'poor people' couldn't meet the repayments. So we were all****ed.
    I would welcome Yank Lurker's comments.
     
  8. Whatever is the 'true' motive for all this 'pick on Blighty' as the ones to blame for everything going pear shaped, I have to have a warm smile for a nanosecond as I realise that we may have reached the heights of global influence for one more time before complete and final departure to the void of 'and the rest'.... :wink:

    BP was an easy target, which allowed regulators and local 'blue chip' companies to pretend their house was in order and it was all the fault of those 'orrible Limeys.

    The banking offensive, however, seems to be cut from a different cloth. And I fear where that is going. Especially the determination now to align the UK with Iran.

    Long live the speshule relationship!!!!
     
  9. The Community Reinvestment Act. Actually passed under Carter, but not a major economic factor til Congress gave it teeth under the Klinton Admin. Under CRA, banks were expected to offer subprime home loans to minorities and people living in "disadvantaged communities". If a bank did not give out enough subprime loans, they were penalized by not being allowed to expand or merge with other banks. Therefore, if you wanted to grow your business, you passed out a bunch of shite loans, all insured by Fannie and Freddie. You know what happened when all those subprime mortgages defaulted.

    Oh, and by the way, CRA is STILL on the books, and the Administration has lately been making demands that all those greedy bankers start giving out more subprime loans. And the song goes on and on.....

    By the bye, one of the major factors was "community organizers" like one Barak Obama, who'd picket banks for not giving out enough home loans and raise a ruckus with the gubmint if they didn't think a given bank was handing out enough candy. Banks of course, would cave, not wanting their latest expansion plans to be torpedoed by some pissed off socialist in the 'hood.
     
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  10. I don't give any money to Glenn Beck, sorry. I do give money to the Club for Growth, the NRA and the Wounded Warrior Project though. So sorry.
     
  11. Cold_Collation

    Cold_Collation LE Book Reviewer

    Intereresting point. Hadn't considered it quite like that. As an accusation of a grubby attempt to make money, yes. As an alignment, no. But I can see where an 'aiding and abetting' suggestion starts to insinuate itself.
     
  12. The race hustlers don't have an adequately informed understanding of history to clue into this, but if you like, I can forward your historical analysis to the NAACP, the Congressional Black Caucus, and the New Black Panther Party. Then you can look forward to incessant demands for reparations as well.
     
  13. The subprime loans were intended to be made by banks and to break even at best, sort of the price of doing business, like 'low cost housing' requirements for property developers in the UK. Whilst the loans were never going to make a profit then the banks just had to put up with it, they were a shit investment but barely put a dent in profits.

    It was when various economic experts decided that 'stable growth' had been achieved that the trouble started.

    Stable growth was the idea that property values would rise for ever and ever and ever and ever; that there would be, in the words of Brown, 'no more boom and bust' - just one long, everlasting boom. That's why he sold the gold, property would increase in price for ever and ever and ever so currency was a better bet.

    So rather than being a small annoying loss, the subprime mortgages became a mega-investment. When people defaulted, take back the house which would have gone up in value, flog it for a profit to some other mug punter. All the bloody fools bought in to the stable growth delusion so of course to them it was a one-way bet.

    Then one day some tattooed redneck in a wife-beater vest said, What, $300,000 for a two-room clapboard converted pigsty, **** that.

    And with that the wheels fell off the wagon.
     
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  14. FORMER_FYRDMAN

    FORMER_FYRDMAN LE Book Reviewer

    I've never worked for a bank but, from an oil industry perspective and from direct experience, everyone without exception, American or otherwise, is terrified of breaching Sarbanes-Oxley and the Foreign Corrupt Practices Act. A Securities and Exchange Commission enquiry is genuinely feared too - not least because it becomes immediately illegal to delete any e mail without making a copy if the SEC so chooses, and the lawyers actually have to do some work. As a general rule, in the energy sector at least, to put the company on the wrong side of that legislation or regulation is usually career limiting whether you are American or not, particularly as one of the sanctions is to have Government bureaucrats posted into all compliance sensitive areas with full approval authority - this annoys the CEO and the CFO. Say what you like about the yanks but, when they put business legislation in place, they follow it through far more thoroughly than GB and people do get sent to play mummies and daddies with Bubba.

    I've never been on the receiving end of an SEC enquiry but I've given evidence to one about ten years ago - the company in the crosshairs was US and at no point did their defence consist of singing 'My Country Tis of Thee'.

    The US attitude to Iran is well-known and well-documented - you can't play in in both countries so, if the folks at Standard Chartered have been silly, more fool them and they deserve all they get.
     
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