Discussion in 'Current Affairs, News and Analysis' started by muhandis89, Jan 25, 2009.
The heart of the site is the forum area, including:
But not buying and selling products (with investors' money) for which it had no idea of true value nor even exactly what they contained? Phew, that's alright then. That could've fundamentally undermined the entire economy of they'd gone and done something that stupid. Glad to know we've got the FSA keeping on top of things.
Am I the only one that thinks the financial services sector needs a good dose of FAS, not FSA?
Against all the accepted advice and wisdom Gordon the financial genius took banking regulation away from the bank of england and created the Tri Partite arrangement with the FSA, Treasury and Bank of England. Cue the total breakdown in financial regulation
Unfortunately, the 'experts' all agreed since Maojr's time that regulation was stifling the industry's ability to 'be flexible', to 'deliver returns' or to 'respond to market conditions'. I doubt very much any other government would have held out and retained strict regulation in the face of such large amounts of money... erm I mean logical argument.
The FSA are the biggest bunch of no name, faceless mongs ever collected together and put in one place. They killed off the home service industry and have fcuked up UK financial services with years of moronic legislation. I've been hopping for years that AQ would fly a plane into their floors of Canery warf and wipe them out.
Remember, as 'meridian' has told us, who 'invented' the rules and 'gave birth' to the discredited FSA.
Have you forgotten?
It was: Gordon 'Effing' Brown .
The trouble with writing that narrative is that it assumes the BoE could have done a better job. Given King's statesments that he never saw it coming, and the unforgivable lag in changing interest rates when anyone with an undergrad degree in economics or above was screaming for a cut, I doubt it.
Its not as if Mervyn King would come out and disagree with his political masters though...... Temporary dose of blindness all round, except for Gordon!
You are correct in stating that no one will ever know if the Bank of England on its own would have done any better but the Tripartite arrangement made it fundamentally more difficult than it might have been, organisationaly difficult, let alone the fcukwits that populate the FSA.
It is also not as if they weren't told on several occasions well before the current difficulties
THe problem with the FSA is that they concerned themesleves far too much with consumer type products as a result of the miss selling scandals and not enough time on achieving a proper understanding of the fundamentals of good financial practices like not having too much risk on/off the balance sheet
Both the US and the UK removed the low levels of supervision of the markets.
In the UK it was the 'Jobbers' who took risks on the market withe THEIR own money.
They went and in came the Borrow Boys of who Nick Lesson was the most notorious example, Gambling with the firms money.
and we all know where lead to.
This meltdown could become the best recruiting sergeant for communism in the last 50 years.There again just the thing for New Labour with it's current admirers of the former Soviet Union on the ascendant.
Nick Leeson was working in the front office and back office allowing him to cover his tracks.
They are all gambling with the firm's money - do you think they should do it with their own?
King says he never saw this coming, do you believe him?
This here lowley van driver has been predicting this very financial meltdown for more than five years, how can the men at the very top plead ignorance?
The tragedy of all this is that Joe Bloggs in the street is really suffering, those at the top of the heap who bear responsibility for this mess (including Brown and King) aren't going to suffer are they? We should be seeing prosecutions for this mess.
Separate names with a comma.