I1L2T3 Posted July 22, 2010 Share Posted July 22, 2010 The explanation is simple, the bank have broken the banking system. Indeed. People talk as if the banks have got an endless pot of money to dish out at the moment. They haven't. Banks are struggling to borrow money themselves as we enter what is shaping up to be the second major credit crunch in this ongoing economic crisis. Link to comment Share on other sites More sharing options...
alchresearch Posted July 22, 2010 Share Posted July 22, 2010 Lets not forget Forgemaster's stubbornness to seek alternative avenues for the money. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 22, 2010 Share Posted July 22, 2010 Lets not forget Forgemaster's stubbornness to seek alternative avenues for the money. What avenues? The credit has virtually dried up again. Banks have been undercapitalised throughout this crisis and some completely reliant on government support. There is simply not enough credit in the system even for mainstream lending. Or did you conveniently forget to notice these simple facts. Link to comment Share on other sites More sharing options...
rubydazzler Posted July 22, 2010 Share Posted July 22, 2010 They're taking on again though? I'm sure on the news the other night they said Forgemasters are advertising 200 new jobs? They must have got the money from somewhere, hmm? Was Betts jumping up and down yesterday? It's in his constituency, isn't it? @ sandie, what's cowtailing? I think I get the drift, but never heard the term before. The picture it conjures up is amusing though Link to comment Share on other sites More sharing options...
truman Posted July 22, 2010 Share Posted July 22, 2010 What avenues? The credit has virtually dried up again. Banks have been undercapitalised throughout this crisis and some completely reliant on government support. There is simply not enough credit in the system even for mainstream lending. Or did you conveniently forget to notice these simple facts. Quote from the FT... "That is not to say no private option was available - just that to raise the money, the management would have had to sell the majority of the company, something they were loathe to do just two years after buying it out...." The option was there for them but they didn't want to do it.... Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 22, 2010 Share Posted July 22, 2010 They're taking on again though? I'm sure on the news the other night they said Forgemasters are advertising 200 new jobs? They must have got the money from somewhere, hmm? Was Betts jumping up and down yesterday? It's in his constituency, isn't it? @ sandie, what's cowtailing? I think I get the drift, but never heard the term before. The picture it conjures up is amusing though Are they taking on because they are building new plant or because the order book is improving? Ruby, it could have been 400 new jobs instead of 200. By the way: http://www.yorkshirepost.co.uk/news/Exclusive-Top-Tory-donor-in.6433405.jp http://www.bbc.co.uk/news/uk-england-south-yorkshire-10704471 Business Secretary Vince Cable said: "I understand that this outcome is disappointing for the company and its employees, who have acted very professionally and responsibly throughout. Link to comment Share on other sites More sharing options...
Wildcat Posted July 22, 2010 Share Posted July 22, 2010 In the depths of a recession anyone would have thought an investment that would have returned £30million on the loan, plus the profits from tax from 200 people in work (and not on benefits) would have been a sensible investment. http://www.thestar.co.uk/news/Steelworks-loan-would-have-made.6390955.jp We have a Govt run on ideology, rather than any business sense and the canceling of the Forgemasters loan shows that up clearly. Link to comment Share on other sites More sharing options...
truman Posted July 22, 2010 Share Posted July 22, 2010 We have a Govt run on ideology, . No change there then... Link to comment Share on other sites More sharing options...
espadrille Posted July 22, 2010 Share Posted July 22, 2010 No change there then... I love it when someone says exactly what they think and it hits the nail right on the head:hihi: Link to comment Share on other sites More sharing options...
Wildcat Posted July 22, 2010 Share Posted July 22, 2010 I love it when someone says exactly what they think and it hits the nail right on the head:hihi: The irony is that New Labour subscribe to the same ideology, just in a less fanatical form. Link to comment Share on other sites More sharing options...
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