Inflation up, Unemployment up..Bankers bonuses up!

[wednesday1]

Barclays didn't take any public funds to prop them up. Shouldn't we be glad at least one of them is doing well, do we not want all the tax revenue they generate?

 

 

All of the banks benefitted from the taxpayer bailout.All the dough that was printed and pumped into the economy benefitted all of the Banks even if Barclays didn't take any directly. This quantative easing helped boost the stock markets which is where companies like BarCap make their money.

[foxy lady]

All of the banks benefitted from the taxpayer bailout.All the dough that was printed and pumped into the economy benefitted all of the Banks even if Barclays didn't take any directly. This quantative easing helped boost the stock markets which is where companies like BarCap make their money.

 

Why would that be a benefit to a bank? It only benefitted a government who printed money to bail themselves out. The current increases in inflation are the result.

[Wildcat]

Just what damage did Barclay's, Santander, ING and HSBC cause to the British economy?

 

They seem to be going their own sweet way and contributing hundreds of thousands of jobs a £billions in taxes to the exchequer.

 

They caused the recession by refusing credit. Something that sent many businesses to the wall, made people unemployed and continues to make people unemployed, messed up the balance of payments. messed up GDP growth and messed up income from taxation.

 

Have you heard the expression 'credit crisis' before?

[harvey19]

All of the banks benefitted from the taxpayer bailout.All the dough that was printed and pumped into the economy benefitted all of the Banks even if Barclays didn't take any directly. This quantative easing helped boost the stock markets which is where companies like BarCap make their money.

 

Was the Co Op bank included ?

[Anna B]

Just what damage did Barclay's, Santander, ING and HSBC cause to the British economy?

 

They seem to be going their own sweet way and contributing hundreds of thousands of jobs a £billions in taxes to the exchequer.

 

They gambled money they didn't have, on the housing market amongst other things, drastically inflating prices until the bubble burst. They lost billions then they passed the debt on to us. Banks are Global so they didn't just damage our economy but the economies of lots of countries. We are now paying the debt back which has caused the recession, cuts in services etc.

 

If that wasn't enough they then used the bailout money to continue gambling, this time on the commodities market which is causing another bubble to build, hence the rising food prices and inflation worldwide. This, at the present time, has forced another 44 million people already on the breadline into poverty, and if inflation continues to rise, they will soon be unable to afford food at all and will starve.

 

No lessons have been learned, no meaningful safeguards put in place so the banks will continue until the next crash which will come sooner rather than later. It is doubtful we will recover a second time and the only way out (if you can call it that...) will be massive quantative easing on a scale that will ruin the economies of most countries and lead to Zimbabwe style inflation. There will be no usable money system, and everything will grind to a halt.

 

This is no ordinary boom and bust scenario. World leaders are <REMOVED> themselves. The rioting and civil unrest in so many countries is a direct result of the circumstances which bankers have caused, and it remains to be seen how many are left standing at the finish.

 

When you can no longer afford to feed your family and they are at risk of starving, what will you do?

[blanco]

They caused the recession by refusing credit. Something that sent many businesses to the wall, made people unemployed and continues to make people unemployed, messed up the balance of payments. messed up GDP growth and messed up income from taxation.

 

Have you heard the expression 'credit crisis' before?

 

I think its far more complicated than that.

 

Why did they have to start refusing credit? A: people werent paying their debt back.

 

Why? A: they stretched themselves too far / asked for too much credit

 

Whos fault is that? Banks offering too much credit / people not being responsible about borrowing...

 

 

I do agree all the issues with bundling bad loans and reselling as AAA etc is terrible and heavily contributed to the situation. Some banks didnt do this and are still lumped in as the cause of all the problems.

[danny11]

If the bankers are making trillions then whats the problem:huh:, does the unemployed help out with the mess we are in? If vat gone up 2.5% what did you expect inflation to go down?

[danny11]

Remember how Cameron claimed after the election 'we're all in this together' well it appears some are not quite in it as much as others!

 

How can they justify this?:

 

http://www.mirror.co.uk/news/top-stories/2011/02/16/bankers-celebrate-bonuses-like-the-financial-crisis-never-happened-115875-22926453/

 

 

Bankers celebrate bonuses like the financial crisis never happened

by Tom Pettifor, Daily Mirror 16/02/2011

WITH champagne corks popping from £200 bottles of bubbly, there was no sign of the biggest financial disaster since the Great Depression of the 30s.

 

Youth unemployment might be teetering at the one million mark but, in the bars of the City of London, rich *financiers were splashing the cash like the worst excesses of the 80s.

 

Traders from Barclays Capital, whose boss Bob Diamond yesterday revealed a £6billion profit, celebrated their bonuses by downing £195 bottles of Cristal champers and buying luxury motors.

 

The “banker’s choice” of luxury sports car – the £70,000 Porsche 911 Black Edition – is selling out as the fatcats fill their boots again.

 

One sharp-suited trader boasted as he quaffed a glass of bubbly in a <REMOVED> City bar: “Everyone in here is BarCap. The reason there’s so much champagne is because it’s our bonus day.

 

“Even if a guy is really lazy and has done <REMOVED> all year, he’ll still get a £600,000 bonus.

 

“The PAs even got bonuses today, some of them got £60,000.

 

“Most traders got two, three, four, five and even six million. Some people are annoyed because they don’t think they got enough this year.”

 

It is only three years since the banking crisis caused public debt of £890billion, creating the climate for the *Government’s huge cuts in public services.

 

The same taxpayers who bailed out the banks are now struggling to survive the economic downturn, facing pay cuts, redundancies and rising unemployment.

 

But in scenes reminiscent of the worst excesses of Margaret Thatcher’s 80s, wealthy City financiers act as if the *recession had never happened. Their unashamed greed risks inflaming the rising public anger about the scale of City payouts even further.

 

However, Prime Minister David Cameron has insisted he is not interested in having a “war” with Britain’s banking industry – although that is hardly surprising when you consider new figures that City financiers have contributed 50% of Tory party funding.

 

Designer-clad traders poured into the Corney and Barrow bar, next to their high-rise office, to compare bonuses.

 

One said: “The good times are definitely back for us but of course we’re going to be careful about showing off about it.”

 

Another, who also works in the Barclays Capital building, said some bankers had been fed-up at not getting the huge payouts they had come to rely on in previous years.

 

He added: “When you’ve got that kind of money you get used to living a certain way, you go to certain places and buy certain things.

 

“So if you don’t get it one year it’s going to mess with your lifestyle. These people take taxis everywhere and go to the best restaurants, drive the best cars and go on fancy holidays.

 

“It’s like a competition to see who can have the best stuff. They get used to living that way.”

 

He said bankers would celebrate before hunting for new cars this week to show off to their colleagues.

 

One of our journalists posing as a banker at a Porsche dealership was given the news that the limited edition Porsche 911 Black is selling out.

 

Luxury car dealer Franco Tommaso, at the Porsche Showroom in London’s Canary Wharf financial district, revealed he had been inundated with inquiries from traders in recent days.

 

He said yesterday: “It’s been a busy weekend with Barclays getting their bonuses in shares.

 

“Some people have been a bit *disappointed that it’s not as much as they wanted, but we’ve got a lot of people coming down to spend their bonuses.

 

“There’s always a possibility of selling out so we’re telling people to come down sooner rather than later.”

 

He added: “Everyone is going for the top limited edition, collectable cars. There are bonuses everywhere so they will sell out within the week.”

 

The market in £1million-plus properties in London also remains buoyant – and interest is even growing.

 

Independent estate agent Charles McDowell received inquiries from three senior bankers at JP Morgan, Deutsche and Barclays in a single day in January.He said the banks’ most valued staff “are getting just as much as before”.

 

At a favourite hangout for the bankers, the 1 Lombard Street bar and restaurant, takings were up in January on last year – while the rest of us were told we are all in it together and must tighten out belts.

 

Owner Soren Jessen said: “The spend is more considered and less crazy than it used to be. There is focus on value and quality. We price our top wines with a small mark-up and they are moving. We are busy and the atmosphere is optimistic.”

 

The Mayfair branch of wine merchant Berry Bros and Rudd said its Hampshire-based headquarters, which sells fine wines by the case, had seen a surge in recent spending.

 

Simon Staples, sales and marketing director there, said at the end of last month: “Normally this is a very quiet time of year but there’s been an enormous influx of cash from the domestic market. Year-on-year, it’s more than double the volume and four times the turnover.”

 

The most popular wines are Chateau Lâtour, which has a starting price of £5,000 a case, and Chateau Mouton Roths-child, which costs from £3,500 a case.

 

Signs the bankers are again enjoying doing what they do best – squandering vast amounts of money – can also be seen at the £50-a-pop cigar shops and the Rolex outlets, while £50,000 Bang & Olufsen home entertainment systems continue to sell.

 

And tailors continue to churn out £4,000 suits for traders to buy three at a time, treating themselves to yet more luxuries as if the credit crunch never happened.

Why put the unemployed in the same sentence as the bankers? bankers work hard, intelligent,

[blanco]

I can see why people get annoyed when BS like "“Even if a guy is really lazy and has done <REMOVED> all year, he’ll still get a £600,000 bonus." is being printed.

 

In any case, who's to say all of the above isnt half what it was a couple of years ago, there's no comparison so it means nothing.

[foxy lady]

They caused the recession by refusing credit. Something that sent many businesses to the wall, made people unemployed and continues to make people unemployed, messed up the balance of payments. messed up GDP growth and messed up income from taxation.

 

Have you heard the expression 'credit crisis' before?

 

How very odd because everyone seems to suggest the recession was caused by toxic debt. That is too much lending and not too little. It was banks like Northern Rock and HBOS who ended up with debt due to loans that couldn't be repaid.

 

If they had been refusing credit they would have been awash with cash and not needed the government bail outs.

 

By the way a business doesn't go to the wall because it can't borrow enough money. It goes to the wall because it borrowed too much.