coprolite Posted September 28, 2022 Share Posted September 28, 2022 11 minutes ago, Detournement said: The Northern Rock comparison is totally bogus though and designed to mislead. They have lost money due to casino style investments and now want the government to make up the difference. The money printer is fine as long as it's going to the correct people. I also have my doubts about this. It seems more like a good excuse for more QE and to placate the institutions holding lower yield bonds. I’m a little in the dark as to how these purchases will be organised but it looks like it will be auctions. So the bonds should be sold at market prices. That won’t cover the loss for the funds, it will crystallise it. The funds won’t avoid losses here. They’ll be able to meet their cash demands and carry on as funds though. The (realistic) alternative is that the fund goes into insolvency and has to sell its assets to raise cash. If there’s loads of funds doing this there won’t be many buyers and asset prices will crash. Some people may think that’s not a bad thing. It would be very disruptive to society. Again, some people may say that’s not a bad thing. But the BoE has a mandate to stabilise the economy, so it can’t let the funds go insolvent. 0 Quote Link to comment Share on other sites More sharing options...
williemillersmoustache Posted September 28, 2022 Share Posted September 28, 2022 She called Zelensky today. JFC. 0 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted September 28, 2022 Share Posted September 28, 2022 The Northern Rock comparison is totally bogus though and designed to mislead. They have lost money due to casino style investments and now want the government to make up the difference. The money printer is fine as long as it's going to the correct people. I also have my doubts about this. It seems more like a good excuse for more QE and to placate the institutions holding lower yield bonds.You'd know all about Northern Rock . . . 3 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 1 minute ago, DeeTillEhDeh said: 21 minutes ago, Detournement said: The Northern Rock comparison is totally bogus though and designed to mislead. They have lost money due to casino style investments and now want the government to make up the difference. The money printer is fine as long as it's going to the correct people. I also have my doubts about this. It seems more like a good excuse for more QE and to placate the institutions holding lower yield bonds. You'd know all about Northern Rock . . . I was born in 1984. Why the f**k would I have been investing in banks when I was 22 years old or fucking posting about it. You had an argument on the internet with someone 15 years ago. Get over it. 1 Quote Link to comment Share on other sites More sharing options...
strichener Posted September 28, 2022 Share Posted September 28, 2022 21 minutes ago, coprolite said: They’re a low risk asset in terms of their default risk. The risk of losing capital on them has generally been quite low for years, but unpredictable inflation has increased that risk. The issue is that the funds have been buying them on margin, effectively borrowing money that they’ll repay out of the sale. The bond price has been hammered by sheer idiocy, so the value’s gone below a set % of the amount borrowed. The lenders are calling in the difference. It’s very like negative equity on a mortgage with a different pattern of payments. We'll never learn. When we are speaking about gilts, it takes a certain stupidity to buy a "safe" asset on margin and continue to classify them as "safe" 0 Quote Link to comment Share on other sites More sharing options...
doulikefish Posted September 28, 2022 Share Posted September 28, 2022 12 minutes ago, williemillersmoustache said: She called Zelensky today. JFC. Hopefully he will send some support 2 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 We have went from There's No Such Thing As Neoliberalism to hedge funds insulting a Tory Chancellor by calling him neoliberal. 0 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted September 28, 2022 Share Posted September 28, 2022 1 hour ago, ICTJohnboy said: The people who actualy matter? Aka... These utterly greedy, self serving, right wing Tory c***s. The ones with spare loot will also be able to hoover up shares at currently lower than normal prices. Champagne cocktails all round! 0 Quote Link to comment Share on other sites More sharing options...
superbigal Posted September 28, 2022 Share Posted September 28, 2022 Where are all the back benchers who supported Rishi ?Thought the told you so daggers would have been out by some of his supporters by now.Has he made any statement ? 0 Quote Link to comment Share on other sites More sharing options...
coprolite Posted September 28, 2022 Share Posted September 28, 2022 24 minutes ago, strichener said: We'll never learn. When we are speaking about gilts, it takes a certain stupidity to buy a "safe" asset on margin and continue to classify them as "safe" Successful fund managers just haven’t been found out yet. 0 Quote Link to comment Share on other sites More sharing options...
GiGi Posted September 28, 2022 Share Posted September 28, 2022 (edited) In what world will this sabotage create jobs? No one is going to be fucking buying anything since we won't have any money by the time the banks, the energy companies and the supermarkets are done rinsing everyone. Debt collecting agencies maybe? Edited September 28, 2022 by GiGi 0 Quote Link to comment Share on other sites More sharing options...
Joey Jo Jo Junior Shabadoo Posted September 28, 2022 Share Posted September 28, 2022 I read that as “Pished again”. I assume these c***s are on something much stronger. 0 Quote Link to comment Share on other sites More sharing options...
GiGi Posted September 28, 2022 Share Posted September 28, 2022 Oh, and the wages you do get will be worth f**k all by the time the pound bottoms out. Can't wait for all these business opportunities. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted September 28, 2022 Share Posted September 28, 2022 2 minutes ago, GiGi said: Oh, and the wages you do get will be worth f**k all by the time the pound bottoms out. Can't wait for all these business opportunities. Funeral directors and Sheriff Officers/Bailiffs will be rubbing their hands. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted September 28, 2022 Share Posted September 28, 2022 17 minutes ago, superbigal said: Where are all the back benchers who supported Rishi ? Thought the told you so daggers would have been out by some of his supporters by now. Has he made any statement ? Sunak will have made a fortune from currency speculation and the ‘market volatility’ so he’s totally onside. Here’s his statement: 1 Quote Link to comment Share on other sites More sharing options...
ICTJohnboy Posted September 28, 2022 Share Posted September 28, 2022 36 minutes ago, superbigal said: Where are all the back benchers who supported Rishi ? Thought the told you so daggers would have been out by some of his supporters by now. Has he made any statement ? All he's said so far is that he won't be attending next week's Tory Party Conference. 0 Quote Link to comment Share on other sites More sharing options...
O'Kelly Isley III Posted September 28, 2022 Share Posted September 28, 2022 1 hour ago, Detournement said: We have went from There's No Such Thing As Neoliberalism to hedge funds insulting a Tory Chancellor by calling him neoliberal. Interesting, because the UK has been desperate for ARM to list on the LSE. We'll see how that plays out. 0 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted September 28, 2022 Share Posted September 28, 2022 On 06/09/2022 at 08:04, Suspect Device said: Disappointing lack of the word clusterfuck in the thread title. Just a wee reminder of this gem from page 1 of the thread. 1 Quote Link to comment Share on other sites More sharing options...
Clown Job Posted September 28, 2022 Author Share Posted September 28, 2022 0 Quote Link to comment Share on other sites More sharing options...
Melanius Mullarkey Posted September 28, 2022 Share Posted September 28, 2022 Just now, Clown Job said: “Not you millionaires” Fucking Tory c***s. 2 Quote Link to comment Share on other sites More sharing options...
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