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Speakers Corner


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Highest Unemployment for 18 years


buteman
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Heard on the News today that unemployment is at its highest level for 18 years.

If I remember right the Tory's were in government at the time just wondered if this is History repeating itself again.

Now what really gets me is it is only the tip of the iceberg and we can expect another One or Two Million to join the Dole queue's in the not to distant future.

I always try to look on the bright side but all I can see is doom and gloom at the moment.

For those of us that have seen this happening before I am sure we don't want to see it again.

Industry has deserted us at an alarming rate no longer can we go into clothes sops shoe shops electrical shops and all of the rest of the shops and find one the best signs on everything. Made in the UK.

We Exported most of our goods then but now we Import more than we make.

And just think of all the jobs that have been lost because of it.

It is a long time and will be an even longer time since the then Prime Minister said We have never had it So good. [Harold MacMillan]

I wonder if any other prime minister will ever be able to say the same thing.

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buteman

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Spoke to soon looks like it is a late start for him today Quite a few not been locked yet.

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morddwyd

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"I know he hates threads like this"

So much so that he has contributed twice in the last twelve hours!

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buteman

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Yes I have to agree with you he has contributed twice in the last twelve hours but what I meant is threads like this used to throw up some hotted arguments and that's not why I opened it.

It is just nice to express different views without all the back stabbing that used to go on before he posted a few warnings.

Obviously the warnings have worked and the forum is better because of it.

That was the only reason for saying I know he hates threads like this.

Now while we are on about Banks I either read or heard a comment that The Government will not bail out anymore banks if they are having difficulties and it will be up to customers of those banks to do what they can.

In other words they loose all of the money they have in the bank or have invested.

Not sure what source I got that information from but can anyone confirm it for me.

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buteman

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Nope cannot find anything about no more bail outs.So not at all sure where it came from.

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badgery

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buteman "In other words they loose all of the money they have in the bank or have invested"

Not strictly true, the first £85k is still protected by the government, so in theory you would only lose anything over that figure - IF the bank was allowed to fold (and it would be a big 'if'!).

On the other topic, this has been a well-argued thread with no hints of 'bother', a little strange!

Perhaps, Tangalooma, Mr King is one of our resident posters? You never know.

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buteman

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I can't think where I got that idea from .I have a funny feeling it could have been a speech from Mervin King the other day.But could have been from anywhere.CBN,News,Sky News.Parliament Today.Bad Dream.

Don't drink so not that.Something about them dropping their Status and could be vulnerable.It did mention about 8 or 10 UK Banks having their Status dropped.

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Woolwell

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I don't think that bank bail outs have been ruled out and with the UK Government holding 84% of RBS then I think they (ie we the taxpayers) are stuck with supporting it.

See also FT Banks 7 Oct

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Admiral Allstar

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“In the 'boom years' when banks were desperate to get their cash out earning money (and salesmen's bonuses!) there was far less stringency over earnings/income ratios.”

That is a matter of debate in itself. As for salesmen’s bonuses, not all advisors are on a performance related remuneration structure

“Do you remember the days of 5 or 6 times salaries, 120% mortgages, and 'generous' valuations? These schemes were not dreamed up by the punters - but by the banks in order that the customers felt safe making their purchase. As all people are not necessarily au fait with finance, they need to be able to trust someone - and who better than your bank/building society??”

I do remember these and in some instances they are suitable for the “punter”. Furthermore as I have said previously just because you can doesn’t mean you should. If someone is not au fait with finance then all the more reason to not borrow more than they need. Every advert I see for a mortgage states quite clearly that interest rates can go up as well as down and that the mortgage is secured against the property.

As for trusting someone – in what respect. They are selling you a product which you can quite clearly see how much is going to cost you and (from my memory) they tell you the total amount repayable and the interest rates appropriate at the time.

I think the main gripe people have is that they all bought into house prices rising and forgot a house should be a home not an investment. When they can no longer sell the property in a couple of years at a hefty profit the homeowner looks for someone to blame without thinking that they must share some themselves. That is perhaps the hardest thing to overcome – pride.

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Admiral Allstar

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"Perhaps, Tangalooma, Mr King is one of our resident posters? You never know."

I must confess, you can call me MISTER King!! :)

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badgery

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Admiral King "As for trusting someone – in what respect"

If I'm ill, I go to my doctor and he tells me I'd better take these tablets. Do I need to go and acquaint myself with all the medical books before taking them, or do I trust his advice and proceed? He is the one trained and qualified to advise.

If I need a financial product then I USED to go to see my bank manager, and trusted his advice. Now all bank staff are 'trained' to sell the bank's products, mortgages, life insurance, even AA breakdown and holiday insurance. Will they sell me the 'best' or just one of their own portfolio? No prizes for guessing!

So these institutions are now unlikely to have your best interests at heart, don't you think? ( and every bank salesperson I know gets some form of bonus for sales)

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