Greenspan - That took GUTS. THANKYOU!

[herosrest]

This really doesn't happen often and is quite special. Rarer than a generous leprechaun.



BoI in new write-down of 1.8 bn euro - Bank of Ireland has cut its profits forecast for the six months to the end of September by around 15pc and said that it expects an impairment charge of up to E1.8 billion for the period. In a trading update it said trading conditions remain "difficult". It said total income is expected to be 'mid teens' percentage points lower and costs 'high single digit' percentage points lower. Thursday, September 17

Banks push ISEQ up over 100 points - The Dublin shares market powered ahead again today with AIB and Bank of Ireland shares rocketing as investors gave a massive thumbs-up to NAMA. The index climbed 105.01 points to 3,469.49. AIB shares were up by a third in value 87c to E3.19 and Bank of Ireland gained 32c to E3.19 - a rise of 19pc. Thursday, September 17

Bonus, anyone???
Well, hello little fella!.

[herosrest]

The previous post goes to show that............... ah, ah........ when people actually understand, what is going on to fix a problem and that fix is common sense - it makes sense! I'm on the black stuff.

How many analysts and traders missed that one l wonder.......

So... who is this Paddy McGinty bloke, anyway???

[werz]

So... who is this Paddy McGinty bloke, anyway???

I've only met his donkey, it's called Murph.

[herosrest]

If you have lots of money invested and in bank accounts, the police need to talk with you. Taxmen as well. No one today, understands how this is possible in legal ways.

Owners, that is partners or share holders in business's producing excessive profits, which are taken from customers and witheld from investers, one way or other, are the cause of profiteering and should take legal advice before talking to the police.

Overcharging and profiteering remain illegal offences.
Snitch on a CCEO or AAccountant today, it may assist in plea bargaining.


It is 'incredibly' rare for a thief or robber to admit their crimes, which is why Police exist and Tax reviews and assessments occur with state sanction. God had a word ot two on this theme also, he couldn't abide those who killed his son, or caused it. They were l believe, money lenders afraid they would be exposed as thieves.

[herosrest]

There is a great 'lessons of life video' HERE - click - It tickled my fancy, Talking of which, l wonder if......... anyone did stroll over to the 'Charging Bull' statue and scrape away to see if its true that the Wall St. Bulls balls are golden.

The Wall Street Joke.
Those able each day to tread and trade Wall St.'s absent minded walkway can be forgiven not noticing the Bull.
7000 lbs of Bronze....... hehe. Do the maths.
Its balls are solid 'GOLD'. 'git sum! - Honest. No joke - apart from Di Modica's.
Where do you hide a precious metal stash, so's no-one ever suspects. The stunt of stunts.
Pure golden Bull's balls.
Now l wonder who looked out over Bowling Green plaza, all day!
CLICK! (Gently)

The $2,800bn of losses was estimated a li'l over 6 months back in conservative fashion by IMF, having doubled each previous 6 months into the start of problems. I don't believe the numbers will be further updated.
Troubled assets will not benefit from improving climate.

[herosrest]

Well, l just checked and Mr. G 'is' smilin' again.

Just so that the nature of my vitriole (utterly wasted off course) is blatant,

this is a revered, in some quarters, possibly - brilliant and certainly very much more than capable master of economics. He understands the entire picture and is not just coloring in every sector with a number '6' in it. He didn't study how to trade banana's for profit but learnt the history of the art form of finance that was unleashed during 17th & 18th Centuries and has been continually messed up ever since. Hence, his stunning and oh so brave comments regarding 'human nature' are just stunning, you know, you understand in ways just a handful of people really do and, phfttttt......... what could 'l' in these circumstances......... poor li'l me................ Do about anything! Phfttt.......

Remember them, just maybe, Alan, ya left 'em behind - somewhere along the road to ruin.



The economies may seem to be self righting or is it writing themselves at the moment, however, the original problem of quaintly named TOXICITY was never actually resolved and with unemployments heading towards 10% the problem has actually doubled in size certainly and will do so yet again. A root causality (odd word that) is two to three times bigger than it was, is growing bigger still and was NEVER addressed yet. Hey ho! wadda ya know.............. t'ings is fine! Haha.........

[herosrest]

There is a new frontier.... it is the place freedoms are born..........

it is finance hey, they are wide open. Old ways. old days... it's the new frontier, the new gold strike. Farts with keyboards and bits of paper. hehe, .....

There's a stupid old tribe of twots..... sitting on a fortune, sewing purses ....ears and being nice.... the new frontier. It's not theirs, those rules were dreamt up by them. The morons, grow and take.

Send in the 7th....... Chee. arge! Ain't taling fees, either.

Problems that exist today cannot be solved.
They must just go away. Forever! and a day.

[herosrest]

It really might help things along, to deregulate the deregulated,

[herosrest]

and it's time for a maximum wage,

which should be exactly twice the minimum wage rate.

[mcool61]

Just let the markets be, and stop trying to regulate everything. Everytime something is tweaked in one spot, it bulges somewhere else. The overreaction we're experiencing now will cause more hurt and suffering than anything else ever did.

I'm against ragulation but at the same time I agree with Ben STien who said you can't have people managing other peoples money without oversight. Would you like to give me all your money to manage & then just trust that I would do the right thing & never check up on me? Yes that is the right thing to do! Quickly send your money to
John Trustworthy
666 Down the toilet drive
Pueblo Colorado, 24242

[werz]

The regulation were put in place because the great depression proved bankers and a small number of powerful men will let greed get the better of them.
When Phil Gram put the bill in place to alter the Glass Steagal act, he let the same greed driven people destroy the economy for a second time.
They need regulations to stop this from happening again. And long prison sentences for breaking these laws.

[herosrest]

Many interesting aspects and insights flow from this merry go round of financial whizzing. Obviously trust no one with money, certainly that of others. It is incredible how regard to simple human nature is blown away by a smile, smooth talking and expensive hustle.

The real point of it all for me is the incredible efficiency of it all. Rather, in point of fact the incredible inefficiency. Why do all these middlemen get to sit there in the middle, piling up personal wealth from everyone else's, doing so at vast expense, enriching themselves, driving up the cost of living for everyone else and just being allowed to smile those smiles.

The seeds of the next disaster are already sown. Credit becomes harder for one and all to obtain, because of capital requirements which are simply a huge rip off. So now, as you may just have begun to see, there are money cards popping up everywhere, perfectly respectable business on the whole, but simply adding to the costs of actually having your own money.

If a single entity was in place, the costs would be negligable. After all, it's risk free. If your account is empty, its empty. It will not be cheap, business has found a new cash cow, it will be milked to death. The profits will become a rock solid aspect of business and they will be grown. First by new business, then price hikes. Same old story, same excuses, personal choice. The government should set in place a single business entity, take and keep majority ownership and by sheer volume of business keep the costs low. That is not what will happen and the cost of your actual money will climb and climb and climb over time. Just as the cost of doing finance has and will continue to. Yet again, our brightest and best in government, those expected and trusted to protect and plan a secure worthwhile and productive future will simply look away, worry about their own self interests and make sure their own futures are worthwhile. As l said, the seeds of the next disaster are already sown and the current one is nowhere near even resolved yet. Prices have to come down, growth taking place now is pure 100% inflation and it is going to come at everyone biting hard, harder than the financial inflation that continues now. Finance, as it works now is worthless, it is the actual problem. It is simply way too expensive and useless.

Those trillions of dollars lent and invested to banks and finance at 0.5% could simply have been lent to real customers at 3%, by our governments and everyone would be booming along now wondering how all these middlemen were allowed to get away with the rip offs that are still going on. Economies would simply have bounced back. That is not going to happen. There is a huge 10 year gap, where growth, real growth was meant to be.

Because of the way things were done to sort out the financial problems, the only measure, economic indicator, that matters now is - Governments TAX TAKE - the revenues flowing back to balance the books. Growth has vanished, figures presented tell lies because they do not reflect the new baseline caused by the financial devastation. Economies are shrinking. Grow the tax take or die - National bankruptcy ahead, just appearing on the horizon. Life will go on, though. who needs bankers........ who needs politicians. Who needs government. It has failed, miserably, unless of course you are a banker. They were saved and didn't have to sell granny to face up to their irresponsiblities. They all should be dancing on the end of ropes hanging from lamp posts. They will just carry on their two stepping till the air runs out. Some, at this moment are probably working out how to charge and profit from the oxygen we breathe. CO2 is now billable, it will be oxygen next.

[herosrest]

To put the concept or proposition over, consider the TOXIC HOME LOANS which were leveraged by derivation. Huge problem, a disaster...... the fact of it is a HUGE lie to blame innocents in financial difficulty - (everyone should own their home, that should be law). Was there an easy way out of the problems.

Well, yes there was. Government could simply have leant the outstanding loan amount to the home owner at 3-4%. That helps out the borrower in a number of ways. It would have been beneficial and profitable. The lenders would have been refinanced when the home owner paid them off and took up the new loan. There would have been no problems for the banks and Mutuals and finance in general. Government could then at some stage have moved those refinanced loans back to private business, for a fee and costs and hey.. yup, a profit.

If this idea is difficult to grasp or alien to thinking, consider that it would have cost a few hundreds of billions, at worst, and underwritten the property market by defending property value. 'Many people' will not accept this for the simple solution it is. Would those people kindly walk outside and shoot themselves. No need for a mess on the carpets.

[herosrest]

Possibly, an interesting turn of events, The International Monetary Fund (IMF) has cut its forecast for the amount likely to be written off globally in bad loans and investments by 15%. The total it expects banks to lose between 2007 and 2010 has been cut to $3.4tn (£2.1tn) from $4tn. The IMF said the change was made because the world economy was growing faster than had been expected. But it has warned that the improvement should not be taken as an excuse to delay necessary financial reforms. Its Global Financial Stability Report said that risks to the global financial system had subsided as a result of interventions by governments and central banks, as well as signs of a global recovery. "We are on the road to recovery, but this does not mean that risks have disappeared," said Jose Vinals from the IMF. ....... IMF cuts crisis losses prediction

This means, simply that the amount likely to be written off globally in bad investments by 15%. The bosses, YES - THE BUSINESS PEOPLE - who DID the bad business get off scott free and to all intents are actually rewarded for wrecking the world economy.

This is not good news, it remains financial melt down of the first magnitude.
Profits now on top of losses. Financial disaster squared and government finances at risk. Oh, the banks are broken, OK Darling, well maybe we should risk the nation to save this bunch of thieves. Yup, all perfectly logical. hehe

What the IMF are now a li'l shy about, is the next FIVE years, notice they look to 2010. Death by 1000 cuts and continuing thefts. whoops profiteering.

[herosrest]

Yawn.......... WASHINGTON: The US private sector shed 254,000 jobs in September, payrolls firm ADP said Wednesday in a survey showing some improvement in the brutal pace of layoffs. The figure was the smallest number of job losses in more than a year for nonfarm private employment but higher than the 200,000 expected by most analysts.

The ADP survey, which provides a clue toward official unemployment reports, revised the job losses in August by 21,000, from a decline of 298,000 to a decline of 277,000 and the July figure by 11,000 from a decline of 371,000 to a decline of 360,000. September's employment decline was the smallest since July of 2008 and employment losses have diminished significantly over the last two quarters, ADB said in a statement. "Nevertheless, employment, which usually trails overall economic activity, is likely to decline for at least several more months, with losses continuing to diminish," it said.

The ADP report came ahead of Friday's monthly report on the US job market, which is expected to show a loss of another 180,000 jobs and the unemployment rate rising from the current 9.7 percent to 9.9 percent.

Hmmmm....... If government start laying off as well, then that means that the joy and bliss is shared evenly. 3+ million jobs in a year times average income, is one huge hole below the water line of any recovery.
Profits are recovering though, odd game this accounting thing, isn't it.