Economics Recommendations?

[Gill]

I can see where you're coming from, Chris :lol:. I can't help thinking the only difference between Willie Sutton and the banks where he made his withdrawals was that he wasn't legally authorised to rob.

Gill

 

[Paul Chapman]

Both are masters of explaining the past and total crap at forecasting the future.

That's why I think you are better off applying a bit of basic common sense and working it out for yourself. Most financial situations are predictable.

Cheers :wink:

Paul

 

[engineer one]

sadly paul these days you are wrong.
most economic troubles these days are due to nobody understanding
the underlying ideas behind what they are doing :?

i mean what man of sense would buy a security based on mortgages sold to people who could not afford to buy the house on which it is secured :roll: and yet, many so called top bankers did just that.

however if you do know what is underlying what you are doing, and follow mr micawber, then you are right it is simple :-k

paul :wink:

 

[Escudo]

Adam Smith - "The Wealth of Nations". A must read. (as mentioned by Paul).

Looks good on the coffee table as well, along with "furniture and cabinet making" magazine of course.

Esc,

 

[engineer one]

only if your coffee table is heavyweight too :?

paul :wink:

 

[Losos]

most economic troubles these days are due to nobody understanding
the underlying ideas behind what they are doing :?
what man of sense would buy a security based on mortgages sold to people who could not afford to buy the house on which it is secured :roll: and yet, many so called top bankers did just that.

Paul, agree 100%. when I started to get into investing and such it amazed me how little the top management really knew about money and security.

Apparently these loans in America are to (the jargon) NOJAPs

That's No Job, Assets, or Prospects

And look at the top management in Barings, they had absolutely no idea what Nick Leeson was doing, not only did they not understand what he was doing, they didn't even know what the whole department was doing :shock: :shock: :shock:

And what are these incompetant idiots using for money, what you and I have toiled and sweated to save of course :evil: :evil: :evil:

And while they are throwing your money around like confetti they are also picking up huge bonus payments. :roll: :roll:

Have we all forgotten the four Barclays so called investment bankers who, having got their bonus one year went and spent 34,000 pounds (yes that's thirty four thousand pounds) on aONE meal for the four of them with three girl friends.

 

[engineer one]

what is interesting is that people still expect their banks to be in the business of helping them whereas these days they are solely marketing organisations which deal with money.

every decision in uk banking these days is bonus driven, not service driven.

remember the most important thing about uk banking is that by the time the chickens come home to roost, the guy who devised the product you bought has moved on, and no one else knows what he did :?

martin lewis of money saving expert. com is a good place to start re-learning the cynicism we all need when dealing with our *ankers :roll:

paul :wink:

 

[engineer one]

just got this link from a mate in the good ole us..

makes for interesting reading if you care to scare yourselves

http://articles.moneycentral.msn.com/In ... arket.aspx

worth a read even if you don't understand it all, or want to.

paul :wink:

 

[Losos]

Paul, very interesting link. thanks.

Quote ".........subprime loans became the fuel that underlays derivative securities many, many times their size"

In other words the big banks were engaging in leveraged financial engineering, jeeeez, that is basically what caused the wall street crash, have they learned nothing in the last 77 years :roll:

 

[engineer one]

losos you want that bankers should learn :roll: :lol:

as i have said the thing to remember is that us old buggers who had the history got pensioned off, or sacked ages ago, and the youngsters do not believe that history has any relevance to them. remember that many of the guys running these places are not even old enough to remember the 70's housing bust. :? ( shucks i tried to hide the fact that i had done some work in *anking )

paul :wink:

 

[Losos]

remember that many of the guys running these places are not even old enough to remember the 70's housing bust. :? ( shucks i tried to hide the fact that i had done some work in *anking )
paul :wink:

Yes, scary isn't it :lol:

BTW I take it that you also had some involvement in engineering hence you chose 'Engineer One' as your user name and not 'Banker One' :lol: :lol: :lol:

 

[engineer one]

well knowing you lot you would have removed the front b and made it a "w".

worrying to have to admit to a number of such diverse careers :? :roll:
but whilst some may question my engineering credentials, who really wants to admit to having worked in a bank these days??? :twisted:
even if it was a specialist service :lol:

paul :wink:

 

[Losos]

well knowing you lot you would have removed the front b and made it a "w".

:lol: :lol: :lol: :lol: =D>

Tell the truth it did gross my mind but I'm the kind of bloke who would only do that if I was looking straight at you (And ready to duck!!)

Mind you there's still time for someone else to come on :wink:

 

[engineer one]

since i didn't respect bankers when i worked there, nothing has changed :twisted:

the sad thing is they and many other so called financial advisors do not consider the knock on effects of their work so narrow minded are they.

which is why i am even more cynical about that than other things :?

paul :wink: