news & politics:discussion

[lost]

6 minutes ago, steviewevie said:

This has the feeling of Black Wednesday in 92...Tories never recovered from that until they were kicked out in 97.

Depends as BOJ and ECB had already cracked, now we have as well only really the US left standing.

[Guest]

It’s the un-funded tax cuts for rich that has done this nothing else. There’ll be a lot of people trying to amend the narrative to give the Tories an easier ride over the next few days we shouldn’t fall for it. 

[lost]

1 minute ago, Ozanne said:

It’s the un-funded tax cuts for rich that has done this nothing else. 

Less than half the amount we spent on Covid tests? Yeah ok If you believe that I've got a bridge to sell you. 😆

[hodgey123]

It's actually crazy how spectacularly the Tories have managed to screw the economy since Friday. It is also crazy how this government already seems to be done but realistically won't be removed for another 2 years as it has only been a few weeks. There is no mechanism for us to get rid of them either, despite the fact that this iteration of the Tories are enacting policies that are absolutely miles away from the manifesto on which they were elected. Serious questions for our 'democracy'.

[Guest]

1 minute ago, lost said:

Less than half the amount we spent on Covid tests? Yeah ok If you believe that I've got a bridge to sell you. 😆

Literally all the economists say it’s the unfunded tax cuts or at least that’s the main reason but continue to try to defend the Tories. 

[lost]

3 minutes ago, Ozanne said:

Literally all the economists say it’s the unfunded tax cuts or at least that’s the main reason but continue to try to defend the Tories. 

Its not defending the Tories its understanding that one number is bigger than another.

The Tories are fucked anyway as they are holding the parcel when the music stopped.

Edited September 28, 2022 by lost

[Guest]

1 minute ago, lost said:

Its not defending the Tories its understanding that one number is bigger than another.

Then all the economists must be wrong and a staunch Tory defender is right.

It’s ok to admit that funnelling more money to rich isn’t a good policy. 

[pink_triangle]

17 minutes ago, steviewevie said:

I can't see Liz Truss lasting past christmas

Where is Liz Truss? Has she gone on holiday?

[steviewevie]

4 minutes ago, pink_triangle said:

Where is Liz Truss? Has she gone on holiday?

working on her conference speech.

[lost]

1 minute ago, Ozanne said:

Then all the economists must be wrong and a staunch Tory defender is right.

Not all. Some said exactly this would happen back in June when Boris was still there and before the tax cuts were announced:

 

 

[steviewevie]

26 minutes ago, lost said:

Can't see the energy price cap lasting past Christmas.

maybe...but they would need to replace with something more targetted otherwise will be a whole load of fuckarama.

[zahidf]

It's fair to say there were structual issues which the Tories made even worse with their mini budget.

 

Of course, since they've been in power the last 12 years or so, they're mainly responsible for those structural issues

 

[zahidf]

Just now, steviewevie said:

maybe...but they would need to replace with something more targetted otherwise will be a whole load of fuckarama.

'We need to cancel the energy cap to fund tax cuts for the rich'

 

Yeah that'll sell politically.

[pink_triangle]

1 minute ago, zahidf said:

'We need to cancel the energy cap to fund tax cuts for the rich'

 

Yeah that'll sell politically.

Maybe they suspect they are on the way out so will redistribute as much to the rich as possible before they go. Considering they blamed labour for years last time, I assume they will take responsibility this time?

[Guest]

4 minutes ago, lost said:

Not all. Some said exactly this would happen back in June when Boris was still there and before the tax cuts were announced:

 

 

The tax cuts were announced though and all this then did happen.

I wondered how the Tory boys would be handling all this and apparently the answer is, not very well. 

[Punksnotdead]

10 minutes ago, pink_triangle said:

Where is Liz Truss? Has she gone on holiday?

She's done a Boris & gone missing at the first sign of crisis! Maybe we should check if she's hiding in a fridge? 😁

Edited September 28, 2022 by Punksnotdead

[steviewevie]

6 minutes ago, zahidf said:

'We need to cancel the energy cap to fund tax cuts for the rich'

 

Yeah that'll sell politically.

Ha. Yeah, they would definitely need to bin some of those tax cuts too...especially that 45p one.

[lost]

1 minute ago, Ozanne said:

 

I wondered how the Tory boys would be handling all this and apparently the answer is, not very well. 

You know your exactly the same as a Corbynista accusing anyone with a different opinion on anything as a Tory.

[zahidf]

Oh dear

 

[Guest]

Just now, lost said:

You know your exactly the same as a Corbynista accusing anyone with a different opinion on anything as a Tory.

Deflection. Tory tactic 101.

You can’t deflect from this shit show that the Tories have unleashed on us.

[steviewevie]

I have been round the block a few times and I still don't really understand all this gilts/bonds thing.

[lost]

Just now, steviewevie said:

I have been round the block a few times and I still don't really understand all this gilts/bonds thing.

Its actually a throw back to Robert Maxwell. When he fiddled the mirror pension fund rules were put in place forcing them to hold a certain amount of long dated government debt to stop it happening again.

The value of a bond is inversely proportional to the yield so as interest rates rise the value falls. If the value of a pension fund falls below a certain amount where by its judged it can't meet its liabilities (the pensions it has to pay out) its gets a margin call where the owner/company has to top it up back to that value.

[Guest]

6 minutes ago, zahidf said:

Oh dear

 

This is what happens when you try to limit Sandra’s energy bill to £2,500 a year. Dammit. 

[Skip997]

8 minutes ago, steviewevie said:

I have been round the block a few times and I still don't really understand all this gilts/bonds thing.

Load of made up old nonsense as is anything financial

[steviewevie]

7 minutes ago, lost said:

Its actually a throw back to Robert Maxwell. When he fiddled the mirror pension fund rules were put in place forcing them to hold a certain amount of long dated government debt to stop it happening again.

The value of a bond is inversely proportional to the yield so as interest rates rise the value falls. If the value of a pension fund falls below a certain amount where by its judged it can't meet its liabilities (the pensions it has to pay out) its gets a margin call where the owner/company has to top it up back to that value.

errr..ok, thanks. 🥴

I actually did Economics A level...a long long time ago...and I failed with a N (i think it was an N)...and then I retook the following November and failed with a U (worse than an N). Happy days.

(I also took Maths, got an E, very appropriate...and retook in November and got a U! 😃)