Finance thread 2022.

[Stive Pesley]

1 hour ago, TexasRam said:

So everybody got something they didn’t have yesterday?

Correct

The point is that the size of the "something" is very small for people who don't have high-paying jobs and exponentially huge for those who already have more money than they know what to do with.

I get that you're ok with that because you think that people who don't have high-paying jobs should just work harder until they have a high-paying job, but that's not actually how capitalism works is it?

 

 

[Gone]

1 minute ago, Stive Pesley said:

Correct

The point is that the size of the "something" is very small for people who don't have high-paying jobs and exponentially huge for those who already have more money than they know what to do with.

I get that you're ok with that because you think that people who don't have high-paying jobs should just work harder until they have a high-paying job, but that's not actually how capitalism works is it?

 

 

I’m not really interested in capitalism or socialism or whatever, my point is when things get tough you have two choices. Sit and wollow in self pity and whine about people having more than you, or do something about it. That’s it really that’s my point. 

[Grumpy Git]

Just now, TexasRam said:

I’m not really interested in capitalism or socialism or whatever, my point is when things get tough you have two choices. Sit and wollow in self pity and whine about people having more than you, or do something about it. That’s it really that’s my point. 

 

You make it sound like a piece of cake. Maybe you should write a self-help book so all those on Universal Credit can become millionaires by this time next year?

[Stive Pesley]

1 minute ago, TexasRam said:

I’m not really interested in capitalism or socialism or whatever, my point is when things get tough you have two choices. Sit and wollow in self pity and whine about people having more than you, or do something about it. That’s it really that’s my point. 

Apart from the fact that it's perfectly reasonable for people to do both. In fact most people do, if they want to eat. We all work hard and strive every day to earn a little more - but you'd have to be an idiot to not to realise the game is largely rigged against us. Why should we not complain about that?

 

[Gone]

1 minute ago, Grumpy Git said:

 

You make it sound like a piece of cake. Maybe you should write a self-help book so all those on Universal Credit can become millionaires by this time next year?

It’d probably be a thin book. One page, accept what you have or go and do something to get more. 

[Grumpy Git]

10 minutes ago, TexasRam said:

It’d probably be a thin book. One page, accept what you have or go and do something to get more. 

Who knew Norman Tebbitt was a Ram?

[Gone]

11 minutes ago, Stive Pesley said:

Apart from the fact that it's perfectly reasonable for people to do both. In fact most people do, if they want to eat. We all work hard and strive every day to earn a little more - but you'd have to be an idiot to not to realise the game is largely rigged against us. Why should we not complain about that?

 

Rigged against us, what, how? I don’t think it is, I think there’s ups and downs and currently it’s down. When it’s down you have to do what you can to make it better. 

[Gone]

1 minute ago, Grumpy Git said:

Who knew Norman Tebbitt was a Ram?

I have no idea what you’re on about sorry 

[Stive Pesley]

Also - is anyone able to explain to me why it is that when people demanded pay increases to meet the rising cost of living, the counter argument from the government was that it would fuel inflation to do so

Now these tax cuts are putting more money in our pockets - isn't that just as inflationary?

Give a millionaire £54k and it will head straight into an offshore bank account.

Give someone on minimum wage £280 and it will barely cover the cost of their rising fuel, food, petrol  bills

How does any of this grow the economy?

I have a very bad feeling about this

[Grumpy Git]

8 minutes ago, Stive Pesley said:

I have a very bad feeling about this

You, me and most people with just a tiny bit of empathy and half a brain.

[ariotofmyown]

22 minutes ago, Stive Pesley said:

Also - is anyone able to explain to me why it is that when people demanded pay increases to meet the rising cost of living, the counter argument from the government was that it would fuel inflation to do so

Now these tax cuts are putting more money in our pockets - isn't that just as inflationary?

Give a millionaire £54k and it will head straight into an offshore bank account.

Give someone on minimum wage £280 and it will barely cover the cost of their rising fuel, food, petrol  bills

How does any of this grow the economy?

I have a very bad feeling about this

As Dominic Rabb said about Truss over the summer, it's electoral suicide. Seems like pretty much everyone is against this stupid idea. I imagine the majority of high earners are also against it, as a tanking economy will not help their investments much either. The majority of comment on Conservative Home are negative, a Daily Mail article I looked at yesterday was almost total negative comments towards this approach. Was just reading an economist saying that interest rates increases usually means a stregthening currency, not one that tanks.

Is a vote of confidence in the goverment about to happen with a general election called. I think many Tory MPs would support it as the longer this goes on, the even less chance they have of getting elected. I reckon that chance is even smaller now than when when got rid of Johnson.

Edited September 23, 2022 by ariotofmyown

[Rev]

22 minutes ago, Stive Pesley said:

Also - is anyone able to explain to me why it is that when people demanded pay increases to meet the rising cost of living, the counter argument from the government was that it would fuel inflation to do so

Now these tax cuts are putting more money in our pockets - isn't that just as inflationary?

Give a millionaire £54k and it will head straight into an offshore bank account.

Give someone on minimum wage £280 and it will barely cover the cost of their rising fuel, food, petrol  bills

How does any of this grow the economy?

I have a very bad feeling about this

Why offshore the money when you've already paid all due taxes on it?

[Grumpy Git]

I've just realised we should have all shorted the GBP this morning and bought US Dollars, (the Pound has dropped 3.15% against $US since 9 a.m. - unheard of after a budget in the last 50 years).

Funny I cant find anything whatsoever about this catastrophe on either the Sun, Mail or Express websites, who'd a thunk it? ?‍♂️

[Stive Pesley]

3 minutes ago, ariotofmyown said:

Was just reading an economist saying that interest rates increases usually means a strengthening currency, not one that tanks

Remember in 2017 when Corbyn & McDonnell's economic plans to grow the economy were derided as dangerous, un-costed, magic money-tree material. And they said massive borrowing would cause a run on the pound?

Looks like we're there right now, except for some reason no one is making a big deal about how there is no plan behind this and they have refused to publish the independent forecast.

Now saying that interest rates are likely to go up another 1% next month, and keep increasing till it gets to 5%. 
Buckle in lads

[Grumpy Git]

Labour win next election.

Sun/mail/Express says everyone's skint due to Labour.

Tories get back in power for next 15 years..................... rinse and repeat.

Gordon Brown was credited with devising the plan that saved the banking sector but somehow it's still all his fault we are where we are. I'm just glad I'm not skint (yet).

 

 

Edit: Anyone not concerned about this graph should be (the 'x' scale is 24 hours)!:

Edited September 23, 2022 by Grumpy Git

[Stive Pesley]

9 minutes ago, Grumpy Git said:

Labour win next election.

Sun/mail/Express says everyone's skint due to Labour.

Tories get back in power for next 15 years..................... rinse and repeat.

Gordon Brown was credited with devising the plan that saved the banking sector but somehow it's still all his fault we are where we are. I'm just glad I'm not skint (yet).

 

 

Edit: Anyone not concerned about this graph should be (the 'x' scale is 24 hours)!:

Stupid pound should stop whinging and moaning and just try a bit harder eh @TexasRam ? ?
 

 

[Gone]

47 minutes ago, Stive Pesley said:

Also - is anyone able to explain to me why it is that when people demanded pay increases to meet the rising cost of living, the counter argument from the government was that it would fuel inflation to do so

Now these tax cuts are putting more money in our pockets - isn't that just as inflationary?

Give a millionaire £54k and it will head straight into an offshore bank account.

Give someone on minimum wage £280 and it will barely cover the cost of their rising fuel, food, petrol  bills

How does any of this grow the economy?

I have a very bad feeling about this

Is there also a >£600 handout plus an energy bill price cap, plus benefits and now tax and NI relief for those on lower income? It’s a lot of free money

[Gone]

1 minute ago, Stive Pesley said:

Stupid pound should stop whinging and moaning and just try a bit harder eh @TexasRam ? ?
 

 

Absolutely yes

Edited September 23, 2022 by TexasRam

[JoetheRam]

1 hour ago, Stive Pesley said:

Also - is anyone able to explain to me why it is that when people demanded pay increases to meet the rising cost of living, the counter argument from the government was that it would fuel inflation to do so

Now these tax cuts are putting more money in our pockets - isn't that just as inflationary?

Give a millionaire £54k and it will head straight into an offshore bank account.

Give someone on minimum wage £280 and it will barely cover the cost of their rising fuel, food, petrol  bills

How does any of this grow the economy?

I have a very bad feeling about this

Thing is it's not even proportionately widening the wealth gap.

£1m is 40 times as much as £25k.

We can argue all day as to whether any single person is worth 40 times as much as another.

But even in a world where you want to maintain that same relative wealth gap at 40 times, if you're giving a £55k benefit to those on a million, those on £25k should get £1,375, instead it's £280 (if that twitter post is correct).

 

[Rev]

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