All the rest is Smuggo being Smuggo about supposedly catching me out on lumping Denmark in with other Eurozone countries, but that wasn't the point ...
Housing prices have dropped quite a bit, especially in the more expensive segments of the market. But a lot of people are stuck in houses they can't afford to sell even if they are more expensive to stay in than necessary. And at any rate banks simply aren't making enough mortgages available unless under strict conditions. Stricter conditions were certainly necessary, but they seem more strict that actually required under the present circumstances.
Naturally the banks blame this on a contraction of the money supply, and partly that's true. But at the same time many banks are still trying to deleverage themselves from the stupid investments made in the past, and I suspect most of the available money goes to that instead as to mortgages or loans to keep the economic system afloat.
But Diamond will give up his bonus for the year. So that's 1% of the fine offset. I'm sure he'll be crying into his soup tonight ...
Barclays stability in 2008 was too good to be true anyway. Now we know why ...
Should anyone go to jail?
In my view, yes. The traders and the rate people knew that what they were up to was dodgy. They've also all had their bonuses for the extra profits that were generated. If nobody goes to jail, there will continue to be an incentive for acting dishonestly in the future.
London/South = UK, those cities barth mentioned are random hinterlands that have nothing to do with anything.
The rate of gentrification of once rough areas here is stunning.
sent from a fone
sent from a fone
And I'm honestly unaware of 'considerable talk in the media' about rising rents, and I've kept an eye out lately. There have been 'some stories', but on further investigation they were all lacking in substance, and really nothing to shout home about in the first place.
So, in my reality the statement that 'rental prices have been going mental lately', seems to me simply bogus.
As I see it, the property market, for a variety of reasons, mostly related, is stuck. Housing prices may have dropped, but there doesn't seem to be a lot of mobility in the sales market. My guess is that LLs are already glad to get someone in for what they used to charge, just to keep going. And there didn't seem to be any shortage of places for rent either, not where I looked at least. If anything there seemed to be more choice now than there was 2 to 3 years ago. So my thinking is that the own-to-rent mobility isn't as high as some predicted.
As for buying: I expect prices to keep falling for at least a bit. I'd snatch up a bargain obviously (foreclosure/default), but if you don't have to move I suspect it'll pay to wait.
Should people go to jail? Damn right, the more I look at this the angrier I get. Will people go to jail? Nope. Steal a TV, go to jail, steal Millions/Billions, get big fat bonus.
Like I said, I kept an eye out in the media, including the print media because I knew I would need to move pretty soon. And although I don't take my news from the Sun, they, on the whole, report similar stories. From June 2008 to around September 2009 rental prices, on average in the UK, dropped quite a bit. After that they've been slowly rising again, mostly in and around London and the Southwest. But although there have been small bumps along the way, on average there was no spectacular or massive rise in rental prices. On average the rental price index is still below what it was in June/July 2008, by quite a bit. In most of the country the increase in the average rental prices remains still (sometimes far) below official inflation numbers.
Most of the stories I read were of the kind: "Rental prices have risen by 0.x% in the last month. If this keeps going we'll be up to rental prices as they were in January 2009 again." Some of these stories were obviously hyped. On further inspection most of that hype was baseless. And ofcourse there we no such stories when average rental prices dropped 0.x% again.
Rental prices in the UK have simply not been going mental. They've been quite steady in fact. You were talking bullshit again. It doesn't surprise me that you think I know everything. That doesn't reflect so much on me as it does on you.
That may be true, but do you seriously believe that the SEC will actually put any of those people in jail?
It may have more teeth in theory but thusfar it has shown itself to be mostly toothless when dealing with Wallstreet. Let's face it, the SEC is basically bought and paid for ...
Doesn't look like there is any hope of anyone actually being held accountable for this
Despite it "not being an offence under the law" I'm pretty sure they could prosecute the people involved if the government had the will. What this amounts to is fraud, and if Joe Blogs nobody had gamed the system in the same way at 1/100 of the scale you can fairly sure he would be sat in a Police cell right now awaiting charge.Here is a summary of the main points in George Osborne's statement on the Barclays scandal.
• Osborne said that the government would consider creating new criminals sanctions "for the directors of failed banks where there is proven criminal negligence". This sounds very like that law that Matthew Hancock has been proposing. (See 10.21am.) He implied that the government would provide details next week when it publishes a consultation in response to the report into the failure of RBS.
• He said the offence at the heart of the Barclays scandal, manipulating Libor (the London interbank offered rate), was not a criminal offence under the current law.
Enough is enough, time to start changing the way things are done. Since 2008 we have done nothing but prop up corrupt and incompetent institutions who continue to take advantage of the system at the expense of millions of normal people around the world. Time to start tearing this shit apart and rebuilding the system with the salvageable pieces in a way that benefits society as a whole, not just the chosen few. So glad I don't work for them anymore, the corrupt fucks.
The government can't retroactively prosecute people for things which weren't illegal at the time, no matter how shitty the thing was.
"Fraud" is such a general term that there is almost no way the CPS would be able to pin a conviction on them.