mini budget

Chat about Leyton Orient (or anything else)

Moderator: Long slender neck

Post Reply
User avatar
Long slender neck
MB Legend
MB Legend
Posts: 14243
Joined: Fri Apr 12, 2019 9:13 am
Has thanked: 2489 times
Been thanked: 3270 times

Re: mini budget

Post by Long slender neck »

TRUMP Plumbing wrote: Wed Sep 28, 2022 11:17 am People do.

Have you not ever seen the past?
I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?
User avatar
Dunners
Boardin' 24/7
Boardin' 24/7
Posts: 8879
Joined: Thu Apr 11, 2019 4:21 pm
Has thanked: 1046 times
Been thanked: 2462 times

Re: mini budget

Post by Dunners »

Long slender neck wrote: Wed Sep 28, 2022 11:31 am
TRUMP Plumbing wrote: Wed Sep 28, 2022 11:17 am People do.

Have you not ever seen the past?
I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?
No, of course not. They're not stupid. But they can safely rely on plenty of other people being stupid.
User avatar
Dunners
Boardin' 24/7
Boardin' 24/7
Posts: 8879
Joined: Thu Apr 11, 2019 4:21 pm
Has thanked: 1046 times
Been thanked: 2462 times

Re: mini budget

Post by Dunners »

Allegedly, the final straw behind this morning's BoE intervention is that some pensions funds were at serious risk of collapse.

No wonder Truss has gone into hiding. She's probably hoping she can somehow distance herself from Kwarteng.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

Kwarteng? More like Kwar-Kwash!
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

Long slender neck wrote: Wed Sep 28, 2022 11:31 am
TRUMP Plumbing wrote: Wed Sep 28, 2022 11:17 am People do.

Have you not ever seen the past?
I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?
You are not asking this seriously, are you?
User avatar
The Mindsweep
Regular
Regular
Posts: 3003
Joined: Thu Apr 11, 2019 3:50 pm
Location: Bravos
Has thanked: 167 times
Been thanked: 782 times

Re: mini budget

Post by The Mindsweep »

BoniO
Regular
Regular
Posts: 4665
Joined: Sat Apr 13, 2019 3:36 pm
Has thanked: 1098 times
Been thanked: 736 times

Re: mini budget

Post by BoniO »

Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

BoniO wrote: Wed Sep 28, 2022 11:46 am Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.
I'd have gone with tool rather than instrument.
User avatar
Dunners
Boardin' 24/7
Boardin' 24/7
Posts: 8879
Joined: Thu Apr 11, 2019 4:21 pm
Has thanked: 1046 times
Been thanked: 2462 times

Re: mini budget

Post by Dunners »

So, in summary:
  • 80K Tory members have selected Liz Truss, an unremarkable-at-best minister as PM, who has never had the support of the majority of Tory MPs.
  • Liz has selected Kwarteng as Chancellor, whose first act is to implement a “mini budget” that had no real electoral mandate.
  • The money markets have thought about things and come to the conclusion that there was no evidence or reason to suggest that the government’s plans are viable, feasible or even survivable.
  • This has resulted in market turbulence which threatens the financial stability of the UK, to the extent that pension funds could collapse imminently.
  • The BoE has had to intervene with ‘temporary’ QE, at a time when we have rampant inflation (which will now just make that worse).
  • The taxpayer will have to indemnify the BoE’s intervention.
  • We will now almost certainly see carnage in the domestic economy - carnage which the Truss/Kwarteng government has inflicted on us in just three weeks of taking control!
  • And apparently, it’s all Labour’s fault.
Gotcha.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

They're not blaming Labour per se, as they have done for historic issues these past 12 years, they're blaming the threat of Labour.

If everyone just tells YouGov they're going to stick with the tories, this carnage will stop immediately.
User avatar
Dunners
Boardin' 24/7
Boardin' 24/7
Posts: 8879
Joined: Thu Apr 11, 2019 4:21 pm
Has thanked: 1046 times
Been thanked: 2462 times

Re: mini budget

Post by Dunners »

When they say "we", they mean "you".

User avatar
Max B Gold
MB Legend
MB Legend
Posts: 12264
Joined: Thu Apr 11, 2019 2:12 pm
Has thanked: 973 times
Been thanked: 2789 times

Re: mini budget

Post by Max B Gold »

BoniO wrote: Wed Sep 28, 2022 11:46 am Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.
Of course he hasn't this has all been gamed at 55 Tufton Street. They will have played out in detail the impact at various stages.

Next comes the austerity and rolling back the state, freeports, laws made by corporates, restrictions on workers and their reps as they try to defend themselves.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

I love how dunnem has finally seen behind the curtain now his pension fund is at risk of being trashed.

At least your property empire should still be protected, they won't let house prices collapse...
User avatar
Max B Gold
MB Legend
MB Legend
Posts: 12264
Joined: Thu Apr 11, 2019 2:12 pm
Has thanked: 973 times
Been thanked: 2789 times

Re: mini budget

Post by Max B Gold »

Agggrrrhhhh. Not my precious pensions!! FFS.

User avatar
The Mindsweep
Regular
Regular
Posts: 3003
Joined: Thu Apr 11, 2019 3:50 pm
Location: Bravos
Has thanked: 167 times
Been thanked: 782 times

Re: mini budget

Post by The Mindsweep »

£ $ parity sometime next week. Oh f*** it, why not the end of this week
User avatar
Dunners
Boardin' 24/7
Boardin' 24/7
Posts: 8879
Joined: Thu Apr 11, 2019 4:21 pm
Has thanked: 1046 times
Been thanked: 2462 times

Re: mini budget

Post by Dunners »

TRUMP Plumbing wrote: Wed Sep 28, 2022 12:02 pm I love how dunnem has finally seen behind the curtain now his pension fund is at risk of being trashed.

At least your property empire should still be protected, they won't let house prices collapse...
Yeah, but I'm international. Converting the rents back to Sterling is f*cking killing me.
Adz
Bored office worker
Bored office worker
Posts: 2573
Joined: Fri Apr 12, 2019 10:15 am
Has thanked: 106 times
Been thanked: 624 times

Re: mini budget

Post by Adz »

Am I the only one that doesn't understand how qe works in lockstep with increasing interest rates?
User avatar
tuffers#1
Boardin' 24/7
Boardin' 24/7
Posts: 9998
Joined: Thu Apr 11, 2019 2:11 pm
Awards: Boarder of the year 2020 #1 Wordle cheat
Has thanked: 6291 times
Been thanked: 2728 times

Re: mini budget

Post by tuffers#1 »

Max B Gold wrote: Wed Sep 28, 2022 12:01 pm
BoniO wrote: Wed Sep 28, 2022 11:46 am Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.
Of course he hasn't this has all been gamed at 55 Tufton Street. They will have played out in detail the impact at various stages.

Next comes the austerity and rolling back the state, freeports, laws made by corporates, restrictions on workers and their reps as they try to defend themselves.
ive worked in that block of flats ! edit it was 53 or 54
User avatar
The Mindsweep
Regular
Regular
Posts: 3003
Joined: Thu Apr 11, 2019 3:50 pm
Location: Bravos
Has thanked: 167 times
Been thanked: 782 times

Re: mini budget

Post by The Mindsweep »

When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.
User avatar
Max B Gold
MB Legend
MB Legend
Posts: 12264
Joined: Thu Apr 11, 2019 2:12 pm
Has thanked: 973 times
Been thanked: 2789 times

Re: mini budget

Post by Max B Gold »

The Mindsweep wrote: Wed Sep 28, 2022 1:16 pm When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.
This "grown up" what does he/she look like? Is it a financial guru or a political saviour?
User avatar
The Mindsweep
Regular
Regular
Posts: 3003
Joined: Thu Apr 11, 2019 3:50 pm
Location: Bravos
Has thanked: 167 times
Been thanked: 782 times

Re: mini budget

Post by The Mindsweep »

Max B Gold wrote: Wed Sep 28, 2022 1:53 pm
The Mindsweep wrote: Wed Sep 28, 2022 1:16 pm When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.
This "grown up" what does he/she look like? Is it a financial guru or a political saviour?
None around, so irrelevant
User avatar
Max B Gold
MB Legend
MB Legend
Posts: 12264
Joined: Thu Apr 11, 2019 2:12 pm
Has thanked: 973 times
Been thanked: 2789 times

Re: mini budget

Post by Max B Gold »

The Mindsweep wrote: Wed Sep 28, 2022 1:58 pm
Max B Gold wrote: Wed Sep 28, 2022 1:53 pm
The Mindsweep wrote: Wed Sep 28, 2022 1:16 pm When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.
This "grown up" what does he/she look like? Is it a financial guru or a political saviour?
None around, so irrelevant
That wasn't my question. But your answers merely confirms my deepest fears.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

Grey hair, beard, commie black cap. Smells of allotments and home brew.
User avatar
The Mindsweep
Regular
Regular
Posts: 3003
Joined: Thu Apr 11, 2019 3:50 pm
Location: Bravos
Has thanked: 167 times
Been thanked: 782 times

Re: mini budget

Post by The Mindsweep »

Max B Gold wrote: Wed Sep 28, 2022 2:07 pm
The Mindsweep wrote: Wed Sep 28, 2022 1:58 pm
Max B Gold wrote: Wed Sep 28, 2022 1:53 pm

This "grown up" what does he/she look like? Is it a financial guru or a political saviour?
None around, so irrelevant
That wasn't my question. But your answers merely confirms my deepest fears.
If, big if, Tories with backbones come out in force and either say they are going to vote down the mini budget or pile in with letters of no confidence, weirdly this could calm the market. Knowing that any alternative to the lunatics in charge is going to be better.
User avatar
Max Fowler
Boardin' 24/7
Boardin' 24/7
Posts: 5497
Joined: Tue Mar 23, 2021 12:18 pm
Has thanked: 509 times
Been thanked: 1262 times

Re: mini budget

Post by Max Fowler »

It's ok, Rachael Reeves is going to fly in to save us all.
Post Reply