Is 500 billion quid enough?
Apparently not, according to JP Morgan.
JP Morgan has raised serious concerns about its commitment to its new £1.5bn European headquarters at Canary Wharf because of anger within the bank at the lack of support for the financial sector in the UK.
Will somebody please exterminate these fucking parasites?
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revolution now 👊, Tue 20 Jul 2010, 10:49,
Reply)
But JP Morgan didn't need rescuing
So why should be it taxed for the failures of other institutions?
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Pew Pew Pew! Lasers! wannabe Gong Farmer, Tue 20 Jul 2010, 10:58,
Reply)
Shut up with your "facts"
and "thinking about things before jumping to conclusions"
(, Tue 20 Jul 2010, 11:01, Reply)
...
JP Morgan isn't a UK bank, but it did of course benefit from the US bailout.
The UK pumped half a trillion pounds into the financial sector. And JP Morgan are saying that isn't enough.
I think it's about time we stood up to these parasites instead of taking it up the pooper.
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revolution now 👊, Tue 20 Jul 2010, 11:17,
Reply)
Guilt by association, eh?
Well you're on the internet, and therefore you're a cancer-causing paedophile.
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Pew Pew Pew! Lasers! wannabe Gong Farmer, Tue 20 Jul 2010, 11:33,
Reply)
So do you think we need to give banks more financial support?
Or are you just swinging your handbag?
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revolution now 👊, Tue 20 Jul 2010, 11:42,
Reply)
Considering they're the industry that mostly funds our country
they need all the support we can offer.
Or perhaps you have some socialist ideal of tough men working down't'pit.
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Pew Pew Pew! Lasers! wannabe Gong Farmer, Tue 20 Jul 2010, 11:43,
Reply)
I think part of the problem is
that people have got the impression that the government have just given away taxpayers' money, when in fact what they have done is to buy huge chunks of the banks, which in the long run (when all this unpleasantness is behind us) will generate a profit for all of us.
(, Tue 20 Jul 2010, 12:40, Reply)
"Fucking Parasites"?
Sorry, but people are happy enough to borrow money for their houses and their cars and their widescreen tv's because "it's their right" to have these things when they can't afford them. God forbid they should have to live within their means. This "everything is black and white Daily Fail scape-goating" is rather tedious.
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JamTallons, Tue 20 Jul 2010, 11:13,
Reply)
The banking sector is not entirely blameless
What was the American bank who got fined last week for telling its clients to invest heavily one way, knowing it was a shit move, then betting the other way and making a huge profit?
For years I've said banking is just the respectable side of gambling.
I don't think it's even respectable anymore
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Joe Scaramanga with a G-double-O-D vibration, Tue 20 Jul 2010, 11:29,
Reply)
Nevertheless...
... I'm amazed by the number of people who seem not to have realised that the primary function of a bank is exactly the same as the primary function of any other business - to make a profit.
This genuinely seems to have come as a revelation to many.
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Enzyme is powered by sunlight, Tue 20 Jul 2010, 11:31,
Reply)
Thats because most people dont care
The majority of people see banks as a business, so get pissed off when they see tax payers money used to help them out.
It would take weeks to explain to these people WHY we gave them the money
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Joe Scaramanga with a G-double-O-D vibration, Tue 20 Jul 2010, 11:45,
Reply)
The banks...
...which made a profit aren't necessarily the problem in this case. The ones that failed, received huge public cash bailouts, then continued in exactly the same failing business practices as before? They're a problem.
(, Tue 20 Jul 2010, 11:49, Reply)
All the same
If you're accepting of a broadly liberal, broadly capitalist model of political economy, you're going to have to bite the bullet every now and again.
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Enzyme is powered by sunlight, Tue 20 Jul 2010, 12:04,
Reply)
and not get all "morally outraged" and hypocritical if you couldn't give a shit when times were good,
and your house was worth 50 billion-squillion poundrals.
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JamTallons, Tue 20 Jul 2010, 12:18,
Reply)
That was Goldman Sachs
and they are well known for being utter utter cunts. first time they've been caught with their hand in the till and everyone else in the city was ecstatic about it.
(, Tue 20 Jul 2010, 11:52, Reply)
The banks provide many valuable public services
but there are a lot of activities in the wider financial sector which serve no purpose other than to make money for very rich men. So yeah, I'd agree with the term parasites.
(, Tue 20 Jul 2010, 11:36, Reply)
And the problem with making money is what, exactly?
Christ: I can't believe that an unrepentant Marxist like me is offering defences like this.
But then again, possibly I can. Marxism isn't a moral theory; it's a historical and economic set of theories. There's no morality in it. So... yeah. Ummmmm... Crisis of capitalism, anyone?
That's what Marx got wrong: he thought that crises were fatal, when clearly they aren't.
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Enzyme is powered by sunlight, Tue 20 Jul 2010, 11:49,
Reply)
if you're selling a good or service, there's nothing wrong with making money.
(, Tue 20 Jul 2010, 12:03, Reply)
hmm.
bust loop.
JMP sink a lot of money into moving their HQ to London, realise they're going to get shafted if they do, think about moving elsewhere. for many many other reasons they're utter cuntnuggets, but i think this is fairly justified.
(, Tue 20 Jul 2010, 11:56, Reply)