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Brilliant banking speech by Miliband(149 Posts)
Miliband wants a British Investment Bank and tighter regulation of banking and separation of high street and investment banking. He is addressing the elephant in the room, the real scandal that the public wants addressed. He has real integrity and wants the banks to have integrity again.
Miliband is an excellent Labour leader. I think he will win the next election if he carries on like this. Love the new logo too - a British flag with "realchange" as the logo - no Tory party green tree image, no polar bears, no global warming, no more "building a progressive future", no more spin - just simple, true, "real change". Brilliant
The Public can also smell bullshit,bwhich is what this dreamt up on the back of a fag packet PR bollocks is.
Real change will means actually DOING IT, rather than crafting PowerPoint presentations.
hmm.. random points to consider
1) the reason , say, HSBC is game for separation of investment and retail divisions is that HSBC is already set up that way (due to the retail division being the Midland Bank, under the HSBC branding) ...however if HSBC Investment negged in a big way, i wouldn't think the retail division was safe. so i don't see the point in that regulation if that's all it does.
2) let's not forget the toxic assets in question were largely generated in the US sub-prime market, not the UK lending market.
3) Ed can say whatever the hell he likes, he doesn't have to do anything about it unless he got voted in. this is prole feed.
4) would an inquiry of any kind change the current situation? if the answer is no, why the fuck waste more money on it?
5) the bailout was chickenfeed next to the public sector overspend, and in some ways could be seen as a good investment. except of course it won't be, because it's being managed by a government.
6)Nationalising banks sounds like an appalling idea given the track record for nationalised anything in this country.
Hmm, I wonder how the Daily Mail reading public will take the admission that Osbourne lied about Ed Balls' involvement in the LIBOR scandal.
"the public is fair and just and does not hold it against Labour."
I think the public's memory is a little longer than you give it credit for.
The public has the memory of an elephant, the steadfastness of a lion and the sagacity of Solomon, which is why the public is not conned by claims of catastrophic climate change and voted New Labour out.
But, the public can spot an honourable man, which is why it voted Tony Blair in with a landslide.
Ed Miliband is in tune with the public mood.
It was only later that the public took to calling him Bliar. when the depths could go no lower and the exaggerations could go no higher.
The public does not believe in counterfeit carbon footprints and carbon copies. The public like something genuine, something real. That is what Miliband is. He says he wants "real change" and if he keeps it up, and if the Daily Mail keeps agreeing with him, then he will gain real power.
the public has the memory of a goldfish... that's why a week is a long time in politics
Miliband sounds genuine, he doesn't sound like a person who has to be told what to wear, what to say or how to smile by the spin doctors. He's not out to fool the public, he believes in serving the public. Miliband is the real deal and he offers "real change", in a few years' time I think we will all see a real change when he wins power.
'Amid what he describes as the froth and nonsense of wear this tie, get your hair cut, get rid of the big glasses, he believes the most important thing of all is to be true to yourself and hes convinced he can become Prime Minister.
It comes from having a set of beliefs. Ive got absolute faith in myself. My beef with Cameron is not where he went to school; he just doesnt show hes somebody who understands peoples lives.
'Cameron didnt win a majority because in the end people werent convinced. They fell in love with Clegg and now they think hes betrayed them.
Im going to be the guy who doesnt promise the earth, whos going to say its hard and difficult but Im on your side.
'Im not going into this because people say, Ooh, hes good on the telly. Thats all rubbish. In the end what matters is, do you have something to say?
Maybe the big glasses should come back.
'the public has the memory of a goldfish'
But it won't forget about the bankers. Paul Tucker, Deputy Governor of the Bank of England, said to the MPs questioning him
"can't be confident of anything after this cess pit"
This isn't going away. The public won't forget what happened and Miliband fully understands the public mood, and the Daily Mail calls him brave and courageous for his stand on this issue.
That's good enough for me and the public!
6)Nationalising banks sounds like an appalling idea given the track record for nationalised anything in this country.
You're so right. All the privatised utilities and other services have reduced costs to customers massively. Oh, wait.
A plc running a utility is not in the public interest because by law they have to maximise shareholder returns, which means, in the main, reducing the level of service and increasing charges to customers.
Agree with MrJudgeyPants that we do NOT need a British Investment Bank.
What the heck would that do? Channel money on a political basis into favoured projects. A socialist dream.
Splitting investment banking from retail banking is a good idea.
'Channel money on a political basis into favoured projects. A socialist dream.'
Miliband is not in power, but he is calling for a British Investment Bank now, He doesn't care who is in power, he wants to do the right thing for the country.
The Tories seem to be in favour of a Green Investment bank and even some sort of Big Society Social Enterprise Bank. What's wrong with a British Investment Bank that channels money into research and development of chips and technology that can lead the world? We have the brains, but are starved of capital - our own capital, locked away inside banks who are starving small businesses of loans. Let's invest in manufacturing and technology, not just in rusting windmill farms that give taxpayer subsidies to some of the richest landowners in the country.
Not everything the socialists do is bad. Harold Wilson invested in the Open University, a world-class institution to develop our latent potential. Even the venture capital company 3i was once I think funded by the government.
When banks don't lend to entrepreneurs, then the government should create nationalised banks that will do so.
A british person cme up with teh world wide web, used by the entire planet. Alan Turing was a genuius in computing, following in the footsteps of great Britons like Charles Babbage and Ada Lovelace.
Radar wasn't invented by some private company. Man didn't get to teh moon due to some private company. Governments have our savings, taxes and capital and can use it to invest in our people and companies who can develop technologies to change the world.
Blowing billions in speculative bubbles by bonus-grabbing betting bumblers has harmed the entire planet. It is time for "real change", it is time to really "save the planet" and reform and regulate the banking system.
It should be game up for the gamblers, set over for the spivs, and match for the millions of people and industry.
What's the cry that goes up in casinos?
Rien ne va plus
We could do with some of that for the spivs too.
You're so right. All the privatised utilities and other services have reduced costs to customers massively. Oh, wait."
those privatised utilities make money and pay tax rather than costing money to run.
It is time for "real change"
Any idiot can say it. What would Milliband do if he was in power though?
From memory, the only (cough) policies I've heard from Labour in over two years are:
1) One off tax on bankers....public would be happy with it but it would do absolutely nothing to help the deficit or reign in the banking sector.
2) Drop VAT temporarily by 2.5%. How many people noticed the last temporary cut? If anything this makes the deficit worse albeit on a temporary basis.
Neither of the above do a thing to tackle the root cause of the problem which is a banking sector which caused a massive problem by lending huge sums of money to many people it shouldn't have done including erm....governments like the UK!
"A plc running a utility is not in the public interest because by law they have to maximise shareholder returns, which means, in the main, reducing the level of service and increasing charges to customers."
banks sell products. they compete with each other. reducing service level whist increasing charges = great way not to have any customers to make money out of...
the current trend in banking is to attempt to increase charges - true - but also try to really drive up the level of service. Banks have been somewhat behind other sectors in really buying into the service culture, but are catching up..
Claig. Is this the same Mr Miliband you hold in such high esteem? link
i find it worrying that people believe banks are 'unduly' risk-averse in lending to business, and believe that if the government filled that gap it wouldn't be setting itself up for massive losses.
'those privatised utilities make money and pay tax rather than costing money to run.'
We are still subsidising some of them. They ramp up our prices and it gets so bad that Cameron has to call them all in for a meeting to ask them not to increase their prices in a time of extreme hardship for millions of people. They are making big profits, their fat cats get huge salaries, much higher than their state bosses used to, their bonuses and pensions go through the roof, at the same time as pensioners' bills do too.
There are hosepipe bans in the midst of monsoons, the poor pay higher charges with metering than anyone else, and they tell us it is too expensive to move water from areas with an abundance of water to areas which have a shortage, because they are all separate companies and they have to pay, unlike in nationalised days, when they were all one integrated system with all the cost benefits of scale.
There are hosepipe bans while it pisses down for months, the public is pissed and they are taking the piss.
'From memory, the only (cough) policies I've heard from Labour in over two years are:'
But that's history. Miliband has moved on. He has recognised the magnitude of teh crisis and teh Daily Mail backs him and calls him brave and courageous.
He wants to create a British Investment Bank and invest in manufacturing, he wants to jail crooks and bar them from ever working anywhere in finance again, he wants to change the culture, cut the bonuses and regulate the rogues. He wants a judicial inquiry under oath, and the Daily Mail wants that too.
He has moved on. He is no longer talking about "building a progressive future", now he's talking about "real change" and now the Daily Mail agrees with his calls for a judicial inquiry.
'banks sell products. they compete with each other'
as in LIBOR fixing?
'the current trend in banking is to attempt to increase charges - true - but also try to really drive up the level of service'
as in mis-selling interest swap products to small business customers who don't understand the risks?
You can't turn on your TV without being bombarded by companies offering to get your money back for mis-sold PPI schemes. You even get cold calls from companies hundreds of miles away offering you their services for that.
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