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Just a memory jogger for people

(23 Posts)
time4chocolate Tue 28-Jun-16 09:00:56

I am wondering if a lot of people on here have selective memory and have forgotten who played a large part in the 2007 election. The bankers and traders living in their London bubble pushed up the price of money, fixed the libor rate, caused a property price surge and contributed to an all out recession ..... and then came up smelling of roses (with a fat bonus to boot) but that's ok because if property prices stay high mummy and daddy can just but them a house and a lifestyle - "I'm alright jack". It is these very people that are a large group of the remain campaign
that are now feeling what it's like to have the shoe on the other foot and they don't like it, they may lose their jobs, may have to adapt their lifestyle, maybe have to take their children out of private school. Well this time 17m ordinary, average people across the whole country have had their say.

Lweji Tue 28-Jun-16 09:04:28

Unfortunately, I think you'll find that those people will hardly suffer and it will be the average ordinary people across the country who will suffer. Particularly those that rely on low food prices, the NHS and so on.

Joysmum Tue 28-Jun-16 09:06:10

Another memory jogger:

When interest rates were 15% and quantise easing pissed away billions and billions of £ as the powers that be thought it would be the end of the world if we left the ERM!

Turns out they were wrong and we were better off out.

time4chocolate Tue 28-Jun-16 09:06:59

They will do I think if all these banking job losses that they speak of come to fruition.

time4chocolate Tue 28-Jun-16 09:09:38

recession not election, sorry!

Lweji Tue 28-Jun-16 09:10:34

The housing crisis did affect people working in finance, but it also led to a big rise in unemployment generally, benefit cuts, NHS cuts, education cuts, ordinary people in negative equity.
It's unrealistic to think the average people will be ok and the top will suffer. It's usually the reverse.

BumbleNova Tue 28-Jun-16 09:11:49

sorry if I am missing something but why is people loosing their jobs and causing a recession a good thing?

why do we want to pull down our economy?

time4chocolate Tue 28-Jun-16 09:11:50

I know Lweji - the actions of a few had a huge impact on the many.

time4chocolate Tue 28-Jun-16 09:12:35

I didn't say it was a good thing.

Lweji Tue 28-Jun-16 09:17:22

I'm all for tighter banking regulations, limits on bonuses, etc, but leaving is actually likely to leave bankers in the UK reign free, rather than the opposite.

I also agree that tying finances whilst not really tying them is damaging.
I now live in an Euro country that is still struggling to come out of the last crisis, and I do think we'd have been better out of the Euro, but not out of the EU.

Joysmum Tue 28-Jun-16 09:22:03

Lweji the UK was lucky it learnt it's lesson with ERM.

I'm struggling to see why to hold our home nations together in the UK we've needed to go the route of devolution over the past 20 years (so well before the referendum possibility reared its head) but to keep the EU together they've gone down the route of tighter and tighter political, social and judicial integration? It doesn't make sense to me confused

BumbleNova Tue 28-Jun-16 09:25:12

agreed Lweji - the EU and all EU legislation has had a key role in curbing the worst of the city. like banker bonus caps. you can bet those will be the first to go.

I'm finding it baffling that people really thought a vote for leave was a vote against the establishment. BoJo and Farage are the worst bits of the establishment.

as for employment rights, enjoy paid holiday while it lasts. dont think BoJo wont sell us all to his big business mates.

user1467101855 Tue 28-Jun-16 09:25:17

If they suffer, your millions of ordinary people will suffer more. Trickle down effect. Big job losses means lots of small job losses. Money out of the economy will hurt the poor far more than the rich.

Lweji Tue 28-Jun-16 09:26:58

Btw, rein free, not reign. blush

Joysmum Tue 28-Jun-16 09:31:03

Longer term we'll be better off.

We can negotiate free trade agreements with other trade blocks with faster growing economies and greater potontial returns (who don't want judicial, social and political integration as their price for that).

The EU limits our ability to make the most of world wide opportunities and asks a high price for that 'luxury'.

How many rich bankers and traders do you think there are that they make up a large part of the remain group? Most people working in financial services aren't investment bankers or traders on 6 figure salaries and bonuses. They're administrators, customer service staff, finance, call centres, sales...They're normal people and they'll be the first to be hurt when belts are tightened, not the rich folk at the top.

And what do you think will happen to the normal folk in other industries if one of our countries primary industries tanks? They don't live in a bubble. They use goods and service provided by those ordinary folk, from retail to transport to childcare. I run a childcare business, if the FS industry tanks we'll lose a reasonable number of our clients and may have to lay staff off or close altogether. Who will that help, exactly?

ARumWithAView Tue 28-Jun-16 09:37:20

I already wrote this on another thread, but I find it really sad that many people were persuaded that a Brexit vote was a vote against banks, big business or capitalism in general.

You didn't vote against bonus culture, irresponsible trading, or social inequality. If/when the City suffers due to lost or compromised EU trading rights, all this achieves is a loss of revenue and employment here, and a huge gain for Frankfurt and other European cities who will push to become new hubs for international corporations trading within the EU. So you've fixed none of the problems, but made sure we receive none of the benefits.

Lweji Tue 28-Jun-16 09:42:44

We can negotiate free trade agreements with other trade blocks

But the next door EU neighbours will always take the first spot and probably the better conditions.
Hopefully not, for the UK, but I wouldn't be too sure.

fanjoforthemammaries7850 Tue 28-Jun-16 09:50:23

so sick of all this inverted snobbery chip on shoulder nonsense.

it's not the Remainers who should be getting a grip IMO.

user1467101855 Tue 28-Jun-16 09:55:20

We can negotiate free trade agreements with other trade blocks with faster growing economies and greater potontial returns (who don't want judicial, social and political integration as their price for that)

What makes you think those other trade blocks will want to negotiate with you when they have such good terms from the EU?

RiverTam Tue 28-Jun-16 09:59:16

I assume you think that the Canary Wharf towers are full of mega rich banker wankers? Not workers on bog standard salaries, secretaries, post room staff etc? Or don't their jobs matter?

Who cares about workers right? You think it's the Tories? It isn't, btw.

BumbleNova Tue 28-Jun-16 10:04:08

joysmum i sincerely hope you are correct. but, reality of the last few days would suggest that we are heading for some very difficult times. there are absolutely no guarantees that we will get a better deal. its pure fantasy.

i echo everyone above - this is not going to hit the top 1%. they will keep on sailing. it is those who can ill afford it who are going to suffer the job losses from the economy tanking. and the amount of money that will be taken out of our economy hurts everyone - small business, coffee shops, nurseries etc.

its not going to rebalance the economy towards other areas. it will make it worse.

time4chocolate Tue 28-Jun-16 15:20:48

For fear of putting this back in active, I just want to say that my post veered into goady territory and that was unnecessary (and there has been enough of those already) and I apologise for that, however, in my defence I had just read the 'protest coffee shop' and the 'private school post' and I thought I had nipped off into an alternate universe

Rivertam - I was working in a bank (low down the pecking order) in 2007, I was made redundant because of it. My bil works in Canary Wharf (not in banking and not earning lots of money) so I know that it's not all wanker bankers.

And in no way did the recession in 2007 influence my decision at all (in fact it wasn't even on my radar ) because I was aware that it was a completely separate issue and my voting preference was thoroughly researched.

Fanjo - You have implied that I am an inverted snob which is not true but, it is one of the less offensive ones I have received over the last few days so I'll take that any day over Racist/xenophobe.

I will tell you what though, mumsnet (I don't do any other social media and am very grateful for that now) has highlighted to me over the last 3/4 days exactly why a voting booth is private!! Its been quite shocking and sad. In I want to put a new thread up about it but (a)I don't want to add yet another to the long list that's already there and (b) i want to word it in such a way that it involves people providing no disclosure to the way they voted whatsoever and only a yes/no answer so I don't think now is quite the right timewink

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