Bill Nighy and the Banks

[ItsGrimUpNorth]

I hope more and more voices are added to the clamour

im going to give HIM acting lessons

i once went to the theatre

Milkmonitor when the financial markets look up you will also be one of the general public who will make a feck load of money out of what the government did in terms of giving the banks an asset backed loan - they didn't just give them money for nothing there are conditions, interest tobe paid and a huge return eventually.

A lot of the shit we are in in terms of cuts being made has nothing to do with the banks and a lot to do with overspend by the government.

And banks will leave the UK it is not something that they shout to frighten people - it is a fact 0 they are not going to stay here in the UK if they are placed at a financial dosadvantage by the government and this stupid robin hood tax.

Everyone on this thread who says 'stick to the day job'

I DO hope that you never express an opinion about how schools should be run, what is effective teaching.

Or about hospitals

Or GP surgeries.....

dont express an opinion about schools please anyone
cos you knwo fuck all really. at harpsy

He's not lecturing, freshmint. He's merely written an article and is fronting a campaign much like many a famous person. How do you know he knows nothing about the issue?

And MadameCastafiore, if you really believe the general public will make a heck of a lot of money from the banks' recovery, then you really are deluded. And if we hadn't had to spend millions, nay billions on bailing out the banks, then perhaps we wouldn't have to make so many cuts that attack the elderly and children.

How much tax is the Robin Hood movement proposing? Do you actually know before you declare it stupid?

I am not dismissive of acting or theatre or any of that shite. I myself have a touch of the loveys about me and my family are riddled with it all.

But I still don't like Bill Nighy and Richard Curtis championing the Robin Hood tax thingy. Can't it be someone like George Monbiot or Will Hutton or Polly Toynbee who I am certain are more qualified and better informed on the subject.

lets have U2 saving ireland by paying tax

Well, it's not just Bill Nighy is it? It's a movement. Look at the rationale espoused by it rather than him then.

George Monbiot, Will Hutton or Polly Toynbee, bibbity? Seriously? That would really shake up the Metro reading public, wouldn't it?

Joseph Stiglitz is behind this if it helps.

"...when the financial markets look up you will also be one of the general public who will make a feck load of money out of what the government did in terms of giving the banks an asset backed loan - they didn't just give them money for nothing there are conditions, interest tobe paid and a huge return eventually"

Oh yes sure, until the next time they need bailing out obviously.

Regardless of how much the tax will be if it puts the finacial markets at a disadvantage they will leave the UK or make up the cost elsewhere.

And if the government earn lots from the banks recovering that will go into the pot that the money was taken out of and any government would be signing their death warrant by not spendng it on public services etc.

They are trying to come up with ways to ensure that it doesn't happen again and making the banks hold more capital. You can't do that whilst making them pay out more it is just not balanced.

Same as the banks getting slated for not lending as freely whilst berrating them for lending freely and getting into the shit.

Oh and as far as I am aware no one at RBS got over 2k bonus this year, they get deferred shares which they will not be paid out on if there is no recovery as the sahre price will still be shit.

Although I fully support the sentiments behind the Robin Hood tax it does create economic inefficiency to impose a tax on transactions. That is a drag on the economy as it would affect legitimate hedging and market making functions. Think how stamp duty affects and distorts house buying decisions to see why it is not a good thing.

This idea of a Tobin Tax, to give it its proper name, has been around for a long time but there far far better ways of achieving what people want.

FWIW, do we know Bill Nighy isn't qualified to comment? I know a couple of actors and they have second, third, fourth jobs as well.

And what about Hedy Lamarr?

Bill Nighy is also just a bloke, in a not particularly difficult job puffed up on a touch of self importance

He is allowed to say what he thinks. He is articulating what a lot of people feel and he is saying Mervyn King was wrong to say we aren't really really angry. We are angry. It needs saying so politicians get it and do what needs doing. Not what the bankers lobby tells them.

What does he mean by a tax on every transaction? DOes that mean that when I sell some shares to pay for something like some modest household repairs, the broker will pay a tax which they'll pass on to me?

This helps who, exactly? Not me. And not the builder I might have paid to do the work.

ex banker here

financial/banking matters esp taxation hideously complicated and really best left to experts

debatable whether saint bob has actually made any diff long term to some african countries - not to say i disagree with the sentiments obv

agree about u2 btw

anyone supporting such a tax should be aware that the costs will be passed on to customers - us.

"anyone supporting such a tax should be aware that the costs will be passed on to customers - us."

LOL! It already has been with the bailouts.

Abride - there is already stamp duty of 0.5% on UK share purchases of over £1000 in value.

I pay it every time I buy shares or share options. It is added on to the purchase price along with broker commission. The stamp duty goes to Govt just like any other duty or VAT andjust like all duty or sales taxes. By the time I have paid stamp duty, commission and dealing spread I have typically given away 6 months worth of dividends before I made any money for myself.

In effect it inhibits some buying and selling of shares at the margin, and reduces market liquidity. This itroduces an inefficiency and extra cost into investment decisions. The idea is to reduce the amount of speculative trading in capital markets so only 'proper' investment would take place.

There are better ways of doing this that are already used in futures markets such requiring traders to post cash deposits ('margin') to cover actual and potential losses. If all capital market transactions had to be covered by a substantial cash margin to be held against potential losses then almost all the systemic risk would be removed.

At the moment most large banks trade financial derivative contracts with no margin at all and very little capital. It is that which makes the whole system so risky.

Do idiots like Bill Nighy have any idea what damage a 0.05% tax on every foreign exchange transaction would have to the global economy?

Take the EUR/USD exchange rate, its quoted 2 pips wide (so 1.3940/1.3942 say) or 0.014% wide. A 0.05% tax is going to mean the bid/offer would have to widen to 16 pips (1.3932/1.3948). It would widen the bid/offer by 8 times!

Liquidity in FX market would fall and in reality bid/offer would widen even more. Who would pay the additional bid/offer? Every import/export business. Now how would they pay for that additional cost?

Robin Hood's stated aims are to reduce poverty in the UK and developing countries. Putting taxes on FX transactions would seriously damage things like the global food trade. Are they naive enough to think that banks or corporations aren't just going to pass the charges on?

Businesses will raise prices in the country they import to. This raises the cost of living, making everybody poorer. Businesses will reduce the price they pay for good in the exporting country. What would that do for exporters in emerging economies? Making them poorer.

Well done Bill ... you've just made everyone even poorer. But of course when you're a multi-millionaire actor luvvy why should you give a shit!

'Abride - there is already stamp duty of 0.5% on UK share purchases of over £1000 in value.'

Yes, I know that. But Bill NIghy's proposals would presumably be an addition to this.

'Abride - there is already stamp duty of 0.5% on UK share purchases of over £1000 in value.'

Yes, I know that. But Bill NIghy's proposals would presumably be an addition to this.

No doubt there'll be a Richard Curtis film about this very soon.

"Do idiots like Bill Nighy have any idea what damage a 0.05% tax on every foreign exchange transaction would have to the global economy?"

Would it be any where near as catastrophic as needing to spend billions bailing out banks globally in order to avert economic meltdown after their reckless,unregulated and unprofessional performance?