The Dude talks to UK Uncut on Twitter.
are @ukuncut #ukuncut disonest or stupid? Barclays this time. http://is.gd/HKKKgW which didn’t need a bail-out and which pays a lot of tax.
Question: does the laffer curve mean anything to you. Is there a point at which you stop regarding “business” as a piggy bank?
Barclays didn’t take the Bail-out. It went to shareholders. Are you dishonest or ignorant?
Question: Do you pay more tax than you legally owe? if not you’re a rancid hypocrite.
waaaa! someone has more than me! waaaaaa! You’re a child.
because the entire banking industry is being support with 1 trillion of our money and I want it back
Yes. There is a bankers’ put. Which needs to be adressed by regulation, but confiscatory, retrospective taxation is not the answer. Do you even know what ‘Bankers’ put’ means?
One of the more one-sided debates I've seen recently…
How did Barclays benefit from the bailout exactly. If memory serves, they went off to the ME and got some rich Arabs to "invest" some cash.
UKUNcut really are unbelievably stupid. They don't understand which banks were bailed out (Gordon's mates and constituents) nor do they understand the tax laws regarding offsetting of losses against future profit.
I'm guessing that a large number of the UK Uncunt troops smoke and that the majority roll there own (or is this an unfair stereotyping). If they have purchased personally imported rolling tobacco i.e. from anyone other than a proper retailer then they are part of the largest tax evasion in this country. Paid anyone cash to avoid VAT? No me neither ………
Socialism, it NEVER works.
Wow. Just… Wow. I remember now why I try and actively avoid debate with these people, both online and in the real world. "Yeahbut…yeahbut…yeahbut"
"you're wrong. And this is why…"
"No… YOU'RE WRONG! AND STUPID! I WIN!!1!!"
Being a mostly student and radical Marxist movement I suppose it would be foolish to expect anything approaching intellectual rigour…
Tim Worstall posted a link to this
Sounds sensible to me. What do you think dude(s)?
I thought it was very generous of UK Uncut to apologise for misunderstanding the basics.
Sorry. I don't understand what a banker's put is, either.
For those that understand about being able to offset losses against future profits, no explaination is necessary.
For UK Uncut, no explaination is possible.
They are idiots.
You nailed it with the someone has more than me line. It's a group of lazy pricks that feel they are entitled to other people's money. I.e. The labour party's indoctrination has succeeded (about the only thing those useless tests ever succeeded at)
And I'm so fed up with telling people that while banks (very broadly) caused the recession, the labour arseholes ran the economy in such a way (ie. No saving for a rainy day) that it couldn't withstand a recession.
Personally know anyone who supports UKUncnut?
Go round & superglu their front door shut.
Do it tonite.
Whilst my sympathies are with you, I find myself shaking my head to you, and nodding at the idiot you were arguing with.
1) In 2008, the leading auditing firms advised the government that if the took a (laissez faire) attitude (and left the market to do its stuff), they could not certify the major banks (including Barclays) as going concerns.
2) In wave one of the crisis, Barclays found itself (even having missed the stupidity of ABN Amro) as insolvent. The were caught short of funds in a way that would have sunk a normal/real business. Which business can bail itself out on anything remotely like the terms offered to ALL the banks by the BoE or Fed?
3) The banking system was able to immediately start using state aid (the funding windows).
4) Later on all the banks, including Barclays, used the special liquidity scheme, which allowed them to exchange all the shit assets they had in return for liquidity (cash). Which business can do that when they are in trouble. Without this, Barclays WOULD BE BANKRUPT.
6) Barclays stuck its neck out to buy cheap bits of Lehman's. Sure, but do you really think those bits would have been worth anything at all without the trillions of US$ thrown at the entire banking system by the Fed and by the use of the TARP, amongst other bailouts?
6) Interest rates are set at 0.5%, (who else can borrow at this rate?!?!?) whilst inflation surges up towards 5%. The only reason this is happening is to bail the banks out (in a business I am involved in, we can only borrow at base plus 5%). Barclays partakes of this state subsidy.
6) We are all getting poorer because of this huge, opaque bail out of one section of the economy by the rest of us. Salary going up? No. Shopping basket going through the roof? Why yes. This is a clear debasement of the currency. Think who loses – the prudent saver, the wage earner, those who have large savings… and who benefits? Banking and government…
This is not free market capitalism. This is the very very very worst type of state medling and crony capitalism.
Finance capitalism is not the same as free market capitalism.
Banking in it's current form can only exist because the rest of us are willing to give a free subsidy to stop it collpasing from its very own contradictions.
(Please don't confuse this rant with anything else that the economically illiterate morons at UK uncut advocate – I advocate FREE markets, not state subsidised markets, so would never support Tobin taxes, stupid attacks on markets per se and so on).
My grandfather always said 'Never argue with stupid people – they drag you down to their level and beat you on experience'
James, If you read my other posts on the subject, you'll see the banker's put and over-regulation allow the big boys to take too many risks.
However if I'm to back a business which merely responds to the incentives idiot government put in its way, vs a bunch of whiny children who want to loot private business, I'll go with the former!
Oh dear. Game set and match to UK Uncut I am afraid
I know a fair bit of time has passed since this post but I've only just read it and I felt the need to say:
Are these UKUNCUT people for fucking real?
I've been out with UK Uncut. I can't argue specifically about Barclays, but the general point of UK Uncut is that the government is giving breaks to big business whilst telling everyone else there's no money. I think this is fundamentally wrong.