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U.K. May Lose AAA Rating at S&P as Finances Weaken

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posted on May, 20 2010 @ 10:10 AM
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Even with the growing deficit in the US when the financial crisis during the Bush Administration personally requested 100 billion dollars, that nobody knows where it went too.

Speculations are that the money went o pay either of the UK banks and Saudi Arabia banks because they were heavily involved into the mortgages fiasco.




posted on May, 20 2010 @ 10:54 AM
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Originally posted by Solomons
reply to post by Mdv2
 


The economy is a shambles, we are swimming in debt and the only way is to cut expenditure dramatically and reduce the size of government.... yet many people i talk to are still fighting AGAINST cutting expenditure in many areas. They seem to think we can fix the economy without having to take a hit in many areas, madness.


... and there's a very good reason for people having that attitude, one that I share.

The reason?

When, on the one hand, you have a load of Hooray Henries indulging in a massive gambling binge on the so-called Markets, losing everything, and having to be bailed out by the tax payer...

... and on the other hand, those same Hooray Henries then proceed to pay themselves massive bonuses, while telling the rest of us how we have to 'Borrow and Spend Less', 'Tighten our Belts', and generally pay for their stock market orgy...

Well... would do you think the reaction by the average person is going to be?

Probably something like mine... involving, and including, the putting up of two fingers and the words 'Up Yours Mate' ... NOT DIRECTED AT YOU OR YOUR POST, but at the Hooray Henries


You can't privatise profits, socialise losses, then start telling the poor folk to 'suck it up' .... though judging by what's going, apparently the can and they are!


Don't be surprised to see Greece-style riots all across Europe (including the UK), though


[edit on 20/5/2010 by Dagar]



posted on May, 20 2010 @ 12:44 PM
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reply to post by Korg Trinity
 



The Guardian is a Pro Labour paper, of course this article is spun in the favor of Labours stupendous idea of spending your way out of recession.


Actually the guardian is now a lib dem paper.


I might point out it was Labour who got us in this mess in the first place!!


Don't be so naive, the goldman sachs hedge-funds and banks got us into this mess. The collapse we're seeing now could have been in 2008 if the tories had been there.


Besides, now we have the conservatives at the helm, we should see the deficit reduced significantly over the next 24 months.


And with no plan to pay off most of this debt without causing depression level unemployment and starving millions. All the tories have done is bring about the collapse sooner, and cause further instability, uncertainty & inflation.

The bailout and stimulus money was just another economic bubble, but it's better to try and increase jobs than give up. Unfortunately we don't have the necessary industries anymore in agriculture, construction etc, that are needed to prevent the greatest depression. Although capitalism cannot prevent companies outsourcing abroad to China, and governments cannot force these companies and the public to do business with each other and locally either, in order to create jobs.



posted on May, 20 2010 @ 04:11 PM
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reply to post by Korg Trinity
 


I was going to reply to your last post on a point by point basis but having read it a second time, I really can't be bothered. Gold, Immigrants, welfare spongers, the intellectual standard of debate on this site really has taken a tumble lately.



posted on May, 20 2010 @ 06:13 PM
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Originally posted by john124
reply to post by Korg Trinity
 



It's clear you didn't vote Tory


You obviously haven't included all the negative economic decisions Labour made that I pointed to as being the cause of our Deficit.

it wasn't the Hedge funds that created the huge black hole that is Government borrowing. It was Brown as chancellor and then as PM.

There is no getting out of it. Labour made a very bad situation worse, bringing the UK to the brink of bankruptcy, then on top of that refusing to recognize or listen to industry and cut internal government spending this year and not to up NI next year to pay for it...

What most forget is if NI had gone up next year, the Government would have also had to have paid increased NI to the massively swollen public sector, reducing any extra revenue from the populace significantly.

You don't pull money out of the foundations of the economy to fix a leaking roof!!

Some one above said the only real way out is by creationism and they were 100% right.

It was Labour who wanted you to pay for their mistakes, we still will have to pay under the libral conservatives but at least they will take the brunt of the pain themselves by cutting their own internal funding.

Wake up and smell the coffee socialism is dead and Labour won't get into government for a very very very long time now after what Blair / Brown did to this country.

Korg.


[edit on 20-5-2010 by Korg Trinity]



posted on May, 20 2010 @ 06:23 PM
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Originally posted by Fang
reply to post by Korg Trinity
 


I was going to reply to your last post on a point by point basis but having read it a second time, I really can't be bothered. Gold, Immigrants, welfare spongers, the intellectual standard of debate on this site really has taken a tumble lately.


Yes I agree, as you obviously had so much to offer in this post above


All the points in my post that you can't be bothered to reply to are facts, undeniable, and were undeniably the reason we have the largest deficit in the history of the the UK. All Labours doing.

If you lost your job, would you go out and spend up to the limits on your credit card??? That's what Labour did with out economy. There was a global financial crisis so labour just kept on spending.

Rest assured now the conservatives are in charge the spending will stop until we can actually afford it or there is profit in it.

Korg.



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