GBP vs THB

[sargeant]

Again Mr guess twists and wriggles like a maggot on a hook
Quote my OP “
Posted: Wed Sep 17, 2008 10:43 am Post subject:


Just been listening to a quote "professor of Economics" on the BBC i was left wondering as a university lecturer i wonder what they were teaching before, that has led to this balls up in the financial world today.And more to the point why listen to the tossers now
Are professors of economics the same as iatrists and ologists and just guessing

Guess your reply post does NOT refer to bank employees at all and is in answer to the above quoted post. Or is that why you are called guess

Quote guess from his reply
“Yes it is not an exact science like mathematics or physics but they learn as time goes by”

Really why do I think they keep getting it wrong which means they don’t learn jack crap added to which how come you never hear them publicly and loudly warning people only telling us why we have lost our money after the event. This crash took years to mature

Quote guess
“I have the greatest respect for TV journalists. They require a multitude of skills but they cannot be specialist in one field.”
Ever heard of Bloomberg Niel Cavuto etc etc etc and have a guess, guess, where do you think the plebians get their information from

Quote Guess
“Perhaps you should start a poll "Is education good or bad?" and see the results. I think you could find that you are the only one who is against it unless Pol Pot is on the forum.”

Statements like that prove conclusively that while I am 100% in favour of education I am an ardent believer that education and intelligence are two different things altogether so as an uneducated tosser let me surmise your degree is in economics yes guess you are educated FULL STOP I rest my case.

By the way a certain Bank cashed a crossed cheque made payable to payee account only in my name and gave my money to someone else on a blatant forgery (which means they BROKE their four of their own rules it should never have been cashed but only go through my account) I have been waiting 5 five months now for the Financial ombudsmans office to allocate my case they are so busy with complaints against these wonderfully highly educated institutions
Maybe guess can tell me what sort of compensation I should recieve

[ozuncle]

These CEO'S are obviously well educated.
They receive crazy salaries and huge bonuses. Sure they may be based on previous results but who pays them? We the stupid taxpayers of the world with ever increasing costs of all products.
Guess, if you defend these CEO'S do you think they should give the bonuses back if they lose money?
I think greed is taking over and companies are prepared to gamble with other peoples money.

How can a responsible financial institution lend money to someone to buy a house (100%) knowing that if the value of the property falls, the borrower can just hand back the keys and not be responsible for any loss on the sale of the property? (Sub Prime)

But why do they care. They had a huge increase in business AND BONUSES until the inevitable hiccup.

[miked]

or northern rock lending 125% !!!
miked

[sargeant]

It seems to me a good industry to go into right now would be gamblers anonymous as all the Ladbrooks recruits are gonna be out of casinos/banks /insurance places to gamble in

[sargeant]

Oz and miked the reason they loaned 100/125% was because some highly educated (uninteligent tosser) of a professor of economics taught them it was economically good for their own pockets and dont worry some other sucker will pay the price

[Guess]

Guess your reply post does NOT refer to bank employees at all and is in answer to the above quoted post.

Balderdash. Stating facts is hardly wriggling out of anything. I cannot be blamed for other people's English language limitations.
Read again. I have just dome so and waded through reams of your unintelligible scribblings.

I reckon the BofE and the British banks and economists are a lot sharper nowadays.

AFTER I had answered your question with my opinion.

There is nothing there about journalists or your wizard professori. That is in your mind only.

In the two decades following WW2 the only qualifications for a senior banking position were that you went to the right school, wore clothes made by the right tailor and always wore a bowler hat.

Nowadays people are selected on relevant education (i.e not Greek Mythology) and track record and they are trained regularly by their employees. Fat salaries are earned by performance.

I will stick by that one and having been working in the industry for some time I do have a little knowledge of it.

Now for a laugh. This is one of your classic pieces.

............under extreme pressure from the American financial giants we were not allowed to bail out companys Market forces will prevail quote unquote sheer bluddy hypocricy i call it. ?QUE?
As for being an inexact science this debacle shows it isnt even a science black magic and voodoo more like
as for the British banks and economists are a lot sharper nowadays. You are having a larf arent you northern rock barclays largest rights issue ever BOE stuffing taxpayers money in. HBOS and massive right offs the pound heading for the U bend come on give me a break ?QUE?
They are just a bunch of greedy conmen operating an American system for the benefit of American house buyers and mortgage sellers
Live the american dream buy a 25 million$ house on 3,000 dollars a month income dont worry you will be homeless but the brits Aus German Dutch Finns and especially the pensioners will pay the price........

I really don't understand what you are trying to say but it looks like another load of nationalist anti American bullshit to me. If you used some punctuation and a spellchecker it may make a little sense. Alf Garnett, eat your heart out.

Forgive me if I am wrong, but it seems to me to be the most bigoted diatribe of nationalist propaganda that I have ever seen on this forum. It seems to imply that certain people's services to the planet deserve some special compensation and their pensions should be protected against the eternal peaks and troughs of the world's economy that has been going on for at least four millennia. If you don't like the capitalist system why do you not go and live in Cuba or Cambodia or some other backward country that is still clinging to the idealistic communist dream.

Two more points before I leave this time wasting thread forever.

Ozuncle. Check for yourself. I am not defending anything. I am telling you how it works. Personally I think it is short sighted and wholly irresponsible to hand out such large bonuses when the writing is already on the wall.

My last word to Sargeant. Yes education and intelligence are two completely different topics. However I have found that it is much easier to teach intelligent people than idiots. What's your theory based upon? I really don't understand what this downer on education is. Envy I suppose.

I have been IQ tested an have a very high score of 66 which I have been told by a professor of Economic Bullshit an Voodoo is way above average. In fact it is almost as high as a chimpanzee.

[sargeant]

Quote guess Sat Sep 20, 2008 7:39 am
“I have the greatest respect for TV journalists. They require a multitude of skills but they cannot be specialist in one field.”
Quote guess Sat Sep 20, 2008 3:37 pm
There is nothing there about journalists or your wizard professori. That is in your mind only.

Obviously its your mind with the problems a mere 8 hours and you have forgotten what you posted yourself

[Guess]

Wriggle wriggle squirm squirm. We can all do that. Not really very smart though.

One thing (among many) I don't understand. If anybody is not getting the returns from his pension fund that he has been led to believe he will get, why doesn't he manage it himself.

Also why don't all you really smart guys, who know all about economics far better than any professional, start you own asset management companies and make yourselves small fortunes. It has been stated many times that the CEOs, financial advisers, analysts and asset managers are all complete morons. So for you guys with your high intelligence should be masking a killing.



Anyway I have to get back to work now. This global economic meltdown is taking its toll.

Anyway Sargeant, give me your bank account number and I will arrange for my pension fund to be transferred. I will then be able to sleep knowing it is capable hands. What sort of return are you promising. I don't want you putting my money in any of your Fanny Craddock or Freddie Mercury mortgage accounts. Good old blue chip Barclay's HSBC and Tesco stock for me and maybe the odd War Bond.

[sargeant]

Lets get one thing straight i am not claiming to know anything about the infinite details of banking guess YOU are .
Another straightener i know that 125% mortgages mean one is loaning on negative equity before you even get the first payment That is the same as backing a 3 legged horse to win the grand national (and i dont need anything other than basic maths to work that out)
Morons is YOUR word guess but i will go with that. Addicted gamblers.conmen.crooks are mine but i will bow to your superior education

I AM getting my pension but will i get it later thanks to these way overpaid superior educated wear my professorship and degree braggards who did not see it coming and did not warn anybody least of all the plebs

Anyway you stick with barclays guess it was those tossers that cashed my cheque illegally charged me a fortune every time i drew MY MONEY out and for leaving it in
I am with the NATIONWIDE saves me 50 quid a month
By the way you never asked the question of compensation pointless answering now i know you are a barclays man

[Super Joe]

pp

[Norseman]

Back to topic please!!
We're talking about money, not educational establishments, nor brain matter or the lack of it.

[Guess]

The current rate of "the free" falling UK pound vs the stable Baht is 62.4. Contrary to the laws of gravity the Pound is gaining in value against the Baht. Perhaps someone could tell me what the effect that will have on the gloom and doom prophesied by the world economy grim reapers out there.

Another straightener i know that 125% mortgages mean one is loaning on negative equity before you even get the first payment

The 125% mortgage is a marketing package. Well the 120% mortgage was anyway. I do not klnow what legal changes have been made recently but the law in the UK (no Freddies & Fannies, that falls under US law) is that a mortgage cannot be granted at over 80% of the value of the property. This mechanism protects the building Society's shareholders and personal investors. The next 20% is a semi secured loan from third party. This is a more risky portion of the loan than the 80% so it is backed by and Insurance policy called a mortgage indemnity policy. The charging of the premium to the customer has now been outlawed in the UK as far as I know which just means that the monthly payments increase.

The remaining 25% is a plain and simple unsecured loan. It is risky but the lenders at least know that the lendee is a householder with a new mortgage and that they will be informed if the is any movement of the property.

In a normal economic climate it is more or less risk free. With recent house price trends in the UK the lenders are taking a real risk if they offer new loans under those circumstances.

Are we saying that the 125% loans are still being offered.

Also I do not understand how the mortgage crisis in the States has any bearing on it apart from obvious similarities.

The Freddie Mac and Fannie May loans apply to the US and controlled by federal legislation as far as I know. The 125% loan mentioned by someone was Northern Rock, I think. Surely that is a British company and relates to this topic but I thought they had been put into government hands back in Q1. Ther may have been others since.

The state of UK banks and UK stock in general has a direct link to the value of the Pound but I cannot see the link between the UK Pound/Thai Baht rate and the US mortgage and housing crisis.

As it has been pointed out that all scholars and teachers of economics, journalists, agencies such as Bloombergs, and bankers are complete idiots and tossers I really don't know who to believe now.

I am basing all this on the presumption that those throwing the stones are not actually doing so from within glasshouses.

Anyway that's all for now folks. I have sent Sargeant's previous posts to the University of Minnesota's Egyptology Department as an attempt to have it translated. They don't expect any results for six months. The London based Guy's Hospital Psychiatry Department may prove to be a bit quicker.

Don't forget it's 62.4 (rounded) UK Pounds to 1 Thai Baht and 34.1 (rounded) US Dollars to 1 Thai Baht right now, or is it the other way round?

[margaretcarnes]

Sorry Guess- it was Sargeants 'tits on a frog' comment prompted that!

Yes certainly a lot of Danes go to Germany to buy big stuff like cars and large electricals. Even for groceries if they are near enough the border. Theres certainly a noticeable difference in costs between the two countries, but the Danish welfare system impresses me, so tax wise they seem to get what they pay for. House prices in Denmark are lower than the UK but maybe not hugely. With the UK slump it's evening out more again. Overall I found it a tad more expensive this year than 2 years ago, but only because there weren't so many Kroner to the pound - and the euro was even worse!

[Guess]

Guess, if you defend these CEO'S do you think they should give the bonuses back if they lose money?I think greed is taking over and companies are prepared to gamble with other peoples money.

Yes I agree in principle. I am not in any way defending anybody. That was Sergeant who wrote that. Reading and writing skills are somewhat lacking. I posted and stated the basis on how they got paid. I don't necessarily agree with the system. This is a more accurate reflection of my gut feelings:

The CEOs and other decision makers have to be held accountable if they were champions of corporate and individual greed by cooking up books, behaving fraudulently, neglecting common sense and due diligence. If found guilty, they should be forced to pay back their bonuses and termination pays and lose their pensions funds.

So the question for all the soothsayers of finance out there: How do you implement that and who would take the job on under those conditions? I'll bet that this question gets no reply.

Norseman, a moderator, has pointed out that this thread is going off topic. It is. US mortgages and US financial problems keep being mentioned when the topic is the UK pound value vs the Thai Baht. The high bonuses and high risk mortgage type that have been mentioned so far have almost all been US based (Northern Rock excepted). Mortgage lending laws are completely different between the two countries. The subprime crisis was a US phenomenon. I do appreciate that the US and EURO economies have an effect on the UK economy and value of the pound but I think Britain's own crises have a greater effect.

[Guess]

Wish I was a pratt

Granted. get a resume off to Halifax now.

Sorry Guess- it was Sargeants 'tits on a frog' comment prompted that!

Yes certainly a lot of Danes go to Germany to buy big stuff like cars and large electricals. Even for groceries if they are near enough the border.

OK, I missed that. It's really difficult wading through Khun Rantages' posts.

I guess that goes on in many parts of Europe. In Ireland it has been both ways for various reasons over the years. The Gibraltarians go to Spain to but groceries and clothes while the Spanish go to tax free Gibraltar for cigarettes.

That'll be changing as we write with the bobbing of the Pound.

If anybody is about to change Pounds to Baht it may be a good idea to do some now in case the predictors of gloom and doom are correct. The problem always with the UK is the extortionate rate charged for over the counter exchange and transfer costs.

Both Thos. Cook and Travelex are offering "No commission" rates. This is a smoke screen to cover up their unbelievably high rates. Travelex are selling currently a 55 Baht to one pound. 12% almost instant interest. People coming to the UK from Thailand have to pay over 70 Baht to buy a Pound.

If there is anywhere in the world that offers worse rates I would like to know.