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    (Original post by JakeF)
    I rest my case. Reciting rhetoric that youve read in The Sun or Mirror?

    Edit : I noticed the bold bit, AFTER id posted. CREATE MONEY? If you really think money creation is as easy, harmless and with very little consequence as you make it out to be, please, give Mervyn King a call, im sure he'll be delighted to hear your ideas.
    I understand what your getting at but the irony here is alot, Mervyn Kings (Bank of England) been creating money for the past few months
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    (Original post by oocon)
    I didn't say that banking sucks wealth out of the economy, it is needed. What I can say is that while I (as a tax payer) helped bail out banks after they got themselves into a pickle, I am not happy with the bankers still getting massive bonusses while so many people are struggling to make ends meet. Can you say that these bankers are really worth the money they make?
    Well if i'm making my company millions because im good at what i do, i dont think them giving me a bonus of 100K is unfair.
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    (Original post by Teenage Pirate)
    Maybe in operations but otherwise definitely not...
    Operations? Are you joking! That's a support/ back office department! All you do is settle the capital, ie. the cashier!
    To be making that kind of money it has to be something like M&A/Sale and trading, etc.
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    (Original post by sometimes_snoopy)
    Operations? Are you joking! That's a support/ back office department! All you do is settle the capital, ie. the cashier!
    To be making that kind of money it has to be something like M&A/Sale and trading, etc.
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    (Original post by yoyo462001)
    I understand what your getting at but the irony here is alot, Mervyn Kings (Bank of England) been creating money for the past few months
    Incorrect. Please go and have a look at the money supply figures. Not as changed as youd expect them to be. What the BofE have actually been doing is entering the bond market (they own roughly 1/3 of the Gilt market) and buying Government bonds in order to drive down the yields and make it cheaper for the government to borrow. Thats what theyve done in a nutshell. They havent been 'printing money' to just to hand out to me and you on the street. Besides, their main aim wasnt to just print money because were 'lacking in it', it was to stabilise asset markets and reduce the volatility in the markets.

    (Original post by oocon)
    I didn't say that banking sucks wealth out of the economy, it is needed. What I can say is that while I (as a tax payer) helped bail out banks after they got themselves into a pickle, I am not happy with the bankers still getting massive bonusses while so many people are struggling to make ends meet. Can you say that these bankers are really worth the money they make?
    Sorry, but im pretty sure you DID say that. Bankers = banking? Pretty synonymous with each other dont you think.

    (Original post by oocon)
    Exactly, bankers only suck wealth out of an economy.
    Bankers are also tax payers. And pretty significant ones too. Whilst i can sympathise with the your view and for that matter, the one of the general public, before you go accusing banks of causing ALL of this on their own, please take a moment to consider the extraordinary levels of leverage that many households in the western world seem to believe is okay.
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    (Original post by yoyo462001)
    I understand what your getting at but the irony here is alot, Mervyn Kings (Bank of England) been creating money for the past few months
    Thanks for helping me on that one.
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    (Original post by JakeF)
    Incorrect. Please go and have a look at the money supply figures. Not as changed as youd expect them to be. What the BofE have actually been doing is entering the bond market (they own roughly 1/3 of the Gilt market) and buying Government bonds in order to drive down the yields and make it cheaper for the government to borrow. Thats what theyve done in a nutshell. They havent been 'printing money' to just to hand out to me and you on the street. Besides, their main aim wasnt to just print money because were 'lacking in it', it was to stabilise asset markets and reduce the volatility in the markets.



    Sorry, but im pretty sure you DID say that. Bankers = banking? Pretty synonymous with each other dont you think.



    Bankers are also tax payers. And pretty significant ones too. Whilst i can sympathise with the your view and for that matter, the one of the general public, before you go accusing banks of causing ALL of this on their own, please take a moment to consider the extraordinary levels of leverage that many households in the western world seem to believe is okay.
    Lol i dont know if its because ive become more monetarist since ive been at uni but any increases in the money supply is 'printing money' (in my books i should add), obviously the term printing money is used loosely (bad habit of mine) , but essentially quantitative easing causes an increase in the money supply. If my money supply you mean coins in circulation, then there's is little change, however in the economic use of the word, the money supply has increased.
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    Sounds like he was just bigging himself up in front of a crowd to impress people.
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    (Original post by Neville 'Facking' Bartos)
    Sounds like he was just bigging himself up in front of a crowd to impress people.
    This........ but tbh he was probably earning a hell of a lot either way (for a guy his age) so who cares whether it was 70k, 100k or 200k. Or maybe you guys misunderstood him and maybe his whole pay that year is 90k?
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    confusion Neville, sorry.
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    Creating money doesn't have to mean printing money, in fact most money does not exist on paper.
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    (Original post by yoyo462001)
    Lol i dont know if its because ive become more monetarist since ive been at uni but any increases in the money supply is 'printing money' (in my books i should add), obviously the term printing money is used loosely (bad habit of mine) , but essentially quantitative easing causes an increase in the money supply. If my money supply you mean coins in circulation, then there's is little change, however in the economic use of the word, the money supply has increased.
    Wonderfully simplistic view but yes, essentially correct. Maybe use the term 'printing money' a little less.

    And besides, as its this has snowballed into a 'lets try and justify banker pay' thread in recent posts, back on topic.

    Its kind of irrelevant how much he actually said or got. He was more than likely exaggerating to you to make himself look a little bit more impressive. Nevertheless, as previous posts have said, it isnt highly unlikely that he didnt get a bonus in and around that region.
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    (Original post by JakeF)
    Wonderfully simplistic view but yes, essentially correct. Maybe use the term 'printing money' a little less.

    And besides, as its this has snowballed into a 'lets try and justify banker pay' thread in recent posts, back on topic.

    Its kind of irrelevant how much he actually said or got. He was more than likely exaggerating to you to make himself look a little bit more impressive. Nevertheless, as previous posts have said, it isnt highly unlikely that he didnt get a bonus in and around that region.
    I suppose we have gone a little bit off topic, at least I agree with you that he was probably exaggerating to make himself look better.
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    (Original post by oocon)
    I didn't say that banking sucks wealth out of the economy, it is needed. What I can say is that while I (as a tax payer) helped bail out banks after they got themselves into a pickle, I am not happy with the bankers still getting massive bonusses while so many people are struggling to make ends meet. Can you say that these bankers are really worth the money they make?
    I would like to address few points you have raised by using some statistics.
    1. You are angry that taxpayer's money are used to bail out banks
    2. Not happy with the large bonuses when poverty exists

    and as for your concluding question of " Can you say that these bankers are really worth the money they make?", I hope I can enlighten you with the answer by answering the firstly two concerns that you have proposed.

    1. In the years 2001 to 2008, Financial institutions contributed 40% of taxes in the UK- Obviously I don't need to give you a lecture on what tax pays for- real spending had increased on average of 6% a year in healthcare and 4% for education, over the years which bonuses increased from £6.5 billion to £16 billion. The Financial insitutions gave so much in terms of taxes to fund public assets such as governments, healthcare, education and to address the 2nd point- The Welfare state, these are so over-looked today is due to the benefit provided to the public is indirect and funded public assets that may be over-looked such as road-works and street-lamps; When you next complain about driving the long way home, just think, 40% of that cost was paid by the bankers! The WERE undoubtably the backbone of government spending. Bankers were there when hospitals/ schools/ welfare state and when people needed funding, so why can't the taxpayers be there for the banks when they're in trouble?

    2. Poverty exists with or without bankers- just look at the 3rd world- The poor are provided for by the welfare state established after WWII- benefits, housing, etc. Again, without the high tax contributions, there would be NO welfare state but there WILL be those poor people, without bankers, they would just be poorer.
    I believe 'Meritocracy' describes the Commercial banks best- You basically work on commission like the Avon lady, but obviously you get much more 'dough'- UK is a free country with free education, so if you want nice things and a better life, go to school and work for it!!!!- Just happens that bankers have the opportunity- if you don't have to opportunity fall into your lap, you go out and find it and don't moan about those who do, because that will not hurt those and nor will it benefit you in any form- so less moaning, more working!
    Few knows what bankers do and politicians these days are reaping in the advantages of the 'ignorance' of the mass public- which is promoting the phrase of 'I hate bankers so vote for me!!!" but I guarantee you, when they're voted into the office and faced with healthcare, education, and other expenses, and the pressure from the public to keep these up, THEY WILL make policies to benefit the bankers- I propose that we DO NOT let ourselves be led by the nose, be it, the tabloids and the politicians, and actually open our eyes and widen our knowledge to actually know what banking is all about and what bankers actually do!!! Ignorant comments like, I hate bankers and when you ask them why, Few actually knows!!!
    So i suggest before we pass any judgements about anything, lets get the facts right and research research RESEARCH!!!- People still thinks China still have emperors and everyone knows karate for goodness- sakes! It's only when you actually venture into the unknown that you realise your own ignorance!
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    (Original post by sometimes_snoopy)
    Operations? Are you joking! That's a support/ back office department! All you do is settle the capital, ie. the cashier!
    To be making that kind of money it has to be something like M&A/Sale and trading, etc.
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    (Original post by sometimes_snoopy)
    ,,,,
    got anything to back that up?
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    (Original post by TShadow383)
    Then you can work 100 hour weeks for 10-15 years, make several million quid, realise the money doesn't make you happy and blow your brains out all over your lavishly appointed apartment full of cocaine and pointless expensive **** :top:
    Is it wrong that this is my dream?
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    (Original post by danny111)
    yes, ive spent sometime at a bank too.

    but even if i didn, dont you think its ridiculous to assert that many people generate £100 million in revenue in a year?

    It's irrelevant how many people do, the fact remains that many people generate upwards of 8-figures on busy desks. Globally, across all products and all parts of a bank, it adds up.

    I fail to see what your point is. Mine is simple - in trading, your revenue and costs are completely quantifiable, you will expect to be paid accordingly given successes (or failures) are so well defined.
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    (Original post by abcdefghijklmnopqrstuvwxyz)
    LOL. Made me chuckle
 
 
 
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