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Everything posted by aDONisSheep

  1. In fairness, the proposal is to remove charitable status, not get rid of private schools, and all the proposal means is that private schools will need to charge VAT on fees. It doesn't mean that you or I can't send our kids to private schools, just that it will get more expensive. Similarly, you can still pay for tutors as has always been your right, so I'm not sure where this thin end of the wedge argument is coming from. I'm also not sure about the 'catchment area' argument. Nobody is stopping you or I from sending our kids to private schools, they are just saying that VAT will now be applied. Similarly nobody is stopping you or I from moving to this area or that area. On the plus side it will raise much needed finance which will help to try and raise standards across the UK. I'm not sure that I care much about whether Eton's already considerable property portfolio is threatened, or if they don't get a second rowing lake (part lottery funded). I do however care about whether local state schools have sufficient funding to provide better educational facilities to pay better wages and attract more people into teaching etc. Yours, aDONis
  2. As a long time Labour supporter and self confessed champagne socialist. I fukking despair at Keir Starmer and his lack of vision (and honesty). Tory-lite does not inspire me at all. Seriously thinking about wasting my vote and going Green party (and I've got Joy Morrisey as a useless fukker Tory MP to try and get rid of). Yours, disillusioned with Labour aDONis
  3. I too, really enjoyed the game. Good atmosphere, without being overly hostile. A big thank you to all the Pikey Jute Minkers Utd fans that I met on the trains, although rowdy, you were good fun! I enjoyed your company. I think it's how fans should be. I agree with others, Utd looked pretty good to me, just a bit toothless up front. If they do somehow conspire to go down, they'll be one of the better teams to have ever been relegated. The problem they may have is that there is not much between most teams in the league, all of whom I think can play a bit of football. HIVs are on a horrendous run, but I think they are pretty good. I like both Livi and St Mingin, I've not been that impressed by Hearts (when I've seen them), but boy do they have a great team spirit. Kilmarnock look to be the low hanging fruit, but it's Deek, so they'll be hard to beat and pick up a few unexpected results along the way. Anyway good luck to Utd. Yours aDONis
  4. Well done Braverman, the champion of lets give £140m to Rwanda for feeeeekkkk-all. Maybe, she was just trying to get round our foreign aid budget cuts. Edit: Peston saying it was something about 'security'.
  5. It would very much depend on how they balance their overall portfolio. If they had a 1:5 margin holding on a small proportion of the overall investment portfolio, I probably wouldn't bat an eye, if they are 1:30 on a huge proportion of their portfolio, then I'd probably worry. Where the line for small v large proporion lies, is I'm afraid above my pay grade (I'm not an expert on portfolio risk, you'd know that if you saw my neglected investments) Anyway, I think we're going down a rabbit hole. All I was saying is that the this govt made a deteriorating position exponentially worse with a reckless (pseudo-intellectual) mini-budget. In doing so, they undermined the credibility of the UK Govt which undermined one of the core foundational investments which is heavily used within the pension industry. Mark Steele put it quite well (and I paraphrase) "You're driving along a mountain road It starts to rain It's cold and a bit foggy nobody thought that the government would say, "I'm think I'm a bloody great driver, so I'm going to put this blindfold on". Yours, aDONis
  6. I'm not disputing what the BoE had been saying, but they manage messages in coherent way. Remember if the market is warmed up to something it can make adjustments. It's surprises that cause the most problems. As I said in my first reply, the position was worsening, the BoE announced a rise in base rate of 0.5% (which is quite big for the BoE, but not unexpected), the Fed was raising its rates, these both caused a worsening in the Bond Markets, but then the very next day the mini-budget was announced, and the shiiiiiiiiittt hit the fan! Gilt rates jumped by over 1.0% in a day IIRC, which may not sound like much but is a fukkin huge shock and there was a real fear that worse was yet to come. That leads to Margin calls, pension funds having to realise cash in very short order, which means they are selling when no-one is buying yadah, yadah, yadah (see my earlier posts). As I said, I don't know the market well enough to state that none of this would ever have happened without the economic suicide pact mini-budget, but the mini-budget all but guaranteed that we were going over the top into hostile territory. Yours, mixing my metaphors aDONis
  7. I'm not quite that cynical, but I do hear you. I do think they went to sleep though on the prospect of our government making an increasingly difficult situation significantly worse. They obviously had too many eggs in this one basket(case). See what I did there. To me this is not like 2007, where an unregulated market had been and still was taking huge lending risks on obviously bad investments, then trying to hide and offload the bodies, in successions of opaque financial instruments, playing pass the shit-bad-debt-parcel. I'm not close enough to the market to know if we'd have reached a tipping point at some point in the future, but we certainly didn't need some libertarian cuckholds delivering a massive shove over the edge and into an abyss. Yours aDONis
  8. I can see the argument, but having a margin account in itself is not the issue, it may mean that the pension funds are more highly geared, but it's not that radically different to being self funded. That said, it certainly didn't help, because it places even more immediate demand on the pension funds to repay the Investment Banks, but at their core margin accounts are a valid source of investment funding. It still comes back to the fundamental problem, that the rise in interest rates meant that their bond holdings were worth less, they needed cash for both pensions and to repay their investment banks (who were making margin calls). They do trade in bonds all the time, bonds are just another investment vehicle, but issued by the government rather than being issued by a company (shares etc). That's why the BoE stepped in and started buying up the bonds. The other thing to remember is that although at issue they are seen as 'long term', every day that passes they become shorter term holdings. If you think inflation is going to rise, why would you hold low yield bonds, over time their underlying value will be eaten away, and new bond issues will offer higher rates. I thought this was quite a good take on it; https://www.investmentweek.co.uk/opinion/4057865/gilt-charged-pension-funds-margin-sophistication One of my favourite podcasts is The Bunker and they had an episode; https://play.acast.com/s/the-bunker/c7b47f98-4bd1-11ed-a1b4-b713e67fec96 The problem with all investment markets, is that they are largely built on 'confidence' which is why they bloody spook and crash. Intellectually and theoretically, the market are supposed to take take in all the information and make a judgement... but if that worked, nobody would make or lose money on investments because we'd all make the same decisions. I'm not excusing the pension funds, they royally fucked up, but I can understand why they were caught out. Yours aDONis
  9. In fairness to the pension funds, by nature they have to invest in order to pay out pensions (both current and future). The fundamental problem was that they'd taken 'prudent' investments in the UK Gilts (Gov Bonds), these were seen as stable investments with little volatility. They gave a 'safe' return with little movement in the underlying value of the bonds (so attracted less hedging costs etc). They (GILTS) were admittedly coming under pressure as inflation picked up and, the US started raising its interest rates, but still manageable, then... KamiKwasi said "hold my fackin beer" and spooked the market. Almost immediately rates rose as a 'moron premium' was required by buyers, which meant that Pension funds had to sell at a discount in order to raise the cash required to pay pensions. The important thing here is that they HAD to sell, which is a terrible position to be in, this then fuelled a downward price spiral until the BoE stepped in and bought the bonds back. So in summary the problems didn't stem from investing in high risk/high reward start ups or low credit/fast fluctuating markets. It came from investing in some of the traditionally most stable parts of the economy. In the long run, those of us with a bit of time to go before we take our pensions might see a bounce, as our money is currently being invested in higher yield bonds. But in the short term, it's an absolute Trusstastropy. Yours aDONis
  10. Well done sir, you managed to use Hartley and fit in the same sentence, I'd only ever managed 'fat knvt'.
  11. I actually love Mcinnes! i don’t think we’re a better team now ! Those days are gone God bless the Goodwin generation.
  12. I'll just leave this dirge here; I actually feel sick, whenever I hear this. I can't remember who said it, but i feel the same way; "I cried when Freddie Mercury died, I wish he'd lived and his music had died"
  13. Bloody 'ell this is the wrong thread for me. Vehicles and Animals would be one of my favourite albums of all time. Yours, nowt so queer as folk aDONis
  14. I absolutely loooooovvvee this still!
  15. I don't like Genesis, but I do like this! Yours, ever the square aDONis
  16. That is a tuuuuune! I'd never heard it before. 90's jangly guitar! Straight into my library! My selection is a little convoluted, see if you can guess the link. However any excuse to post Jean Knight in all her glory. If you don't think this is one of the greatest songs of all time, I'll hunt you down and cut you, cut you reeeeaaaal bad! Yours, jive talkin' aDONis
  17. Sports Team - Gulp just out and I added every track to my library after one listen (that is a rare occurrence). Dentures Out by The Proclaimers is an angry, bitter, caustic, resentful and lovely album. Middle aged FIRE . Agree with the Suede comments a bloody good album (assuming you like Suede, which I do) Yours, three top albums in September, well I never! aDONis
  18. Wasps going tits-up any minute now . We've been a basket case for years, but it's finally catching up with us. I suspect a managed admin, with relegation to come at the end of the season. I think all the assets have been separated from the playing side Yours aDONis
  19. Crocodile tears min… crocodile tears!
  20. I can’t believe we got yet another Saxe-Coburg as head of state! who the fvk votes for these people! Yours, I felt for sure we’d get King Alex of Ferguson! aDONis
  21. Just on way to Bruges. Keeping my powder dry till I arrive.! Will report back.* *Unless sitting in my own piss, covered in sick, with a stray Belgian dog sniffing at me.
  22. As I understand it. The plan is as follows; Government to give energy companies £bns Energy companies give it to us (consumers) as discounts We repay our 'discounts' by having a premium on our energy bills for years to come. I haven't been able to work out how the public purse is repaid, so I'm assuming the energy companies hand the pre iums back to the treasury.
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