Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
10 September 2008
09:305873Chris. I have overstated nothing. Imagine it was you, in your 60's and facing maybe, these days, 30 years of retirement having scrimped and saved all your life to improve your retirement. Then some Government nationalises, without compensation a number of companies that contribute a fair bit to your income flow, stock markets drop through the floor, economic chaos ensues and a third of your income and hard earned capital just disappears. Would that not be a tragedy? What would be the overall benefit the the economy long term, nothing at all....
Its all right for you to speak so lightly about the problems this madness would cause, ignoring economic reality in pursuit of a theory that lacks any substance.
Howard, that might be something for the industry regulator. I dont know the answer to any of that or the truth behind it and I dont think you know anything other slanted press stories.
Who started it Chris, PaulB of course.... a good one this.
Guest 675- Registered: 30 Jun 2008
- Posts: 1,610
10 September 2008
14:195883Tragedy is a word all too often used for effect without any care for what it means. When a football team loses it is not a tragedy, the Titanic, 9/11, the Tsunami, Hurricane Katrina, now they were tragedies. The economic chaos you talk about would be all the share holding names running around to find another source of high profit for minimal effort while those actually affected would do what the working people of this country always do, they adjust, adapt and run their lives around the new circumstances. Communist Russia found investors as did Hitler's Germany, without going to extremes I do not think we will lose any more than a few company directors who miss their golden handshakes.
Politics, it seems to me, for years, or all too long, has been concerned with right or left instead of right or wrong.
Richard Armour
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
10 September 2008
15:415891You have a very warped, old fashioned idea of who would be affected.
Indeed the use of the word tragedy is as absurd in respect of a football match as the word 'hero' is absurd to describe an overpaid playboy who kicks a ball at a goal.
If you have a pension then your fund would suffer too. The impact it would have on your retirement prospects would be significant. Those least likely (the only ones really) who would not be affected are those with gold plated Government funded pensions like Local Government officers and civil servants. We taxpayers pick up the bill for those, not investments.
All of the few remaining private final salary schemes would be finished off without a doubt. If it was now, now say, in the current economic climate, it would lengthen the recession causing more job losses and the economy would take far longer to recover. Sentiment and market confidence are important factors in finance and these would be very seriously hit when they are low anyway. Britain may never fully recover from the loss of overseas investment. If you were an American would you want to invest in a business in a country that acts in such an irresponsible manner that it steals the property of other investors? Indeed how many other companies may decide to pull out of the UK all-together in case they get targeted one day?
You lightly dismiss something you simply dont understand.