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It's also vital to note (especially in the context of that Chris Williamson tweet) that due to the disproportionate percentage of BAME, LGBTQ+ and disabled people within the working class that identity politics is class politics and class politics is identity politics. You can't discuss one without the other and dividing the two is what the right-wing does to keep the poor distracted instead of turning on the rich.
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Aug 8, 2019 23:02
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So they're refusing to go into a coalition with labour to avoid no deal which would cause economic collapse because Corbyn is a danger to the economy. Great. Love the piss diamonds.
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Aug 8, 2019 23:14
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Gonzo McFee posted:So they're refusing to go into a coalition with labour to avoid no deal which would cause economic collapse because Corbyn is a danger to the economy. Half of them have convinced themselves Corbyn would be worse. The other half are terrified of a left wing leader of any party, and just want more pressure applied to him.
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Aug 8, 2019 23:19
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This "government of national unity" bullshit is just an attempt to get a centrist government through backroom political deals since tig/cuk showed that there was no chance of one winning an election
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Aug 8, 2019 23:32
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I'm enjoying Wren-Lewis being gradually radicalised by centrists frantically flailing to the right every time the vague possibility of a left-of-centre government existing rears its head
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Aug 8, 2019 23:33
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A useful addition to our vocabulary: https://twitter.com/robfordmancs/status/1159370366059536384?s=21
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Aug 8, 2019 23:40
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loving lol that the shy Tories are now parroting literal Tory attack lines
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Aug 9, 2019 00:02
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Rarity posted:It's also vital to note (especially in the context of that Chris Williamson tweet) that due to the disproportionate percentage of BAME, LGBTQ+ and disabled people within the working class that identity politics is class politics and class politics is identity politics. You can't discuss one without the other and dividing the two is what the right-wing does to keep the poor distracted instead of turning on the rich. I've had some luck with explaining this in the context of intersectionality as class is the intersection - it's not an identity in the same way race, gender, sexuality etc are (as some liberals would have you believe), it's an economic relationship. That's not to say that race, gender, sexuality etc are irrelevant distractions (as weird dogmatic tankies would) but that class analysis provides the tools with which to understand the importance of those other factors and the ways in which they interact with one another + relate to various oppressions.
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Aug 9, 2019 00:03
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It's lucky that the UK's future prospects are so rock-solid under Tory stewardship or the Lib Dems would look really stupid.
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Aug 9, 2019 00:11
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The Big Short is on the iPlayer and it's still a really surprisingly entertaining for a film about number go up and then suddenly number go all the way down. Can't wait to see what impressive fraud brings the house of cards down this time and nothing changes because capitalism is just insisting everything is fine while the house burns down.
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Aug 9, 2019 00:40
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Did anyone watch The Great Hack on Netflix? How was it?
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Aug 9, 2019 00:42
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Bill Gates predictably has lovely Libertarian opinions, but compared to Jeff Bezos he's a saint. I mean I guess technically the asteroid that wiped the dinosaurs out can be considered morally superior to Jeff Bezos, but still
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Aug 9, 2019 00:44
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forkboy84 posted:The Big Short is on the iPlayer and it's still a really surprisingly entertaining for a film about number go up and then suddenly number go all the way down. it's conjuring up unlimited bets on other people's investments and calling them "synthetic derivatives" op which is what John McD was saying Javid was actively involved in creating at Deutsche Bank...
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Aug 9, 2019 01:56
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quote:Synthetic products get far more complex than synthetic convertibles or positions. Synthetic CDOs, for example, invest in credit default swaps. The synthetic CDO itself is further split into tranches that offer different risk profiles to large investors. These products can offer significant returns, but the nature of the structure can also leave high-risk, high-return tranche holders facing contractual liabilities that are not fully valued at the time of purchase. guillotines for bankers
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Aug 9, 2019 02:14
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Yeah, the key thing there is the credit default swaps - it's not like a normal CDO where, in the end, you're holding actual real debt like a mortgage someone took out. These are made up of insurance policies taken out on that debt - a bet on whether it will pay out for the owner, or default and lose them money Like the big drive at first was to loan as much as possible to as many people as possible, just to generate that raw debt to package up into bonds and CDOs you could sell - that's why there was so much predatory lending. But what if... you just packaged up bets on existing debt? In-play betting on a global financial scale, on credit, just literally trillions of dollars why not
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Aug 9, 2019 02:27
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baka kaba posted:Like the big drive at first was to loan as much as possible to as many people as possible, just to generate that raw debt to package up into bonds and CDOs you could sell - that's why there was so much predatory lending. But what if... you just packaged up bets on existing debt? In-play betting on a global financial scale, on credit, just literally trillions of dollars why not So it's an amplification of the behaviour of the underlying debt. I sure hope no economic shocks occur. Do the no-deal forecasts take these into account, or is it just one of these financial instruments that are going to give wildly different valuations depending on who you ask? e: and that's not even considering the additional risk of adding another financial institution to the chain, which can also fail Tarnop fucked around with this message at 02:43 on Aug 9, 2019 |
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Aug 9, 2019 02:40
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Watching the Chinese police conducting their anti riot prep just across the border in Shenzhen, and the fact of very right wing governments in the US and UK, I have a very nasty feeling the next few years will see a global swing towards normalising much harsher policing / more use of the military in putting down civil unrest.
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Aug 9, 2019 02:42
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Can I bet that I won't pay off my own debt
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Aug 9, 2019 02:50
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^ if you can find a very smart financial institution, sure! How's your rolodex looking?Tarnop posted:So it's an amplification of the behaviour of the underlying debt. I sure hope no economic shocks occur. Do the no-deal forecasts take these into account, or is it just one of these financial instruments that are going to give wildly different valuations depending on who you ask? Yeah it's leveraging to hell - the winners win big, the losers lose big, to the point where they can't actually pay up and the winners have these toxic assets that won't pay out... unless... what if governments bail these institutions out, so they can afford to pay up! AIG was the insurer selling a lot of the credit swaps, taking the other side of those bets. Guess what happened to them Plus the CDOs they were betting on were already a joke - the tranches are about risk/reward, as debtors default the lower rated tranches lose money first until they're wiped out (they get a higher rate for taking that risk). The upper tranches are safe until the defaults creep up and wipe out the lower ones, so those are sold as A rated safe investments. So of course what they did is take a load of those Z-rated risky tranches and package them up in a new stack, and rate the top ones as A+ safe, even though they're all the first ones to get wiped out in the derivatives they're coming from they're all bad this is gonna fall over immediately good thing the underlying debt isn't all based on a single overheated market where people have been mass-sold debt they can't afford and they're all gonna default at the same time waaaait a minute This is all about the 2008 crash though, I have no idea what they're up to now, probably keeping their noses clean I'm sure!!
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Aug 9, 2019 03:01
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Pretty good thunderstorm rolling over Cardiff
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Aug 9, 2019 03:45
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Paul.Power posted:He could move to Wales. Do they?? I don't remember learning the anthem until I started going to rugby matches...
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Aug 9, 2019 04:13
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baka kaba posted:This is all about the 2008 crash though, I have no idea what they're up to now, probably keeping their noses clean I'm sure!! Well, an hour or so of searching and the one thing everyone seems to be worried about is volatility trading, specifically that it's starting to feed back into the underlying market whose volatility is being tracked, which sounds... bad Even if the feedback isn't happening, volatility trends down when market performance is up, and everyone is almost certainly neck deep in it because it's been free money while central bank intervention has kept volatility nice and low. So if the markets improve too quickly then everyone loses a poo poo load of money. I'm just trying to take that in for a moment. We bailed out the banks, and their response was to place bets that we'd keep doing it. The quote at the end of this article from last year could be straight from The Big Short: https://www.ft.com/content/24a421fe-0d5c-11e8-8eb7-42f857ea9f09 Also, thanks for doing a big finance effort post, this stuff is slippery and easy to forget which I guess means working as intended
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Aug 9, 2019 04:43
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Tarnop posted:I'm just trying to take that in for a moment. We bailed out the banks, and their response was to place bets that we'd keep doing it. It's not as if this is an unreasonable bet 
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Aug 9, 2019 04:51
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Robot Mil posted:Do they?? I don't remember learning the anthem until I started going to rugby matches...  It has, admittedly, been 18 years since I was in comprehensive school and 23 years since I was in primary. Which is a depressing thought!
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Aug 9, 2019 06:09
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Darth Walrus posted:Did anyone watch The Great Hack on Netflix? How was it? It was all facebook ads that done it, definitely not any of the structural issues within society that the ads easily played on. There’s also a hilarious scene where Carole cadwalladr gives a big verbal sloppy blowjob to the “gods of Silicon Valley” as if they might do anything. Pretty melty liberal piss tbh but it’s interesting at least when it analyses the “how” of Cambridge Analytica, totally fails at the why though.
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Aug 9, 2019 06:30
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Sanitary Naptime posted:It was all facebook ads that done it, definitely not any of the structural issues within society that the ads easily played on. As ever, it was advocacy of tinkering around the edges (RUSSIA, ADS) instead of the actual difficult reality (literally anything else).
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Aug 9, 2019 06:52
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Speaking of Bill Gates and charity remember when when his foundations paid nbc a significant amount of money to write a law and order episode where a teachers union protected a terrorist in the middle of a bombing campaign as part of his campaign against unions for daring to oppose his drive to privatise education.
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Aug 9, 2019 06:54
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Beefeater1980 posted:Watching the Chinese police conducting their anti riot prep just across the border in Shenzhen, and the fact of very right wing governments in the US and UK, I have a very nasty feeling the next few years will see a global swing towards normalising much harsher policing / more use of the military in putting down civil unrest. Yeah, you just need to look at the handling of the gilets jaunes protests in France (fire tear gas and baton rounds first, blame it all on anarchists later). Or how just over a month ago, riot cops violently broke up a music night concert when they kept playing music past 2am. It was next to a river and about 20 people fell in the water. Reportedly, the cop kept firing tear gas for about 20 more minutes so rescue efforts were hampered. One guy stayed missing and they found his body about a week ago. The reaction by mainstream media/politicians has basically been "Well, what can you do? Make riot police not escalate things every single time? That's crazy talk."
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Aug 9, 2019 06:58
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oh wow so you're telling me all these centrist assholes care about is maintaing private property? i'm shocked. i'm starting to wonder if the centrists are just controlled opposition to feed off people defecting to the left so that property rights will be preserved.
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Aug 9, 2019 07:30
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Honestly they are too melty and incompetent for me to believe that. They're just a bunch of useless wankers without the brains they were born with.
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Aug 9, 2019 07:42
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All powerful control conspiracies are as dead as liberal satire, the levels of incompetence on display by those in charge disprove any notion of a grand plan easily.
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Aug 9, 2019 08:01
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Ms Adequate posted:Honestly they are too melty and incompetent for me to believe that. They're just a bunch of useless wankers without the brains they were born with. You're right about centrist politicians but I don't doubt that centrist parties get funding from wealthy Tories just to split votes in elections. Just look at the list of people who were funding CHUK.
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Aug 9, 2019 08:11
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Beefeater1980 posted:Watching the Chinese police conducting their anti riot prep just across the border in Shenzhen, and the fact of very right wing governments in the US and UK, I have a very nasty feeling the next few years will see a global swing towards normalising much harsher policing / more use of the military in putting down civil unrest. Tarnop posted:Well, an hour or so of searching and the one thing everyone seems to be worried about is volatility trading, specifically that it's starting to feed back into the underlying market whose volatility is being tracked, which sounds... bad The Libearian posted:Speaking of Bill Gates and charity remember when when his foundations paid nbc a significant amount of money to write a law and order episode where a teachers union protected a terrorist in the middle of a bombing campaign as part of his campaign against unions for daring to oppose his drive to privatise education.
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Aug 9, 2019 08:11
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Guavanaut posted:L&O is fascist apologia anyway. I just started watching this and literally the second episode is about a white chick who shoots and kills two black youths leading to debates about race and class all of which are already handled badly until at the end it turns out the black kid was absolutely going to rape her so yeah, shooting them was totally cool and the lady gets off without any jail time.
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Aug 9, 2019 08:26
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 I mean it's called Law & Order and it tends to present the audience with a supposed reliable God's Eye version of events so I don't see how it could end up anything else but some flavor of authoritarian bullshit. And under the capitalist mode of media production that will tend towards some kind of 'authoritarian centrist' bullshit  Mostly unrelated, my loving brain  https://twitter.com/lizbilney/status/1159193442595086338 https://twitter.com/lizbilney/status/1159194812811304966
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Aug 9, 2019 08:34
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Guavanaut posted:They will continue to push and push and push until either one of two things happens; there's the death of a photogenic blonde baby at police hands and a following public outrage, or people fight back and continue fighting back past the point of "oh these violent thugs" until change happens. The government had a massive stake in HBOS but it all got sold off at a discount once the bank recovered. That absolutely should have been nationalised. As far as the rest of it goes, I'm not smart enough to know what would happen under those circumstances. For me, the absolute worst part of it is that so many people have gone back to thinking our economy works like a household budget, despite the fact that we conjured a colossal amount of money out of thin air for bail outs and fiscal stimulus. I guess people can make the connection of "the bank is where my money is" -> "can't let everyone's money disappear or the economy dies", but then when it's the NHS or welfare, paying for services that allow people to participate in the economy is equivalent to blowing a month's salary on a big telly.
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Aug 9, 2019 08:41
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emergency liquidity and structural commitments are not the same thing... anyway RBS turned out to be fundamentally solvent, and HBOS fundamentally insolvent, which exactly illustrates the difficulty of attempting to provide emergency liquidity but not a blank cheque
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Aug 9, 2019 09:20
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Guavanaut posted:I mean it's called Law & Order and it tends to present the audience with a supposed reliable God's Eye version of events so I don't see how it could end up anything else but some flavor of authoritarian bullshit. I mean, it'd be ACAB the show, but Law & Order would be a totally appropriate name. Whether you could get it made is another matter - it's one thing to have a show that says "people within the justice system can be corrupt", it's quite another to say "the justice system is corrupt".
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Aug 9, 2019 09:21
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ronya posted:emergency liquidity and structural commitments are not the same thing... Yeah, with structural commitment you're less likely to see your money siphoned off into private wealth as soon as the crisis is over
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Aug 9, 2019 09:22
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possibly, but it's always worth being very clear on the objectives before setting up funding is the Treasury's role to be a passive investor, or is this industrial policy, or is this a tax on the hapless minority shareholders to fund a public interest goal, etc.
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Aug 9, 2019 09:36
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