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Teddy Eagle 13 Apr 20 4.00pm | |
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Originally posted by EagleinSF
Actually think of the damage it'll do to the betting industry. They’ll get even less sympathy than the players.
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est1905 13 Apr 20 6.25pm | |
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Originally posted by scuffy
And if you're seriously suggesting bankers show humility, you obviously weren't around, or didn't pay much attention to, the 2008 financial crisis where many people who deserved to end up in jail continued to pay themselves millions while taxpayers bailed them out and suffered the years of austerity that followed -- the results of which are a big factor behind the NHS being as depleted as it is today. But, yes, go ahead and blame young footballers...a much easier target while the establishment continue to make themselves richer! You are a complete idiot that picks on a few isolated cases to attempt to make a point AND ignore the FACT that these professions work 60/70 hour weeks for many years to get where they are which requires discipline and yes dopey, it requires a certain amount of humility too.
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est1905 13 Apr 20 6.29pm | |
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Originally posted by scuffy
Do you think it doesn't take footballers many years to reach the top in their profession? They just happen to be out on a field instead of in a classroom. In a single word no, of course not.
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scuffy orpington 14 Apr 20 12.51pm | |
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You are incredibly naive or just plain ignorant if you believe the 2008 financial crisis was purely the result of what happened in boardrooms. It was the result of collective, catastrophic failure and greed across the entire banking industry. Never before or since had a single industry inflicted so much damage upon the global economy. As far as lawyers are concerned, the best paid are corporate lawyers who are paid fortunes to protect the financial interests of their clients, interests which often run contrary to those of the general public. Football club academies are brutally competitive. For every one player that makes it to pro status, let alone premier league status, hundreds of wannabes fail. As I said before, I'm not seeking to justify all premier league wages. I just think some of the vitriol being pointed in their direction, ironically often from football fans, is unjustified. Originally posted by est1905
You are a complete idiot that picks on a few isolated cases to attempt to make a point AND ignore the FACT that these professions work 60/70 hour weeks for many years to get where they are which requires discipline and yes dopey, it requires a certain amount of humility too.
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Rudi Hedman Caterham 14 Apr 20 1.05pm | |
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Originally posted by scuffy
You are incredibly naive or just plain ignorant if you believe the 2008 financial crisis was purely the result of what happened in boardrooms. It was the result of collective, catastrophic failure and greed across the entire banking industry. Never before or since had a single industry inflicted so much damage upon the global economy. As far as lawyers are concerned, the best paid are corporate lawyers who are paid fortunes to protect the financial interests of their clients, interests which often run contrary to those of the general public. Football club academies are brutally competitive. For every one player that makes it to pro status, let alone premier league status, hundreds of wannabes fail. As I said before, I'm not seeking to justify all premier league wages. I just think some of the vitriol being pointed in their direction, ironically often from football fans, is unjustified. The lack of regulation was definitely a factor but who created these credit default swaps that were a compete con that they sold on and on and on? Who created 125% mortgages? Who rewarded recklessness? If you watch ‘The Big Short’ for 2 hours you’ll see how it was nicely hidden, including by the ratings agencies, until some traders started to notice how vulnerable it was due to the client base of anyone who can write their own name being the key thing, and how it was inevitable it would collapse. It was just a matter of when. It was not due to greed across the entire banking industry.
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scuffy orpington 14 Apr 20 1.24pm | |
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There was a culture of greed across the entire industry. Originally posted by Rudi Hedman
The lack of regulation was definitely a factor but who created these credit default swaps that were a compete con that they sold on and on and on? Who created 125% mortgages? Who rewarded recklessness? If you watch ‘The Big Short’ for 2 hours you’ll see how it was nicely hidden, including by the ratings agencies, until some traders started to notice how vulnerable it was due to the client base of anyone who can write their own name being the key thing, and how it was inevitable it would collapse. It was just a matter of when. It was not due to greed across the entire banking industry.
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scuffy orpington 14 Apr 20 1.28pm | |
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The UK taxpayer has been paying for that reckless greed through austerity measures for the past 12 years which is a big reason why the NHS is as depleted as it is. Originally posted by Rudi Hedman
The lack of regulation was definitely a factor but who created these credit default swaps that were a compete con that they sold on and on and on? Who created 125% mortgages? Who rewarded recklessness? If you watch ‘The Big Short’ for 2 hours you’ll see how it was nicely hidden, including by the ratings agencies, until some traders started to notice how vulnerable it was due to the client base of anyone who can write their own name being the key thing, and how it was inevitable it would collapse. It was just a matter of when. It was not due to greed across the entire banking industry.
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scuffy orpington 14 Apr 20 1.32pm | |
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The Big Short references just one part of the crisis. It was a lot broader than that. Originally posted by Rudi Hedman
The lack of regulation was definitely a factor but who created these credit default swaps that were a compete con that they sold on and on and on? Who created 125% mortgages? Who rewarded recklessness? If you watch ‘The Big Short’ for 2 hours you’ll see how it was nicely hidden, including by the ratings agencies, until some traders started to notice how vulnerable it was due to the client base of anyone who can write their own name being the key thing, and how it was inevitable it would collapse. It was just a matter of when. It was not due to greed across the entire banking industry.
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Rudi Hedman Caterham 14 Apr 20 1.48pm | |
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Originally posted by scuffy
There was a culture of greed across the entire industry. True. Doesn’t mean they all caused the crisis. Originally posted by scuffy
The UK taxpayer has been paying for that reckless greed through austerity measures for the past 12 years which is a big reason why the NHS is as depleted as it is. True. Not our disagreement though. Originally posted by scuffy
The Big Short references just one part of the crisis. It was a lot broader than that. The crisis was caused by ridiculous and irresponsible lending causing an almighty credit bubble. What followed was because of that although I grant you that banks like Goldman’s and austerity measures placed on EU member countries were because of underlying issues too but they would never have been anywhere near in trouble if it wasn’t for the most unbelievable ‘get it while it’s on tap’ trend of lenders and those trading in credit default swaps. Edited by Rudi Hedman (14 Apr 2020 1.51pm)
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Painter Croydon 14 Apr 20 1.51pm | |
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I don't think anyone can reasonably argue against the fact that Premier players get paid disproportionately too much and are living in a bubble. There was going to come a time, when it had to stop, nobody thought it would be a pandemic that did it. If you consider what they get paid in relation to the medical profession, who we will all rely on at some point, it just isn't sensical.
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scuffy orpington 14 Apr 20 1.56pm | |
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All fair points. The original point I was making was in response to the suggestion that top bankers are more deserving of riches than top footballers -- i'm not sure that is necessarily true in all cases and I stand by that. Originally posted by Rudi Hedman
The crisis was caused by ridiculous and irresponsible lending causing an almighty credit bubble. What followed was because of that although I grant you that banks like Goldman’s and austerity measures placed on EU member countries were because of underlying issues too but they would never have been anywhere near in trouble if it wasn’t for the most unbelievable ‘get it while it’s on tap’ trend of lenders and those trading in credit default swaps. Edited by Rudi Hedman (14 Apr 2020 1.51pm)
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jeeagles 14 Apr 20 2.09pm | |
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Originally posted by scuffy
You are incredibly naive or just plain ignorant if you believe the 2008 financial crisis was purely the result of what happened in boardrooms. It was the result of collective, catastrophic failure and greed across the entire banking industry. Never before or since had a single industry inflicted so much damage upon the global economy. As far as lawyers are concerned, the best paid are corporate lawyers who are paid fortunes to protect the financial interests of their clients, interests which often run contrary to those of the general public. Football club academies are brutally competitive. For every one player that makes it to pro status, let alone premier league status, hundreds of wannabes fail. As I said before, I'm not seeking to justify all premier league wages. I just think some of the vitriol being pointed in their direction, ironically often from football fans, is unjustified. Fixing the Libor rate, short selling, sub-prime mortgages, tax evasion... banking was the wild west, but it was making all involved, including the people who make the rules lots of money. Footballers, musicians, and actors can make rediculous abounts of money by being very good at what they do. Footballers are being made a scapegoat to some extent. Its distracting people from the amount the TV companies and owners are making. Bankers and businessmen make lots of money by being smart and mainly screwing everyone out of every penny they can get. Billionaire trader Daniel Levy took the first oportunity to get the tax payer to pay his low earning staff. When he got critised he diverted the attention onto the players. Even the Spurs yearly wage bill of £80million doesnt seem much against his £1bn net worth. Even the players must be questioning why they should take a pay cut from someone with that much money?
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