Please - no more whinging about the referendum result

[rendelharris]

robbin Wrote:

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> rendelharris Wrote:

> --------------------------------------------------

> -----

> > ...The opening figures

> > comparisons between a week ago and now are

> > irrelevant, what's relevant is that on Friday,

> the

> > day after the vote, the FTSE fell from 6338 to

> > 6138. It rallied slightly this morning to be

> > higher than it was the previous Monday (but

> still

> > more than 200 points below what it closed at on

> > Thursday), which I assume is what you're trying

> to

> > base "it hasn't dropped" on, but as of 15.57

> today

> > it had fallen again to 5985. You can say it's

> > market volatility if you like but claiming it

> > hasn't dropped since the result was announced

> is

> > simply not true. ?85 billion has been wiped

> off

> > share values on the London exchange in the last

> > two (working) days.

>

> Ok. In the last 2 days about ?80 billion has been

> added and now the 100 index is almost back to how

> it was immediately before the vote and

> substantially higher than it was a week before the

> vote. Odd that we don't see comments on this

> forum pointing that out. All this stuff about the

> crashing market and then silence when it comes

> back to pretty much where it was - because that

> doesn't suit the hysteria.

I never said it was going to keep crashing or otherwise, I simply took issue with your assertion on Monday that the market hadn't dropped since the referendum result was announced, which was demonstrably untrue.

[rendelharris]

Oh and this from the BBC this lunchtime:

Analysts also warned that the rally of the past couple of days might be short-lived.

"Stocks and the pound are continuing to firm but the post-Brexit reality will bite sooner or later," said Joe Rundle, head of trading at ETX Capital.

"What we're seeing in the FTSE is hope in Britain being able to ride it out by remaining part of the single market. This looks like wishful thinking."

[robbin]

Ah yes, ETX Capital. That well known Forex, CFD and Spread Betting service. They have no vested interest in stoking up speculation and/or volatility in the market!!!

[robbin]

.

[rendelharris]

robbin Wrote:

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> Ah yes, ETX Capital. That well known Forex, CFD

> and Spread Betting service. They have no vested

> interest in stoking up speculation and/or

> volatility in the market!!!

Of course, experts chosen to speak by the BBC couldn't possibly know as much as you, could they? I wouldn't usually be this rude but the other day you were extremely rude to another poster, saying that the fact that she had time to post on here indicated that she couldn't have any sort of decent job in the financial sector. As you seem to have all the time in the world to post on here, care to tell us from whence your all-knowing expertise is derived?

[JoeLeg]

Funnily enough I asked the same question the other day.

Answer came there none, thus far...

[miga]

Even if the City finds a way to survive relatively unscathed through some technical option (some kind of regulatory EU equivalence or similar), and even if the economy at large manages to escape serious long term damage, it won't be because leaving the EU wasn't objectively a terrible idea, it will be because all the promises of the Leave campaign have been unfulfilled.

[robbin]

My expertise is not all-knowing, but I have sufficient to express my opinion just as you do, thanks. Also, the obvious is not lost on me. I'm not inclined to swallow anything appearing in the media from whatever source, without somehow filtering it, or assessing what weight might be appropriate to attach to it. That's fine if it's your favoured approach, but no need to get snippy if someone takes a different view, or points out that believing anything you are told might not always lead to the most rigorously tested conclusions.

I appreciate you are sore because you voted one way (the same as me, it seems) and the majority voted another, but there's no need to fall out about it - as I have posted elsewhere. There are far more important things in life. Indeed, I'll bet that prior to the last week, most people would not have lived their lives or got really stressed out by reference to what the pound/dollar exchange rate is! Short term movements in the market (particularly Forex) don't usually appear on anyone's radar on a day to day basis - nor should they. I don't suppose you were posting on here about the Euro exchange rate between 2009 and 2014? Quite right that you weren't. After all, a weaker pound carried benefits as well as drawbacks (e.g. a boost for exports and the current account) - swings and roundabouts.

[rendelharris]

"No need to get snippy" says the man who recently told another poster that her posts were too frequent for her to have a decent job in financial services! You continually post on here in a lofty tone, as evinced by your last post:

"I'm not inclined to swallow anything appearing in the media from whatever source, without somehow filtering it, or assessing what weight might be appropriate to attach to it. That's fine if it's your favoured approach."

So basically anyone who disagrees with you (even over matters of fact, as on Monday when you said the FTSE hadn't dropped and it had) clearly doesn't have your expertise and is simply accepting unfiltered information from the press? That is typical of your arrogant tone even when you're pretending to be conciliatory. So I ask again, do you have any creditable expertise to justify your continual patronising of other posters? A lot of people on here work in financial services, for a start, and as for comments like "most people would not have lived their lives or got really stressed out by reference to what the pound/dollar exchange rate is!" - well most of my writing work is undertaken for American companies and publishers, and they pay me in dollars, so it's of great interest to me!

[robbin]

What are you complaining about then! You are quids in!

You really should properly read posts before getting snippy. You definitely should read them before repeating the same bad point.

In the post you erroneously (again) refer to, I actually said:

"...7 days ago (i.e. before the vote) the FTSE 100 opened at 6021. This morning it opened at 6049. 28 points higher than a week ago, so it was up on the week of the Brexit vote, not down. Yes it went down on Thursday as speculators cashed in (in fact I did ok on some short positions - in a very moderate way) and profits were taken from the FTSE's earlier inflated position, but really - they are markets - what do you think they are!! You can't look at one day's fall (actually, in this instance a few hours in one day) and start running around..."

You see what I said there?? Not what you say I said!

[rendelharris]

robbin Wrote:

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> What are you complaining about then! You are quids

> in!

For the moment, and I confess I've sent out a few "hurry-up" invoices this week to try and get as many payments in as possible before the advantageous rates disappear. However, I like to think I can think of the greater good also - and it won't do me much good to have 20% more bang for my buck if the rest of the economy heads for a downturn, in terms of higher taxes and/or worse services.

[robbin]

Anyway, you'll no doubt be glad to know I have to go back to work now so won't be on here for a bit. Try not to get too stressed by the news reports. It's not worth it.

[JohnL]

Sky saying don't put it in an email unless you want everybody to read it.

Someones leaked something :)

[rendelharris]

robbin, please stop editing your posts to add extra information after I've replied to them, it's a cheap trick and makes you look desperate.

[rupert james]

You both seem to be playing the editing game

[rendelharris]

rupert james Wrote:

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> You both seem to be playing the editing game

Where I've edited it's because I've noticed a spelling mistake, robbin adds great swathes of new stuff - his post at 2.40 above originally read "Why are you complaining then, you're quids in!"

Thinking he was being unusually friendly and having a laugh, I replied to that. After I replied I found he'd added seven new lines, so it now looks as though I've refused to answer his (untrue) point. He did the same thing to me the other day, I think I'll give up on trying to debate with him, it's no fun if people want to win a point so badly (why! It's a local forum for God's sake!) that they have to resort to underhand tactics like that.

[Louisa]

.

Louisa.

[rendelharris]

Louisa Wrote:

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> .

>

> Louisa.

;-)

[JoeLeg]

JohnL Wrote:

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> Sky saying don't put it in an email unless you

> want everybody to read it.

>

> Someones leaked something :)

Possibly this...oh dear!

http://news.sky.com/story/1719331/goves-wife-raises-johnson-leadership-concerns

[uncleglen]

Here you are for those of you that don't subscribe

http://www.moneysavingexpert.com/news/family/2016/06/martins-reaction-to-brexit?utm_source=MSE_Newsletter&utm_medium=email&utm_term=28-Jun-16-v2&utm_campaign=msetip&utm_content=2

[JohnL]

JoeLeg Wrote:

-------------------------------------------------------

> JohnL Wrote:

> --------------------------------------------------

> -----

> > Sky saying don't put it in an email unless you

> > want everybody to read it.

> >

> > Someones leaked something :)

>

>

> Possibly this...oh dear!

>

> http://news.sky.com/story/1719331/goves-wife-raise

> s-johnson-leadership-concerns

Yes that's it :)

"She meant to CC a friend but we got it"

Sky can be cruel.

The worrying bit for me is references to the media.

[SoozieW]

No more whingeing about the referendum result. Are you having a laugh OP?

[Blah Blah]

Robbin, it's not the FTSE 100 that is the issue, but the 250 index. The 250 is where most British companies sit, and that dropped around 18% over those few days. Losses made aren't suddenly recovered when the index rallies and stabilises. The real issue is the damage it does to investment.

Recessions don't happen just because a market crashes, it's what follows that causes the recession. Lack of confidence stems the flow of money and investment, and that is why the longer the period of uncertainty over the direction the UK finally takes with the EU, the more likely a recession will be. Decisions on jobs, expansion, investment are now on hold. Article 50 itself can take two years and that's before any negotiations on trade begin. Business confidence will fall during all of that.

What we don't know is if that is a price worth paying over the long term, but don't be under any illusion that the price will be paid, and that the people it will hit hardest are those who are most desperate for something to change for them. It is just about the worst time to be going on this journey. The economy has not recovered from 2008. Interests rates are already low (done to try and boost recovery), and we have voted to kick an already stagnating recovery in the stomach.

[keano77]

SoozieW Wrote:

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> No more whingeing about the referendum result.

> Are you having a laugh OP?

No. Accept it and move on

[miga]

Depends on what you mean by move on. If you mean we ought to make the best of the pile of crap we've been handed, then yes, we'll have to.