DUP supports EEA

[WTFH]

So Mr Carney can you tell us what the impact of Brexit will be?

Mr Carney - So in my completely unlikely - in fact probability of it happening is as close to zero to be negligible - the pound will tank, inflation will soar and interest rates will rise.

Ok Thanks Mr Carney - and could you give us an idea of what might happen in one of the more probably scenarios?

Mr Carney - (mumble mumble maybe a 3.9% gdp decrease over 15 years possibly mumble mumble)

Ok that's marvellous so could you sum it up for us?

Mr Carney : We're doomed all doomed.


Stick to the facts and stop the ridiculous scaremongering.

What are the facts that he should be forecasting? Is it that the value of unicorn poo will go up?

[Yorkie62]

What are the facts that he should be forecasting? Is it that the value of unicorn poo will go up?

Really??!!! On the basis of your fiscal advice and assessment of the immediate future financial markets I think I'll move my pension out of Rockhorse Sh*t and into Unicorn Poo.

[meridian]

So Mr Carney can you tell us what the impact of Brexit will be?

And that's exactly where you are going wrong. It is not his job to tell you what the impact of Brexit might be. His job is to model scenarios to understand if, in a worse-than-worst case scenario, the banks can survive.

He has modelled various scenarios, including an extreme one where house prices drop significantly, people lose jobs, and the tax take from the economy is reduced. This is valid stress test modelling to ensure our banking systems can cope in extreme conditions, no matter how likely.

Go and take your anger out on the media reporting it, not the civil servant just doing his job.

[Whorty]

Really??!!! On the basis of your fiscal advice and assessment of the immediate future financial markets I think I'll move my pension out of Rockhorse Sh*t and into Unicorn Poo.

Really, you are a dimwit .... it's not all about poo you know?!? You need to diversify. Get into dragons teeth, or griffin feathers. Brexit brings all these possibilities to believers

[WTFH]

Really??!!! On the basis of your fiscal advice and assessment of the immediate future financial markets I think I'll move my pension out of Rockhorse Sh*t and into Unicorn Poo.

If you're wanting smart investment, watch what Jacob Rees Mogg does. Follow his money and you'll be laughing.

[original PM]

And that's exactly where you are going wrong. It is not his job to tell you what the impact of Brexit might be. His job is to model scenarios to understand if, in a worse-than-worst case scenario, the banks can survive.

He has modelled various scenarios, including an extreme one where house prices drop significantly, people lose jobs, and the tax take from the economy is reduced. This is valid stress test modelling to ensure our banking systems can cope in extreme conditions, no matter how likely.

Go and take your anger out on the media reporting it, not the civil servant just doing his job.

Really, you are a dimwit .... it's not all about poo you know?!? You need to diversify. Get into dragons teeth, or griffin feathers. Brexit brings all these possibilities to believers

Well if he does not have the answers maybe he needs to shut the **** up and stop making out that he does.

I understand he needs to model things - but he needs to be very clear that these are exactly that - models and scenarios.

And yes it is probably the fault of the media for misrepresenting what he says - but then he has a duty to ensure the media is corrected.

[meridian]

Well if he does not have the answers maybe he needs to shut the **** up and stop making out that he does.

He did not make out that he had any answers. He modelled scenarios for stress testing, and the only answers that he gave were good ones - that the UK banks are sufficiently stressed to withstand even the severest model.

I understand he needs to model things - but he needs to be very clear that these are exactly that - models and scenarios.

He was. Read his report.

And yes it is probably the fault of the media for misrepresenting what he says - but then he has a duty to ensure the media is corrected.

He did. Read his quote to Reuters.

[WTFH]

He did not make out that he had any answers. He modelled scenarios for stress testing, and the only answers that he gave were good ones - that the UK banks are sufficiently stressed to withstand even the severest model.


He was. Read his report.


He did. Read his quote to Reuters.

But the Daily Mail didn't run that bit. They like to be selective so as to spread fear, uncertainty and doubt, which is what their readers want.
The Mail does not do positive headlines or positive opinion pieces, they are all negative, instilling and reinforcing a negative outlook on their readers, and making sure that negative outlook is aimed squarely at anyone who says anything scientific, against Trump, or implying that right wing politics are not perfect.

[Whorty]

Well if he does not have the answers maybe he needs to shut the **** up and stop making out that he does.

I understand he needs to model things - but he needs to be very clear that these are exactly that - models and scenarios.

And yes it is probably the fault of the media for misrepresenting what he says - but then he has a duty to ensure the media is corrected.

No he doesn't have a duty to correct the media. He has a duty to perform the role for which he is paid, and that is (partly) to ensure that the UK financial institutions have sufficient capital to weather storms, whether that be because of the shoot-storm-bollox that is Brexit, sub-prime lending in the US, or hurricane season down the Caribbean. He and his team do this via modelling tools, whether that be linear or non-linear regression, specific financial modelling techniques, capital adequacy tests or whatever. Clearly you've never worked in the financial sector else you'd understand exactly what he is doing and why.

The fact (oooh the irony, you like facts!) that you don't like that he does that, and the results of his modelling don't give the possible scenarios you want to see, is your problem not his. Try doing some background reading on modelling and analysis techniques, then you can start to understand what he is doing and why and you might sleep better at night.

[Whorty]

But the Daily Mail didn't run that bit. They like to be selective so as to spread fear, uncertainty and doubt, which is what their readers want.
The Mail does not do positive headlines or positive opinion pieces, they are all negative, instilling and reinforcing a negative outlook on their readers, and making sure that negative outlook is aimed squarely at anyone who says anything scientific, against Trump, or implying that right wing politics are not perfect.

As they say, good news does not sell newspapers!

The DM sells fear to those scared of their own shadow.