oldie
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Post by oldie on Jul 29, 2024 18:18:39 GMT
Rachel Reeves, "Upon my arrival at the Treasury three weeks ago there were things I did not know, things the party opposite covered up" "Covered up from the opposition.. Covered up from this house.. Covered up from the country" "The total pressure on budgets across a range of areas was an additional £35 billion" "Once you account for slippage in budget and a reserve of £9 billion, it means, we have inherited a projected over spend of £22 billion" "Not in the future, now. A £22 billion hole now.. That was covered up by the party opposite" "If left unaddressed, it would mean a 25% increase in the budget deficit this year" "The reserve, spent three times over, only 3 months into the financial year, and they told no-one" "Rishi Sunak and Jeremy Hunt claimed the books were open how dare they" "There are clear instances of specific budgets were overspent... And crucially the OBR was not aware of their forecast"
For those who will, no doubt, say she is lying, the latter point about the OBR is highly relevant. That's quite an accusation. I know many dismiss the OBR when it suits, but not even involving them doesn't look good especially as it was set up by a Conservative Chancellor for these precise reasons. This is highly relevant to the way the Tories managed our finances
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lostinspace
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Post by lostinspace on Jul 29, 2024 18:27:01 GMT
That's quite an accusation. I know many dismiss the OBR when it suits, but not even involving them doesn't look good especially as it was set up by a Conservative Chancellor for these precise reasons. This is highly relevant to the way the Tories managed our finances Sort of like when the Conservatives took over from the Labour party so many years ago... apparently " the cupboard was bare" .. one of those situations where the request is " please leave things as you found them "
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oldie
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Post by oldie on Jul 29, 2024 19:00:11 GMT
This is highly relevant to the way the Tories managed our finances Sort of like when the Conservatives took over from the Labour party so many years ago... apparently " the cupboard was bare" .. one of those situations where the request is " please leave things as you found them " What about 1945? No, I agree, that's not relevant either. Come on LiS, the reduction in National Insurance was an unfunded pre election gambit, that on top of spending commitments which had no revenue attached to them. This is as close as we are going to get to producing a spending plan from scratch on a clean sheet of paper.
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lostinspace
Vic Lambden
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Post by lostinspace on Jul 29, 2024 19:21:37 GMT
We shall see....they have basically 4 years to " prove their worth" before those who will bear the brunt get itchy feet and find how the back pocket is faring... 🤔
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Post by Nobbygas on Jul 29, 2024 19:52:20 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions.
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lostinspace
Vic Lambden
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Post by lostinspace on Jul 29, 2024 20:06:10 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions. All before Christmas.... budget is in October..." For the good of the people" 😄... time will tell
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oldie
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Post by oldie on Jul 29, 2024 20:09:57 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions. As a beneficiary of the £300 winter fuel allowance I totally agree with dropping it. Also I would welcome a proper appraisal of the "Triple Lock's...not the political football type
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lostinspace
Vic Lambden
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Post by lostinspace on Jul 29, 2024 20:27:17 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions. As a beneficiary of the £300 winter fuel allowance I totally agree with dropping it. Also I would welcome a proper appraisal of the "Triple Lock's...not the political football type Now there is a surprise 🤔
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Cheshiregas
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Post by Cheshiregas on Jul 29, 2024 21:32:41 GMT
OBR review of the March 2024 forecast for Departmental Expenditure Limits July 29th, 2024 OBR Chair Richard Hughes has written to the Treasury Select Committee of the House of Commons to inform them that the OBR has initiated a review into the preparation of the Departmental Expenditure Limits (DEL) forecast for the March 2024 Economic and fiscal outlook (EFO). The review will conclude in advance of our next EFO forecast on 30 October 2024. The review’s findings and recommendations will be copied to the Treasury Committee and National Audit Office and published on the OBR’s website. We have published the letter from Richard Hughes to the Treasury Select Committee below. obr.uk/docs/dlm_uploads/Letter-from-Richard-Hughes-to-the-Treasury-Select-Committee-on-the-OBR-review-of-the-March-2024-forecast-for-departmental-expenditure-limits.pdfIt includes the following statement - The document published today by HM Treasury entitled Fixing the foundations: Public spending audit 2024-25 identifies £21.9 billion in net pressures on the DEL budgets set by the Treasury for the current financial year 2024-25. We were made aware of the extent of these pressures at a meeting with the Treasury last week. The Treasury document also sets out its plans for further managing down these pressures over the remainder of the financial year. If a significant fraction of these pressures is ultimately accommodated through higher DEL spending in 2024-25, this would constitute one of the largest year ahead overspends against DEL forecasts outside of the pandemic years.
Given the seriousness of this issue, I have initiated a review into the preparation of the DEL forecast in the March 2024 EFO. The review will assess the adequacy of the information and assurances provided to the OBR by the Treasury regarding departmental spending and report to Baroness Sarah Hogg, Chair of the OBR’s Oversight Board, and Dame Susan Rice, Chair of the OBR’s Risk Committee. The review will conclude in advance of our next EFO forecast on 30 October 2024. The review’s findings and recommendations will be copied to the Treasury Committee and National Audit Office and published.
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Cheshiregas
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Post by Cheshiregas on Jul 29, 2024 21:38:00 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions. As a beneficiary of the £300 winter fuel allowance I totally agree with dropping it. Also I would welcome a proper appraisal of the "Triple Lock's...not the political football type I too am fortunate enough not to need it. I know some who do need it but also many who don't. A number I know have given it to charity to help others. Those in need will still get it, and it will be targeted towards those who do. I have always wondered why those with good pensions right up to millionaires should be treated the same as those who actually need support.
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Post by Nobbygas on Jul 30, 2024 6:44:34 GMT
OAP's to lose Winter Fuel Allowance. 22% pay rise for Junior Doctor's. Next up in the budget will be the raid on Pensions. As a beneficiary of the £300 winter fuel allowance I totally agree with dropping it. Also I would welcome a proper appraisal of the "Triple Lock's...not the political football type Not all OAP's had the benefit of "25 rip roaring years in the City" as you did. Taking money from OAP's with a modest pension to fund massive pay rises for Public Sector workers is not right. How can anyone support that?
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oldie
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Post by oldie on Jul 30, 2024 7:07:09 GMT
As a beneficiary of the £300 winter fuel allowance I totally agree with dropping it. Also I would welcome a proper appraisal of the "Triple Lock's...not the political football type Not all OAP's had the benefit of "25 rip roaring years in the City" as you did. Taking money from OAP's with a modest pension to fund massive pay rises for Public Sector workers is not right. How can anyone support that? Why personalise it? Anyway The money has to come from somewhere and we cannot keep charging younger people evermore. As I understand it the allowance is still available for those on Pension Credit, that is those who really need it.
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Post by Nobbygas on Jul 30, 2024 8:09:14 GMT
It really is quite laughable that Labour are now attempting to claim that the Tories overspent on Roads, Railways and Hospital's, yet all we have ever heard from Labour is that the Tories cut everything !
"Rachel Reeves insisted that she had to plug what she called a £22 billion hole in public spending and put the blame squarely on the Tories.
Claim: The Conservatives made promises even though they knew they didn't have enough money
REALITY: The single biggest 'unfunded spending commitment' supposedly identified by Rachel Reeves was £9.4 bn-worth of above-inflation pay rises for teachers and other public sector workers.
Chancellor Rachel Reeves has claimed that there is a £22bn shortfall in the public finances and has said that thirteen years of Conservative stewardship are to blame
The new Government has decided to reward public sector unions which help fund the party, and to blame the Tories for the pain this will cause taxpayers
Labour made blood-curdling claims about the situation the Conservatives left them. Here's the TRUTH
Yet the previous Conservative government had made no commitment to meet the 5.5 per cent pay rises recommended by the pay review bodies. It is Reeves's own decision to stump up the money.
The Chancellor's somewhat flimsy argument is that the previous government didn't give the pay review bodies guidance as to what could be afforded – and so she has no choice but to meet their recommendations. But she could simply have told the unions that there's no money.
IRRESPONSIBLE SPENDING BY THE CONSERVATIVES: Claim: Rishi Sunak's government made irresponsible commitments to spend money on roads, railways and hospitals. Now those spending promises must be cut back
Reality: Reeves says that the Tories have overspent this year by £1.6 bn on the railways, by £250m on buses and have failed properly to fund the 40 new hospitals they have promised. Projects to re-open old rail lines will be chopped back and road schemes – including the A303 Stonehenge tunnel and the A27 Arundel bypass in West Sussex – will be cancelled.
Yet a few months ago, Reeves was blasting the Tories for not spending enough on infrastructure.
Rachel Reeves has blamed predecessor Jeremy Hunt for Britain's economic woes. She has claimed that the Conservatives overspent this year by £1.6bn on the railways alone While Labour has decided to blame the Conservatives and Rishi Sunak, only a few months ago they were blasting the Tories for not spending enough on infrastructure 'If we want to spur investment, restore economic security and revive growth, then we must get Britain building again,' she told the Labour Party conference. 'The single biggest obstacle to building infrastructure, to investment and growth … is the Conservative Party itself.'
WORST SET OF ECONOMIC CONDITIONS SINCE WW2: Claim: The new Government has inherited the worst set of economic conditions since World War II Reality: This is quite a statement given that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 – and had been nearly 30 per cent at times during the preceding Labour government. While inflation has been high over the past couple of years, it is now down to two per cent – the Bank of England's target. The employment rate for people of working age is now at 75 per cent. It was only 70.4 per cent when David Cameron became Prime Minister in 2010. Claims that Britain is in a worse predicament than at any time since WWII are quite a statement given that that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 It is true that government debt as a share of Gross Domestic Product (the size of the economy) is at its highest since the early 1960s. But the public finances are clearly in better shape than when Labour's Gordon Brown left office in 2010 with a budget deficit equivalent to 7.3 per cent of GDP. This year, it will be close to 3 per cent. Of course, Reeves failed to mention the biggest single reason why government borrowing has been so high in recent years: the worst pandemic in a century, requiring many billions to be pumped into the furlough scheme and other measures to save people from losing their jobs. Labour supported such spending at the time. Now Reeves wants us to forget about Covid and blame everything on Tory mismanagement."
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oldie
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Post by oldie on Jul 30, 2024 8:12:18 GMT
It really is quite laughable that Labour are now attempting to claim that the Tories overspent on Roads, Railways and Hospital's, yet all we have ever heard from Labour is that the Tories cut everything ! "Rachel Reeves insisted that she had to plug what she called a £22 billion hole in public spending and put the blame squarely on the Tories. Claim: The Conservatives made promises even though they knew they didn't have enough money REALITY: The single biggest 'unfunded spending commitment' supposedly identified by Rachel Reeves was £9.4 bn-worth of above-inflation pay rises for teachers and other public sector workers. Chancellor Rachel Reeves has claimed that there is a £22bn shortfall in the public finances and has said that thirteen years of Conservative stewardship are to blame The new Government has decided to reward public sector unions which help fund the party, and to blame the Tories for the pain this will cause taxpayers Labour made blood-curdling claims about the situation the Conservatives left them. Here's the TRUTH Yet the previous Conservative government had made no commitment to meet the 5.5 per cent pay rises recommended by the pay review bodies. It is Reeves's own decision to stump up the money. The Chancellor's somewhat flimsy argument is that the previous government didn't give the pay review bodies guidance as to what could be afforded – and so she has no choice but to meet their recommendations. But she could simply have told the unions that there's no money. IRRESPONSIBLE SPENDING BY THE CONSERVATIVES: Claim: Rishi Sunak's government made irresponsible commitments to spend money on roads, railways and hospitals. Now those spending promises must be cut back Reality: Reeves says that the Tories have overspent this year by £1.6 bn on the railways, by £250m on buses and have failed properly to fund the 40 new hospitals they have promised. Projects to re-open old rail lines will be chopped back and road schemes – including the A303 Stonehenge tunnel and the A27 Arundel bypass in West Sussex – will be cancelled. Yet a few months ago, Reeves was blasting the Tories for not spending enough on infrastructure. Rachel Reeves has blamed predecessor Jeremy Hunt for Britain's economic woes. She has claimed that the Conservatives overspent this year by £1.6bn on the railways alone While Labour has decided to blame the Conservatives and Rishi Sunak, only a few months ago they were blasting the Tories for not spending enough on infrastructure 'If we want to spur investment, restore economic security and revive growth, then we must get Britain building again,' she told the Labour Party conference. 'The single biggest obstacle to building infrastructure, to investment and growth … is the Conservative Party itself.' WORST SET OF ECONOMIC CONDITIONS SINCE WW2: Claim: The new Government has inherited the worst set of economic conditions since World War II Reality: This is quite a statement given that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 – and had been nearly 30 per cent at times during the preceding Labour government. While inflation has been high over the past couple of years, it is now down to two per cent – the Bank of England's target. The employment rate for people of working age is now at 75 per cent. It was only 70.4 per cent when David Cameron became Prime Minister in 2010. Claims that Britain is in a worse predicament than at any time since WWII are quite a statement given that that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 It is true that government debt as a share of Gross Domestic Product (the size of the economy) is at its highest since the early 1960s. But the public finances are clearly in better shape than when Labour's Gordon Brown left office in 2010 with a budget deficit equivalent to 7.3 per cent of GDP. This year, it will be close to 3 per cent. Of course, Reeves failed to mention the biggest single reason why government borrowing has been so high in recent years: the worst pandemic in a century, requiring many billions to be pumped into the furlough scheme and other measures to save people from losing their jobs. Labour supported such spending at the time. Now Reeves wants us to forget about Covid and blame everything on Tory mismanagement." You have a link to the publication that was taken from?
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Post by Nobbygas on Jul 30, 2024 8:14:08 GMT
Not all OAP's had the benefit of "25 rip roaring years in the City" as you did. Taking money from OAP's with a modest pension to fund massive pay rises for Public Sector workers is not right. How can anyone support that? Why personalise it? Anyway The money has to come from somewhere and we cannot keep charging younger people evermore. As I understand it the allowance is still available for those on Pension Credit, that is those who really need it. Personalise it? You said you'd be happy to give up your heating allowance. I was just pointing out that there many many other OAP's out there who did not have the benefit of your working life, which you have discussed quite openly on here. In many ways your attitude is "I'm ok Jack, so feck the rest of them!".
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Post by Nobbygas on Jul 30, 2024 8:15:09 GMT
It really is quite laughable that Labour are now attempting to claim that the Tories overspent on Roads, Railways and Hospital's, yet all we have ever heard from Labour is that the Tories cut everything ! "Rachel Reeves insisted that she had to plug what she called a £22 billion hole in public spending and put the blame squarely on the Tories. Claim: The Conservatives made promises even though they knew they didn't have enough money REALITY: The single biggest 'unfunded spending commitment' supposedly identified by Rachel Reeves was £9.4 bn-worth of above-inflation pay rises for teachers and other public sector workers. Chancellor Rachel Reeves has claimed that there is a £22bn shortfall in the public finances and has said that thirteen years of Conservative stewardship are to blame The new Government has decided to reward public sector unions which help fund the party, and to blame the Tories for the pain this will cause taxpayers Labour made blood-curdling claims about the situation the Conservatives left them. Here's the TRUTH Yet the previous Conservative government had made no commitment to meet the 5.5 per cent pay rises recommended by the pay review bodies. It is Reeves's own decision to stump up the money. The Chancellor's somewhat flimsy argument is that the previous government didn't give the pay review bodies guidance as to what could be afforded – and so she has no choice but to meet their recommendations. But she could simply have told the unions that there's no money. IRRESPONSIBLE SPENDING BY THE CONSERVATIVES: Claim: Rishi Sunak's government made irresponsible commitments to spend money on roads, railways and hospitals. Now those spending promises must be cut back Reality: Reeves says that the Tories have overspent this year by £1.6 bn on the railways, by £250m on buses and have failed properly to fund the 40 new hospitals they have promised. Projects to re-open old rail lines will be chopped back and road schemes – including the A303 Stonehenge tunnel and the A27 Arundel bypass in West Sussex – will be cancelled. Yet a few months ago, Reeves was blasting the Tories for not spending enough on infrastructure. Rachel Reeves has blamed predecessor Jeremy Hunt for Britain's economic woes. She has claimed that the Conservatives overspent this year by £1.6bn on the railways alone While Labour has decided to blame the Conservatives and Rishi Sunak, only a few months ago they were blasting the Tories for not spending enough on infrastructure 'If we want to spur investment, restore economic security and revive growth, then we must get Britain building again,' she told the Labour Party conference. 'The single biggest obstacle to building infrastructure, to investment and growth … is the Conservative Party itself.' WORST SET OF ECONOMIC CONDITIONS SINCE WW2: Claim: The new Government has inherited the worst set of economic conditions since World War II Reality: This is quite a statement given that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 – and had been nearly 30 per cent at times during the preceding Labour government. While inflation has been high over the past couple of years, it is now down to two per cent – the Bank of England's target. The employment rate for people of working age is now at 75 per cent. It was only 70.4 per cent when David Cameron became Prime Minister in 2010. Claims that Britain is in a worse predicament than at any time since WWII are quite a statement given that that inflation stood at 10.3 per cent when Margaret Thatcher became PM in 1979 It is true that government debt as a share of Gross Domestic Product (the size of the economy) is at its highest since the early 1960s. But the public finances are clearly in better shape than when Labour's Gordon Brown left office in 2010 with a budget deficit equivalent to 7.3 per cent of GDP. This year, it will be close to 3 per cent. Of course, Reeves failed to mention the biggest single reason why government borrowing has been so high in recent years: the worst pandemic in a century, requiring many billions to be pumped into the furlough scheme and other measures to save people from losing their jobs. Labour supported such spending at the time. Now Reeves wants us to forget about Covid and blame everything on Tory mismanagement." You have a link to the publication that was taken from? Yep Daily Mail
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oldie
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Post by oldie on Jul 30, 2024 8:23:02 GMT
You have a link to the publication that was taken from? Yep Daily MailTa
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francegas
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Post by francegas on Jul 30, 2024 8:43:27 GMT
Rachel Reeves, "Upon my arrival at the Treasury three weeks ago there were things I did not know, things the party opposite covered up" "Covered up from the opposition.. Covered up from this house.. Covered up from the country" "The total pressure on budgets across a range of areas was an additional £35 billion" "Once you account for slippage in budget and a reserve of £9 billion, it means, we have inherited a projected over spend of £22 billion" "Not in the future, now. A £22 billion hole now.. That was covered up by the party opposite" "If left unaddressed, it would mean a 25% increase in the budget deficit this year" "The reserve, spent three times over, only 3 months into the financial year, and they told no-one" "Rishi Sunak and Jeremy Hunt claimed the books were open how dare they" "There are clear instances of specific budgets were overspent... And crucially the OBR was not aware of their forecast"
For those who will, no doubt, say she is lying, the latter point about the OBR is highly relevant. Absolutely Cheshire It appears we have a fiscally conservative chancellor but guided by what the electorate most value. More than happy to give up my £300 a year (untested) and actually the reasons for the triple lock have gone by. We are broke, and the Tories broke us That's a bit rich coming from someone who never accepted Labour were at fault for the state of the country's finances in 2010 and never accepted that Labour had any part in the Tories having to implement austerity measures. But Labours true colours are coming out after 3 weeks. Let's take money away from the most vulnerable (pensioners) and what shall we do with it?... oh yes we'll give inflation busting pay rises to the public sector and we'll send £11.6 Billion in overseas aid for the climate crises. Unbelievable.
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Post by Nobbygas on Jul 30, 2024 8:53:40 GMT
It's only been a matter of weeks, but the Labour fiscal policy is already starting to leak! I cannot believe that people are defending the Labour government over this ! "Ms Reeves was taken to task by LBC’s Nick Ferrari, who accused the Government of pinching money from the elderly to pay for huge public sector pay increases. He also confronted her over the humiliating revelation that her Treasury deputy, Darren Jones, wrote a letter to Jeremy Hunt in November 2023 demanding confirmation that the Tories were not planning to remove the Winter Fuel Allowance.
Mr Jones fumed just half a year ago: “Pensioners mustn’t be forced to bear the brunt of Tory economic failure.” Daily Express
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oldie
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Post by oldie on Jul 30, 2024 9:08:37 GMT
Absolutely Cheshire It appears we have a fiscally conservative chancellor but guided by what the electorate most value. More than happy to give up my £300 a year (untested) and actually the reasons for the triple lock have gone by. We are broke, and the Tories broke us That's a bit rich coming from someone who never accepted Labour were at fault for the state of the country's finances in 2010 and never accepted that Labour had any part in the Tories having to implement austerity measures. But Labours true colours are coming out after 3 weeks. Let's take money away from the most vulnerable (pensioners) and what shall we do with it?... oh yes we'll give inflation busting pay rises to the public sector and we'll send £11.6 Billion in overseas aid for the climate crises. Unbelievable. In a word, or two Mortgage fraud, bank balance sheets
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