PowerSwitch

http://www.bbc.co.uk/news/business-21740274

At least 20,000 jobs have been created to deal with claims over mis-sold payment protection insurance (PPI), employment group Manpower has said.

These were jobs created by big banks, it said, and did not take into account those created by companies that act as middlemen for claimants.

Empty, pointless jobs doing nothing but moving plastic money around. Nothing useful being created, no value being added, no asset being developed.

It'll all end in tears.

What they should do is create those jobs in December and let them all go again in March. That way, the employees could take their money home and spend the rest of the year doing something useful, like growing food.

Indeed Tarrel. Far too many engaged in pointless virtual activities that only exist as a result of the complex beast we've created. Complexity's going to be the death of us.

I and one other spent three hours earlier this week repairing bicycles. We serviced 21 in total; replaced brake blocks, gear cables, a crank, tuned gears, pumped tyres, tightened headsets, reattached mudguards. Useful work that made a real difference to lots of people getting around Bristol. We need more bicycle mechanics.

But it all adds to GNP. Such is the madness of current economic thinking!!

Surely any activity that involves getting money from the banks back into the hands of ordinary people can't be all bad ?

Catweazle wrote:Surely any activity that involves getting money from the banks back into the hands of ordinary people can't be all bad ?

True, but my concern is that the creation of the 20,000 plus jobs is presented in a positive light ("oh, we've created 20,000 jobs from the PPI problem, everything must be OK then!") and, as Ken said, the activity counts towards GDP. Also, much of the activity is being driven by organisations that are operating purely out of self-interest, with no concern for the welfare of the wronged account-holders, or even for calling the banks to account.

I do find it difficult to get me head around the whole, sorry mess. Part of me wants to call the victims to account and cry "Caveat Emptor". I personally have never bought a PPI product, despite taking out various loans and mortgages over the last few years. Why not? Because I read the small print. On the other hand, I recognise that we've all been caught up on a merry-go-round the last few years, and one can hardly blame people for succumbing to the enticement of cheap, readily available credit provided they dance according to the lender's music. So who's to blame? The lenders? The corporations that make the consumer products available to buy? The consumers? The government? The advertising industry? Probably all of the above in some measure.

Either way, I'd rather see 20,000 jobs created doing something useful that actually addresses some of the real problems we are facing with food production, energy shortage, poverty, etc rather than sticking a couple of grand windfall in someone's pocket so they can go and get another 50 inch plasma TV.

clv101 wrote:Indeed Tarrel. Far too many engaged in pointless virtual activities that only exist as a result of the complex beast we've created. Complexity's going to be the death of us.

I and one other spent three hours earlier this week repairing bicycles. We serviced 21 in total; replaced brake blocks, gear cables, a crank, tuned gears, pumped tyres, tightened headsets, reattached mudguards. Useful work that made a real difference to lots of people getting around Bristol. We need more bicycle mechanics.

Here's an interesting place next to my son's flat in Inverness. They run an open workshop in which you can borrow a hoist, space and tools to fix your bike, along with free courses. You have to sign up as a member, but it's free. There's always someone on hand to give advice, and the attached cafe has become a bit of a hub (pardon the pun) for local cycling groups and clubs.

www.velocitylove.co.uk

Tarrel wrote:

clv101 wrote:Indeed Tarrel. Far too many engaged in pointless virtual activities that only exist as a result of the complex beast we've created. Complexity's going to be the death of us.

I and one other spent three hours earlier this week repairing bicycles. We serviced 21 in total; replaced brake blocks, gear cables, a crank, tuned gears, pumped tyres, tightened headsets, reattached mudguards. Useful work that made a real difference to lots of people getting around Bristol. We need more bicycle mechanics.

Here's an interesting place next to my son's flat in Inverness. They run an open workshop in which you can borrow a hoist, space and tools to fix your bike, along with free courses. You have to sign up as a member, but it's free. There's always someone on hand to give advice, and the attached cafe has become a bit of a hub (pardon the pun) for local cycling groups and clubs.

www.velocitylove.co.uk

Yeah, I've heard of this place. I'll try and drop by next time we're in Inverness. We have a similar thing forming in Bristol: http://www.rollforthesoul.org/
And http://www.thebristolbikeproject.org/ which has been running for a few years now.

I bet I know exactly which sector of the economy has really benefitted from this- the lawyers.

You can barely move on daytime TV for solicitors' firms saying "you could have been mis-sold PPI, hurry up before time runs out!" And lest you think that's the best reason yet for giving up the dreaded goggle-box, they even text the fact to your phone unsolicited (not quite fitting for solicitors! ) or passing by their offices.

Catweazle wrote:Surely any activity that involves getting money from the banks back into the hands of ordinary people can't be all bad ?

QE the money directly into people's bank accounts?

Oh no, wait, that would be giving money away to the great unwashed wouldn't it and, besides, there wouldn't be any profit opportunity for the banks.

No, we can't have that.

I admit that the parasitic PPI chasers make little contribution to the UK, but, as I wrote before, money out of the banks profit and into the peoples hands is a good thing.