Elected dictatorship

[big-all]

re bundling assets to turn them from toxic assets to "A1" assets
sharp practice where greed overcame plain decency
fiddling the libor rate[interbank lending rate] like a cartel
yes a complete non issue where decent people where offered morgadges they could never afford and would bankrupt them because commision was in the offing

 

[Brigadier]

....or better stated as "where stupid and/or greedy people took on mortgages they could not afford........."

 

[AronSearle]

re bundling assets to turn them from toxic assets to "A1" assets
sharp practice where greed overcame plain decency
fiddling the libor rate[interbank lending rate] like a cartel
yes a complete non issue where decent people where offered morgadges they could never afford and would bankrupt them because commision was in the offing

All true (though mortgage holders are to blame for taking on more than they can afford).

But all economically insignificant, as said, the bank bailout was only the deficit for one year.

 

[maltaron]

But that deficit would not have happened if Northern Rock was left to go bust. Savings were protected by the FSA and remortgaging easy. The other banks would then have had to sort themselves out but took the easy way with our money.

 

[big-all]

All true (though mortgage holders are to blame for taking on more than they can afford).

But all economically insignificant, as said, the bank bailout was only the deficit for one year.

you have an institution "the banks" telling people they can afford a mortgage when they know full well they cant just to get the commission and you gloss over the the near illegal but definitely immoral facts ans seem to blame the working man ??

 

[AronSearle]

you have an institution "the banks" telling people they can afford a mortgage when they know full well they cant just to get the commission and you gloss over the the near illegal but definitely immoral facts ans seem to blame the working man ??

Do you consider the "working man" to be an idiot?

I don't, and think your attitude is rather condescending towards them.

Individuals should know to look at the sums and decide for themselves, some people where to stupid lazy or nieve to do this.

Anyway, besides the point, I am not exonerating the banks, simply point out that economically it was a non issue, it was a moral issue.

But that deficit would not have happened if Northern Rock was left to go bust.

Seeing as we were running a deficit before Northern Rock, and long after, I don't really get how you come to that conclusion?

 

[securespark]

snico wrote

You voted Tory, so you did vote for taxing people to death

No choice. Labour had the country bankrupted.

Not quite.

There may have been issues to address, but the ConDems have gone about it completely the wrong way.

 

[AronSearle]

snico wrote

You voted Tory, so you did vote for taxing people to death

No choice. Labour had the country bankrupted.

Not quite.

There may have been issues to address, but the ConDems have gone about it completely the wrong way.

Yes, they did what labour would have done

 

[big-all]

Do you consider the "working man" to be an idiot?

I don't, and think your attitude is rather condescending towards them.

not sure what your point is i am a "working man "
the point i am making is the bank acted corruptly or very close to it and you choose to ignore the fact or at least play it down

yes people are responsible for making there own decisions but they trust the information they are given as most off the people have never had a mortgage so have to rely on the honesty off others but in this case it was people with an agenda so giving bad advice and false information for the sake off greed and excessive profit at all costs

 

[AronSearle]

the point i am making is the bank acted corruptly or very close to it and you choose to ignore the fact or at least play it down

Nope, I was simply pointing out, in the context of a post, it was not an economic issue, as it was to small economically to matter to the economy.

Get it yet?

but they trust the information they are given

You mean they are stupid and gullible?

How many "frauds" have we had, over how many generations, and some people still "trust" them to provide information.



Yes, they are scum and should be locked up, but please, ripping of stupid people still means they are stupid.

 

[big-all]

ooohh well we shall leave it there we have expressed our opinions and we are getting no where usefull

 

[Harbourwoodwork]

That's the most dignified end to an exchange of idea's Ive heard on this site

 

[ajstoneservices]

+1 that's because BA's a nice guy even if he's hard to agree with sometimes

 

[Norcon]

snico wrote

You voted Tory, so you did vote for taxing people to death

No choice. Labour had the country bankrupted.

but the ConDems have gone about it completely the wrong way.

Yes I agree. They have not slashed public sector pay nearly enough nor sacked enough useless malingerers.
But that has more to do with the limp dems than the tories I should think.

This is only a blip on the radar though. Your beloved labour will be in office after the next election and will finish off what they started.
(ie- ruining the country) borrow, borrow, borrow, spend, spend, spend.
Thats all they have too offer. More debt.
Greek style riots here we come. Wonder if we'll have a greek stlye riot dog?

Google wrote

The starting point was the biggest deficit in our history so its inevitable that, starting from that high base the debt will increase. It is this point which highlights the utter disaster that was Brown's management of our economy.
These huge deficits cannot be reduced overnight, not least because the economy was left so much smaller by the recession, and the economy will be suffering for a generation.
Brown left the economy on a pathetic state, far to over reliant on city revenues which were ephemeral and not as he foolishly believed permanent.
He actually ran deficits when we had growth and chose to spend money which simply did not exist by borrowing instead of repaying debt.

Labour ran up huge debt during a period which includes the biggest boom and highest tax receipts probably in the history of the British state.
The Conservatives inherited an economy in tatters after the second biggest crash in history. It's a wonder they're not running up more debt.

 

[chapeau]

Spot on there Norcon. And what is under the radar but going to absolutely shaft the UK are the 'off-balance-sheet' liabilities e.g. public sector pensions, and the state retirement pension.

The public sector - all of it - needs dismantling but that isn't going to be a vote winner. The tories should have done that within the first six months and maybe by the next election things would have been looking better. Probably not, but maybe.