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You think that they don't?
Don't get me wrong, there is some blame here for the banks but we all have a share too, we wanted (as MR says) easy money. It doesn't exist. We wanted gold services, but not to pay for them. Nothing in this life is free, if an offer sounds too good to be true then it usually is.
I wasn't talking about the law. We all know that the law is an arse.
I mean morally.
Too many people vote on the promise of excellent services and low taxes. Never gonna happen.
And heres me ...I thought I was just buying a house!
Now your asking me to believe that the near collapse and the deffinite failure of capitalism was my fault!!!!!!
You really believe the whole of capitalism is built on my house?
Look at the history of the federal reserve and how many times they have flooded Amrica with easy cheap money and then pulled that money supply without warning ...enriching themselves beyond belief ...and then turning the money supply back on.
It is not the publics fault.
It's nice to see European governments backing Gordon Browns ideas again ...this time in attitudes toward the bankers.
If the federal resrve bank was closed down half the worlds problems would disapear overnight.
Some people here make it sound as if the banks were lending money out of their charitable good hearts. In fact they were making a fucking mint out of it. Indeed, it was pure greed that led them to be irresponsible and to shove loans and credit cards down people's throats. Specially those already in debt and clearly not good at getting rid of it.
Predatory bastards, the lot of them.
Hopefully lessons will be learnt by both consumers and the banks for the future. I certainly have very quickly learnt to be more careful with my finances and my borrowing.
They paid literally billions in corporation tax, not to mention stamp duty and the income tax the top earners made. Then you add this cheap credit allowed other business to expand and pay tax you realise why Govt tax intake has dramatically declined with the banks.
Now they're not doing it because they're charitable good hearts, but I never claimed that. But the end result is billions for the exchequer to pay for public services - it may be more 'morally pure' to fuck them over, but its also economically stupid (unless you really want to screw over the UK's population with high tax and low services)
The problem arose because bankers/investors were using these mortgages as investments and swaps ...as collateral.
It wasn't the guy paying the mortgage that was at fault.
David Rockerfeller has said before congress that he called in fifteen billion dollars in debt from lehmans.
They were happily trading and paying their debts on time and in full but ...the small print said the loans could be called in in full at any time.
Mr Rocker admitted that he knew when he called in the debt it wouldn't be able to be payed within I think 28 days ...he also admitted to knowing it would have a domino effect on all other major financial institutions.
Exactly the same as the thirties ...by exctly the same families.
He also knew that America was running the biggest debt in history and was in reality broke ...as it is now.
He instigated the biggest movement of wealth in history ...and the cornering of the worlds wealth into ever fewer hands.
The effects of this wealth grab have not even begun to be felt yet ...but we'll all be feeling it big time in the coming year.
LOL.
:chin:
Without investment from numerous foreign nations, Dubai would not exist.
Dubai is often mistaken as an oil rich nation, but the fact is, only 6% of Dubai’s GDP is supported by oil revenue. The vast remaining portion of Dubai’s economy operates completely on money from the U.S., China, Europe, and other foreign interests.
Since the “Great Recession” began in 2007, rumors of a systematic financial collapse in Dubai have circulated, along with reports of frozen investment, and even abandoned Real Estate projects that have left the country looking like a ghost town. In the past week, those rumors have been officially confirmed:
If a once explosive economy like that of Dubai’s is now on the edge of insolvency, this means Western companies are incredibly weak and unable to invest any longer. Dubai’s collapse indicates that the capital that once flowed from rich nations like the U.S. has dried up. The world is reeling, and perhaps even broke. Dubai is the canary in the coal mine, and the canary has just dropped dead.
That is correct, boys and girls.
Almost all loans/mortgages have that same small print agreement in them. (Signed documents signifying consent). Check yours and see.
You all read the terms and conditions of the agreements you sign, don't you ?