True, but the fact remains that people have lived it up on money that isn't their's for over a decade by borrowing against equity in an overvalued property market.
Have you been impressed with Gordon Brown?
- Thread starter DIFFBROOK
- Start date
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Yes you can. But what you can't do is blame him for everything that's gone wrong and not give credit where it's undoubtedly due such as in this fairly obvious case. In my opinion, it just discredits your viewpoint if you're going to irrationally finger-point at every turn.
I agree entirely
I'm about as impressed as I would be by a firefighter who deliberately set fire to a school full of children and then claimed to be a hero for rescuing them.
So maybe Labour should have tightened regulation as the need arose?
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i take your point to an extent, anyway we shouldnt argue too much, i believe there is a drink arranged for thursday ??!!
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to be honest this credit crunch IS NOT browns fault at all, but i dislike him so much i just cant bring myself to give him any credit even if is was dueYes, yes there is.
Although I still haven't asked for clearance from the wife. *gulp*
One country alone doing that would be no good, it has to be done globally [you need a level playing field]
captainmorganrum
Wrexham
Uncle Spielberg
Well-known member
Brown is however being niave if he thinks the lenders will play fair with the customers which is a condition of the bail out. My worry is that the bail out will save the Banks skins and the executives fat salaries and pensions and will not filter down to the paying man on the street.
Let me give you one example. Last week the BOE cut interest rates by 0.5% to help the pressure. Abbey had tracker deals at 0.79% above the bank base rate. What did they do ?. They withdrew these rates immediately and re launched them at 1.29% above the bank base rate negating the saving to the new borrowers and ensuring the only people who benefitted where Abbey and Santander as their profit margin increased over night. SHAMEFUL.
Let me give you one example. Last week the BOE cut interest rates by 0.5% to help the pressure. Abbey had tracker deals at 0.79% above the bank base rate. What did they do ?. They withdrew these rates immediately and re launched them at 1.29% above the bank base rate negating the saving to the new borrowers and ensuring the only people who benefitted where Abbey and Santander as their profit margin increased over night. SHAMEFUL.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,021
not particularly impressed, its what any armchair economicst thought was going to happen. in fact i was shocked when i realised the US hadnt done this, but had just taken the toxic debt with no form of capital involment to balance.
So given his background in economics and experience at the exchequer, its reasonable to expect him to sort this out. now, how will he do with the meat and drink non-economic issues in the coming months? we he for instance continue to dick about with the 42 day issue? will we still have to pay for an £8billion ID card scheme and a £10billion internet surveillance database? will the stated targets of reducing poverty actually be address first?
So given his background in economics and experience at the exchequer, its reasonable to expect him to sort this out. now, how will he do with the meat and drink non-economic issues in the coming months? we he for instance continue to dick about with the 42 day issue? will we still have to pay for an £8billion ID card scheme and a £10billion internet surveillance database? will the stated targets of reducing poverty actually be address first?