Government plans 40bn sub-prime bailout - Mortgages to be nationalised?

baby_boomer

Dithering_Dad wrote: »

I'm happier for my tax money to be used to give temporary support to hard working families than for it to be used to wage unjust wars in the middle east, to prop up foreign dictators or to pad out the pension and expense accounts of MP's who caused much of the problems in the first place.

Unfortunately it's not a case of either / or. We will continue to pay have to pay for all your alternatives whether Gordon puts his hand into our future pockets, again, or not.

dopester

dean_ham wrote: »

What would be your ideas to get this country back on track?

Slash military spending. Bring the troops home. The cost of policing the Gulf was ridiculous even back in the 1920s. Even back then the military experts were privately concerned that the costs of projecting power into a hostile Middle East (including Iraq, then known as Mesopotamia) would prove too high, and then as now, a main concern was securing the supply of oil. In 1920 it cost twenty-five million pounds a year to police the gulf (around £2 billion in today's money) to support a military garrison in combat - a sum Churchill thought "ridiculously expensive".

So we squashed the rebellion, installed a pro-British monarchy, put down a pro-Nazi rebellion by the Iraqi army (under Rashid Ali) in 1941, where the British forces "disposed of" the Iraqis with "relative ease", and placed them on a near-starvation diet, as "rations were cut down by 1,000 calories a day below what was considered necessary by the medical authorities".

Peace and power works best when your power is overwhelming to that of any enemies. No one would touch a caravan in the middle-east when it flew the British flag, as they'd see the results of machine gun against swords. Shifts in the power equation, despite all the guided precise missiles and superb satellite technology, makes it increasingly difficult for remote powers to control events in any location over any society's intense objections.

geoffky

IF this is the case then sod it why should i pay cash . i think i will get a mortgage hide my savings off shore and join the other financially inept people and default to get my bailout.....looks like a bailout for the reckless want it now brigade to me...

dopester

dopester wrote: »

All Government spending will be cut drastically, or in some instances abolished, and people will be squeezed for more revenue.

Expect the Government to sell of or privatise whatever it can. Expect huge numbers of government employees to be sacked. Kiss goodbye to the NHS as you've known it. Watch the funding get cut to public schools.

Looks like the strain on public funds will be manifesting itself in so many different sectors.

Courts could close and judges made redundant in £90million budget crisis



http://www.dailymail.co.uk/news/article-1052285/Courts-close-judges-redundant-90million-budget-crisis.html

esbo

dean_ham wrote: »

Arent they helping families enough by giving them tax credits left right and centre and all the other benefits poor families get.

Makes me sick, ive worked hard in school and further education for the last 20 years, now im in a position and on a good wage im taxed £600-700 a month FROM MY WAGE ALONE!!!!!, i dont see none of this money. Yet a 35 year old guy in work with me earning £12,000 less than me a year.... is £3000 a year better off than me after tax per year because he got 4 kids...!?!?!?!

Anyone know any good emigration websites to get out of this s* hole

I don't believe you for one minute!!
But I went to the gov's tax credit calculator and put some figures in based
upon £12,000. I didn't understand it all so I but in 4 kids and a wife and no extra income (including child care vouchers, whatever they are) and it came
up with a figure of 14100 which is untaxed so I suppose that would be
like earning £18,000.
So he is getting the same as if he was earning £30,000 even though he he really earns £12,000. :rolleyes:

Anyway I ran some info through and it seems his wife is worth £2,000 which means each child gets £4,000!!

esbo

mewbie wrote: »

While I agree with some of DD's sentiments, bailing out being more cost effective then not, I feel the taxpayer doing the bailing out is not very fair. I would like to see the shareholders of the businesses involved in the last several years madness putting their hands deep into their pockets - I'm thinking bank, building societies, builders, estate agents, etc. It's their business and therefore, arguably, their problem.

Seems totally wrong that taxpayers are footing this bill, and others, and still people in these industries are getting their bonuses.

But they have put their hands deep into their pockets, have you seen how the share prices of HBOS etc had slumped and NR has gone bust.
However if is not really their fault as they did not run the businesses, certaintly not the small shareholders anyway. The people responsible were those running those businesses? Have they suffered - NO.

And this is the problem business directors have no liability, they have a license to defraud.

And guess what, the person who led the way into the 'credit crunch' Sir James Crosby, the former chairman (or whatever) of HBOS is being paid by the gov to sort out the mess he is responsible for!:rotfl: :rotfl: :rotfl: :rotfl:
You could not make it up :mad:

This is the problem, the people who run these companies are responsible to nobody and get rewarded with huge sums of money whatever happens.

Mr Crosby should have had his house repossessed.

ad9898_3

!!!!!!? wrote: »

Just saw this, it's in the Mail but......

http://www.dailymail.co.uk/news/article-1050913/Cabinet-rift-widens-Darling-rages-Browns-40bn-State-mortgage-plan.html

Cabinet rift widens as Darling rages at Brown's £40bn State mortgage plan

A row over a £40billion plan for State-backed mortgages to tackle the housing crisis has fuelled the bitter feud between Gordon Brown and Chancellor Alistair Darling that threatens to wreck the Government’s economic relaunch.Mr Brown wants to go ahead with the scheme in a last-ditch attempt to boost his poll ratings and head off growing pressure on him to step down.
But he has run into fierce resistance from the Treasury and the Bank of England, who say it could be an expensive flop.
..
Mr Brown has been putting pressure on the Treasury to underwrite mortgages to help homeowners avoid defaulting on home loans.
He believes the scheme could transform the housing crisis, prevent families being thrown out of their homes, get the property market moving again and ease pressure on banks and building societies.
To finance it, the Government would issue 30-year gilts which would need to be refinanced every two or three years.




Can it be true - is this cretinous bunch considering directly taking some of Britain's dodgiest mortgages onto the public books and borrowing billions to do it?

The 'financial meltdown' lights are furiously blinking red right now. :eek:

If the GB does this, it will make his gold sell off in the late 90's look like "a nice bit of business", the man is financially inept at best, at worst........well take a look around, I rest my case:mad:

sad_dog_lady

lol, buy to let ll are going to be given a nasty surprise then.... if it works more and more people will be able to afford to buy and the gov will like other countries be able to offer home loans at 1 percent interest