I blame the scapegoats

Leighthal

Bank Regulators

Generali wrote: »

Who do you think is to blame for the current FUBAR situation we find ourselves in.....?

I see you blamed yourself.Was that for a laugh or do you think you are partly to blame?

Generali

Generali

Leighthal wrote: »

I see you blamed yourself.Was that for a laugh or do you think you are partly to blame?

Well it was a joke but I thought I'd put it in there anyway. I was more in the equities line of things so didn't deal with RMBSs and all those other alphabet soup things.

Greatgimp

I cannot help but to say the government are to blame in that when anything goes up, they get a kickback:
A litre of petrol goes up means that they benefit from the proportional increase in tax.
Same for house prices, increase in stamp duty revenue.
Restaurant prices, a tube of Smarties, a packet of fags, bus and train fares.
You name it, the tax coming in would increase!

Why would the government discourage it?

purch

It's more complicated than that

"Even in such a time of madness as the late twenties, a great many man in Wall Street remained quite sane. But they also remained very quiet. The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. Perhaps this is inherent. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them."


"No one was responsible for the great Wall Street Crash. No one engineered the speculation that preceded it. Both were the product of the free choice and decisions of thousands of individuals"

From the Book The Great Crash by the respected author John Kenneth Galbraith

angrypirate

People buying stuff on credit

The availability of cheap and easy credit especially to those people who should never have been given it. Credit should only be given to people who have shown they are responsible with money and have a reliable income. 125% mortgages and lending 5 times salaries to people who havent shown they can be responsible with money has led to this country's economy to be built on credit, and now its payback time. Its not going to be pretty and we need a PM who has balls - someone like Maggie T in the early 80s.

Leighthal

Bank Regulators

angrypirate wrote: »

The availability of cheap and easy credit especially to those people who should never have been given it. Credit should only be given to people who have shown they are responsible with money and have a reliable income. 125% mortgages and lending 5 times salaries to people who havent shown they can be responsible with money has led to this country's economy to be built on credit, and now its payback time. Its not going to be pretty and we need a PM who has balls - someone like Maggie T in the early 80s.

Maggie did'nt have balls!Denis told me.:rolleyes:

GDB2222

People buying stuff on credit

I am truly astonished that more people have not understood what a fundamental role the credit rating agencies had in all this.

ray123

It's more complicated than that

What about interest and lending on credit - the fundamentals of the banking system?
Why are they not on the list?

Pobby

People buying stuff on credit

And to think that Broon said that he wouldn`t let the housing market get out of control.

Generali

Generali

ray123 wrote: »

What about interest and lending on credit - the fundamentals of the banking system?
Why are they not on the list?

I guess they come under bankers. Are you against the system of usary then?