Nick Robinson tells Obama that Gordy keeps blaming USA...

Graham_Devon

Completely off topic, but wonder how much it cost to get Obama here, considering he bought his limo with him!

Be difficult for the rest of us getting that one through customs

StevieJ

What is the problem? It was started in America i.e. US Sub-Prime debt sold by slimey salesmen What you lot on :cool:

ad9898_3

StevieJ wrote: »

What is the problem? It was started in America i.e. US Sub-Prime debt sold by slimey salesmen What you lot on :cool:

I think we are in just as deep, if not deeper than the Americans, they may have toppled the first 'domino', but we were playing the same game and lined all ours up next to the Americans.

So would Bradford & Bingley, HBOS, NR, RBS all have been absolutely fine if it weren't for American subprime ?, were their lending practises prudent ?, were they viable if we would have had any downturn in the economy ? would they have been totally safe going forward into the future ?

Or were they all playing 'The Pyramid Game' ?

I think the answer is obvious, America is a convenient scapegoat, for an atrocious business plan that was unsustainable.

treliac

It's hardly something that Obama won't have heard before.

FWIW, I think he handled the question very well. Our politicians could learn from him. He comes across as being direct, honest and with a suitable mix of humility.

So far, so good. Let's hope the world is in a safer pair of hands with this new leader of the west.

Really2

ad9898 wrote: »

I think we are in just as deep, if not deeper than the Americans, they may have toppled the first 'domino', but we were playing the same game and lined all ours up next to the Americans.

So would Bradford & Bingley, HBOS, NR, RBS all have been absolutely fine if it weren't for American subprime ?, were their lending practises prudent ?, were they viable if we would have had any downturn in the economy ? would they have been totally safe going forward into the future ?

.

Sorry I disagree there our subprime was nothing like the american one.

We are now nearly two years in and still as not shown up.

Lets face it anyone taking out subprime to years ago would have been on nearly 7% or more.

Our subprime is not going to happen because it was only a small amount of the total lending.

In the USA it was somthing like 30% of all mortgages (not 30% of the value)
Add to that they can walk away debt free.

Our sub prime will be over by the end middle of this year. That would allow for 2 years off peak. (even though sub prime rates would have been very high then)

purch

It's hardly something that Obama won't have heard before.

FWIW, I think he handled the question very well. Our politicians could learn from him. He comes across as being direct, honest and with a suitable mix of humility

I think what was interesting was the way he said in his answer................... " we have taken some very agressive steps in the United States to fix the problem........." with a major emphasis on the UNITED STATES, whilst not mentioning anything that our Glorious Leader has done to save the World !!!!

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purch wrote: »

I think what was interesting was the way he said in his answer................... " we have taken some very agressive steps in the United States to fix the problem........." with a major emphasis on the UNITED STATES, whilst not mentioning anything that our Glorious Leader has done to save the World !!!!

It may not have passed Obama by that Brown has in fact done nothing, apart from urinating on a fire that he is part responsible for starting.

handful

Rochdale_Pioneers wrote: »

Another classic non-story from the Brown-haters.

And I suppose there's only one or two of them in the country stirring up all of the anti Brown feeling?..........yeh right.

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StevieJ wrote: »

What is the problem? It was started in America i.e. US Sub-Prime debt sold by slimey salesmen What you lot on :cool:

Securitisation was brought about by Citigroup, London. Something that Crash must have overlooked with his 'started in America' barbs.

StevieJ

ad9898 wrote: »

Securitisation was brought about by Citigroup, London. Something that Crash must have overlooked with his 'started in America' barbs.

I must be mistaken, I had them down as a US company

Who started the securitization of loans to begin with? Give the government geniuses at Fannie Mae and Freddie Mac credit for the wunderkind of shaky banking ‘o so many years ago. That is why authorities in banking and in government are quite mum about the evil and deception of securitized bonds.

Or was it David Bowie
http://www.gigwise.com/news/48679/David-Bowie-Started-The-Credit-Crunch