We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Winter of Discontent...
Comments
-
Not lost my money, am making money even on my savings even if the rates are low, and have not lost a home because I don't own one.
I chose not to take a hefty mortgage commitment because I had many doubts and fears I could fulfil given the future is not always BOOM good times.
In the majority of instances, your 'victims' could have similarly taken measures to limit their exposure to significant risk.
No one asked them to take on dock-off mortgages. No one promised or guaranteed them good paying jobs for life with which to service their mortgage and other bills. Look to Gordon for answers if you felt house prices could never fall in value.
Banks kept us their side of the deal and lent the money. Mortgage = death pledge. Now keep your commitment to pay what you owe.
The real victims are the ones who chose not to borrow as your heroes borrowed themselves mad to buy over-valued property, pushing up prices year on year for all people who own part of that asset class. Further pricing out the sensible and cautious.
It surprises me that the majority opinion on this forum seems to be that it is the people who need to borrow who have the power to bring the country's economy to it's knees.
Power goes with Wealth - it always has done and it always will
That means The Banks ....
The present situation was brought about firstly by the banks' reckless and incompetent business practices, and secondly by their ability to hold the rest of us to ransom - the banks retain their stranglehold on the country's wealth
MMM0 -
http://www.guardian.co.uk/politics/2009/feb/14/economy-gordonbrown
It was Brown who ended meaningful banking regulation in 1997.
It was Brown who claimed to have ended boom and bust.
It was Brown who pumped up the public sector.
It was Brown who created an over-inflated asset bubble.
It was Brown who borrowed billions at the height of the boom.
The banks were doing what they were allowed to do and the reason they were allowed to do it was because Brown needed the tax revenue to fund ever rising public spending.
So people who say that this crisis would have been the same whoever was in power need to ask themselves one question. Would a different government have had committed so much money to public spending?
If the answer is no then the crisis would have been infinitely less worse because the government would not have needed the tax revenue to spend and it would not have needed to borrow at the heght of the boom.
All of that is political/economic 'opinion'; political and economic theory has little to do with the day-to-day stupidity of the banks' marketing strategies during the early 21st century!
It was clear to many many people thagt the boom was unsustainable, but the banks carried on regardless.
People trusted their centuries of knowledge and experience!
Big Mistake...0 -
Scuse me asking, but who do you bank with?MegaMiniMouse wrote: »banks...0 -
-
Everyone has a bank account.MegaMiniMouse wrote: »I have no money!0 -
-
MegaMiniMouse wrote: »All of that is political/economic 'opinion'; political and economic theory has little to do with the day-to-day stupidity of the banks' marketing strategies during the early 21st century!
In the same way that your putting the blame solely at the feet of the banks, its your "opinion" which your entitled too......
You are right in saying that "Thats their power! They Know we need them"......There has always been the need to have a balance of power with the banks but sadly the pendulum swung one way, thats not to say borrowers are not to blame as they are equelly with the banks and Government....0 -
MegaMiniMouse wrote: »
It was clear to many many people thagt the boom was unsustainable, but the [STRIKE]banks[/STRIKE] government carried on regardless.
Thats more like it.0 -
MegaMiniMouse wrote: »Power goes with Wealth - it always has done and it always will
That means The Banks ....
Not just the banks, but creditors and savers. It's our power too, over debtors. Real savers I mean. Not those who own a property and for some reason believe the value of such an asset can not plummet from a certain range of value. Savings are liquid.
My power is from having saved over the years. Now I don't have to worry over not being able to afford my Cart Noire instant coffee (£6 for 400g jar offers recently) and Twinings Teabags in my monthly shop, together with many other minor spend items which make life enjoyable. I've not blown my savings elsewhere or signed up for massive debt to buy an over-valued asset.
Perhaps not the height of sophistication, and only mentioning because I do allow myself some treats when we spend... but much better than having to use cheap orange-cordial with hot kettle water because the cupboards have no tea and coffee, and there is no money to buy any.
Nevermind. At least they've got newish cars on finance and loads of designer jeans. Albums full of photographs of great memories from many years worth of middle-class foreign holidays they've enjoyed.
The debtors and non-savers on the whole made their own decisions if they are struggling now.0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards