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It wasn't all america's fault, it was the banks.
Comments
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HAMISH_MCTAVISH wrote: »Average bank margins were 1% before the credit crunch.
More like 3% today.
For pities sake Hamish. When will you wake up and at least give a nod towards all the stimulus and protection that has been given since then?
You are like a bankrupt stating "see, I told you my debt wasn't a problem, I have none now".0 -
Graham_Devon wrote: »For pities sake Hamish. When will you wake up and at least give a nod towards all the stimulus and protection that has been given since then?
You are like a bankrupt stating "see, I told you my debt wasn't a problem, I have none now".
Little point in being baited. Time to move on.0 -
Graham_Devon wrote: »Heres the full text.
You can pick and choose to take sentences you like from paragraphs as much as you like, but the report lays it out bare, and you simply cannot argue this was all rosy. Neither can you argue it was America's fault. Neither can you argue there was nothing wrong with lending. All your memes shot down in one report.
This thread was about the America thing that you kept peddling. You are now down to talking about sub divisions of the banks.
One other thing you are purposely and conveniently ignoring is that they couldn't have made the amount of loans they did in mortgages if it hadn't have been for the rest of the stuff they did. You keep trying to, but it's been pointed out to you before, you simply can't ignore what enabled them to do this.
Profit isn't always good. Illegal drug substances make massive profits...
Wait a minute I thought you said this was guff?
Here, you know the America thing.We also note that the Division's customer funding gap was a major factor in the Group's overall funding gap, which was a principal immediate cause in the short term of the failure of the bank. Prudent customer funding should have been a secure source of stability during market storms.Of course, senior bosses in HBOS too tried to blame it on the closure of the wholesale markets (not sure where we have heard that before?
), but this has been found to be, well, guff basically.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Wait a minute I thought you said this was guff?
Here, you know the America thing.
That was a symptom of what were talking about, not a cause.
I note you've gone on to ignore the part where it stated the funding gap was due to the risk taken on?
And anyway. read your first post. You changing tact again?0 -
Graham_Devon wrote: »That was a symptom of what were talking about, not a cause.
I note you've gone on to ignore the part where it stated the funding gap was due to the risk taken on?
And anyway. read your first post. You changing tact again?
I thought that was you? It is tack BTW presumably as in sailing.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Graham_Devon wrote: »That was a symptom of what were talking about, not a cause.?
Not what parliament says.
"the Division's customer funding gap was a major factor in the Group's overall funding gap, which was a principal immediate cause in the short term of the failure of the bank."
Crikey Graham, you must be wishing you hadn't started this thread now.
All the muddling in the world can't hide the fact that the actual report disagrees with your assertions.:)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
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grizzly1911 wrote: »Depends if we are talking impaired or written off.
Why do you find it so very hard to believe the facts?
UK mortgage lending was profitable then, and remains profitable today.
Even after the defaults. And even after the PPI refunds.
It wasn't UK residential mortgage lending standards that brought down the banks.
It was the failure of global wholesale credit markets, and some rather dodgy commercial lending practices, as this report makes clear.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »It was the failure of global wholesale credit markets, and some rather dodgy commercial lending practices, as this report makes clear.
<shakes head>
No hope.0 -
Graham_Devon wrote: »No hope.
Do you have a reading comprehension problem?
This report clearly states it wasn't residential mortgage lending that brought down the bank, but the funding gap caused by the freezing of global credit markets.
It also says that the HBOS residential mortgage lending book was profitable, of resilient credit quality, has had an estimated default rate of just 1% over the recession, and would even have managed to turn a profit after the PPI refunds.
Can you dispute the report states those things, or are you going to ghost out of the thread now?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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