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I feel rather insulted
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Well, some bankers did, and fundamentally their mistake was to
...be crooks.
Encouraging people to lie about and even falsifying records of their income, and giving out loans to people with no prospect of ever paying them back in order to boost their short term profits and bonuses. Then bundling up the worthless papers and selling them on inflating the price each time to boost bonuses even more in an ever increasing circle until the bubble burst and the fraud was uncovered to be paid for by the taxpayer.0 -
...be crooks.
Encouraging people to lie about and even falsifying records of their income, and giving out loans to people with no prospect of ever paying them back in order to boost their short term profits and bonuses. Then bundling up the worthless papers and selling them on inflating the price each time to boost bonuses even more in an ever increasing circle until the bubble burst and the fraud was uncovered to be paid for by the taxpayer.
Yeah, the above only happened in your head, of course, so is not really relevant in any conversation that is based around what actually happened, in the world.
Do you genuinely believe, for example, that the price of a secured bond increases each tiime it changes hands?
That's simply idiotic. Clearly you don't like bankers, but really, you can't imagine that we are all stupid, too.0 -
you can't imagine that we are all stupid, too.
I don't think he implied stupid, just greedy and immoral.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I cannot understand how they can pay regular savers such low interest rates yet charge such higher rates on loans and credit cards.
If you have loans at high rates, your best bet is to pay them off, rather than save. You will then be getting a better interest rate on your savings.
It is easy to understand why they do this. It takes effort to change your bank/savings account, so people don't bother to do it. Banks can therefore pay a lower rate of interest knowing that some people won't bother to move their money.Encouraging people to lie about and even falsifying records of their income...
I'm not sure the banks encouraged people to lie and falsify records, but shouldn't the people who do lie and falsify records take some responsibility for the mess that resulted?0 -
There is no reason at all to sit in cash, there are higher returning safe alternatives.
As to UK lenders, the UK market remained incredibly well ordered all along, for example the repossession rate on UK mortgages ran at typically less than 1%.
I meet lender reps all the time and they carry with them stats on repossessions for their lending books. So called liar loans (self cert) have the lowest delinquency rate of all categories. The reason is said to be the larger deposits required.
Don't be a sheeple, dig a little deeper.
The reason fro the global crunch was down not to UK lending, but to the way mortgage books were later sold on to investors. American lending was hideous.
Ok we had N Rock 125% mortgages, but in the main delinquency was still very low. The problem was the way N Rock was funding it's lending by borrowing from America which then ceased up when the credit markets froze.
RBS's main problem was acquiring the hugely defunct ABN Amro group for a vast sum. RBS mortgages had incredibly low delinquency rates.0 -
Yeah, the above only happened in your head, of course, so is not really relevant in any conversation that is based around what actually happened, in the world.
I merely invite anyone to read up on the causes of the credit crunch and make their own minds up who is lives in fantasy land.0 -
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...be crooks.
Encouraging people to lie about and even falsifying records of their income, and giving out loans to people with no prospect of ever paying them back in order to boost their short term profits and bonuses. Then bundling up the worthless papers and selling them on inflating the price each time to boost bonuses even more in an ever increasing circle until the bubble burst and the fraud was uncovered to be paid for by the taxpayer.
That's just a side show, a window into the world of profit at all cost.
The monumental, ongoing fraud and stealth bailouts that subprime criminality spawned hasn't even been properly uncovered yet, let alone tackled. QE fraud will dwarf all before it when the central bank proxies "gilts" are identified and the bottom line calculated.
The crooked banking industry is now so powerful and pervasive via captured, bankrupt government and autonomous wealth transfer it's become unaccountable .'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
Glen_Clark wrote: »Cash,even at these derisory interest rates, is still a good place to be if the market falls......
But predicting, acurately, when the market is just about to fall...? In the mean time, you're missing out on income from your investments.0
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