Banking Industry

setmefree

Fedz wrote: »

So how is that the banks fault?

You think the bank should take pity and wipe it off ... what?

You can't borrow money, then !!!!!! happens and expect it to be cleared and you keep the £250k house can you?
Is that seriously how you expect banks to act :eek:

Now now Fedz calm down, it was just an example, but looking at your view i do see your point.
So N.R was making a good profit then it reached a downtide due to change of circumstances, sh lt happens they shouldn't be able to lose billions of investors money and expect me the taxpayer to say never mind keep your company just use the public funds.
And if it's nationalised does this mean that the general public can buy bonds ????
Now let's see the original loan has come from public funds (tax payer) and now the tax payer can put back the money of which they donated in the first place through their taxes buy buying bonds:eek:

oldwiring

setmefree wrote: »

Very fair point, but how many people are now suffering from depression and have actually attempted to and have commited suicide due to reposession of their property's .
do the banks care about them i think not.

Hard though it is, and I have sympathy with those who get caught through no fault of their own, the economy has to be run for the sake of the many and the banks are part of the method of running the economy. Therefore there will be casualties just as in the war that we fought in 39-45 many Private Bloggs were sacrificed to defeat a dangerous enemy

setmefree

oldwiring wrote: »

Hard though it is, and I have sympathy with those who get caught through no fault of their own, the economy has to be run for the sake of the many and the banks are part of the method of running the economy. Therefore there will be casualties just as in the war that we fought in 39-45 many Private Bloggs were sacrificed to defeat a dangerous enemy

Well thanks for your view,oldwiring

Personally i see a wall, the rich and fat cats are sat on top, the middle class are below at the feet end, and the poor at looking up at the butts.
The wall starts shaking, the middle class grab the rich mans feet to pull them off so they can try and get up there, and the poor are all there with their arms open wide.
now are their arms open to catch them??? NO it's to catch every penny that comes out of the rich mans pockets as they come tumbling down,the same as the rich and the fat cats have exploited the poor over the years.
I have heard different views of how you are responsible for your own downfalls, well the same should apply to the banks no excuses.
You may well laugh at the above ,but one day the poor man will see justice, and will laugh in the face of all those who that thought they are untouchable.
The little man is slowly starting to stand his ground,and just base it on Northern Rock, slowly but surely the big boys will be taken down;)

setmefree

http://news.bbc.co.uk/1/hi/uk/7236171.stm

Fedz

Quote from the above posted link (article):

Credit card holder Steve Perry said he recently had his credit limit dramatically cut, despite having a near-perfect credit rating.

Before Christmas, he received a letter from Goldfish saying his credit limit had been reduced from £11,300 to £500.
He told BBC News 24: "The letter inferred that it was due to a change in my circumstances and that it was for my own benefit."

Maybe the card holder was not using the full overdraft and hasn't done for quite some time so the card issuer decided to reduce the amount.

1) It's purely at the banks discretion as they are the credit provider.
2) The security aspect is if someone committed fraud on the card, the bank would be liable, maybe they don't want the risk if the card holder isn't using anywhere near the limit.

setmefree

Dispatches Monday 18th Feb , All about the Banks and the credit crunch, l think it's on @ 8pm

Fedz

setmefree wrote: »

Dispatches Monday 18th Feb , All about the Banks and the credit crunch, l think it's on @ 8pm

Dispatches: How The Banks Bet Your Money.
Channel 4 - 8pm - 9pm
Monday 18th Feb. 2008

Private equity financier Jon Moulton delivers a stinging rebuke to the banks for causing the current meltdown and explains why the British taxpayer will now pay the price.

setmefree

http://news.bbc.co.uk/1/hi/business/7249575.stm

Northern Rock to be Nationalised

take a look at how much the tax payer has already paid out

Fedz

Quote from the above link:

Alister_Darling wrote:

It is better for the Government to hold on to Northern Rock for a temporary period and as and when market conditions improve the value of Northern Rock will grow and therefore the taxpayer will gain.

setmefree

But surely if i never bought any shares from Northern Rock, l as a tax payer would not gain at all.
I have had my tax money used to bail out this Bank,but l can't see any personal financial gain