We have all read the latest Building society/bank to go to the wall. The Bradford and Bingley being the latest victim. Over the pond they are trying to bail out the banks with a massive $700 billion. Over here everyone is running scared, especially the banks. Are they now getting " what goes around comes around " ? For years the banks have lent money to people and places that could be said were, less likely to get a good return on their money...sorry your money. So does anyone feel sorry for the banks at the moment, and the money they are losing, or do you feel that the banks are not responsible at all? I think the banks have got themselves into this mess,and the taxpayer should not bail them out. Who would bail anyone of us out if we had been as irresponsible as they have with money. So many people are now in debt but if we went to our banks or lenders to look for a way out, am sure they would bend over backwards to help....not! They would say that we had got ourselves into that situation, and it would be up to us, to get ourselves out. Are the banks not following the same rules as they would dish out?
Let's dispel this media myth! Banks aren't suffering they aren't victims!!!! The fat cats who run the banks are sat in their comfy little offices, seriously overpaid and wealthy! The victims/sufferers are you and I, paying through higher interest payments, higher inflation etc. People are having to pay more for food and yet Tesco's made billion income boosting massive profits! The energy companies are boasting massive profits but energy costs are up 25%! Do I feel sorry for them? No! I feel angry that this "get rich" system of massive bonuses, lining the pockets of the already wealthy has been allowed to conitue so much that it's now have an impact on Joe Bloggs!
NO I do not feel sorry for them For many year the fatcats have had £1million bonus paid every year, it is just adjustment times IMO at the moment.............and there will be a lot more (IMO) banking / stock traders out of work before they have finished...............
I'm with a building society so it will be the shareholders ( ie people like me ) who will end up having to bail them out if it goes tits up. Where were they though when I needed a loan or to extend my overdraft last year? I've only been a customer for about 23 years, what was I thinking? :doh: They are quick enough to add a £20 unauthorised overdraft fee or a £30 charge for unpaid direct debits though It's a pity we HAVE to rely on banks these days to be able to run our finances. I'd love to tell them to shove it :censored:
the banks have been behaving badly for over %100 so people can get a house and offering loans on top of outstanding credit cards etc. Did they not think that people would struggle to pay all this back?. They all offer crazy deals which seem attractive and the bank management run the companies as if they were giving out sweets. Then when it all goes belly up the top brass walk away with a large payout while people lose jobs,have homes taken and this drives familys apart with some even committing suicide. For years the banks have gambled with our savings and account on the stock market so they can rack up massive profits. I say Stuff em! If the business is run badly and it fails then it should go to the should the tax payer supports these badly managed companies. I know people will lose jobs but they will anyway with all these merges and takeovers. And as for them fat cats id love to run them out of em by their balls!!!!
We will all feel the effect either directly or indirectly Calista ain't wrong. though most of the rich will remain so and some lesser mortals will get royally screwed. Big business doesn't feel pain it just makes cash or doesn't, its dispassionate. Thinking on about what ty said on the second half of his post, Maybe there should be some sort of penalty toi the 'top brass' for mismanagement. OK so I have no clue about in what way or how this could be implemented it just seems so rediculous that whatever happens the bosses get a big wedge. never having to worry about having enough to supply their material needs. B*stards
Lets face it, the banks pushed up house prices by making more and more money available. Money that many can not pay back. The only problem the banks have now is no one know who has the bad debt, who they can trust to repay interbank loans. Who has not done a little dance to make them selves look good in the short term to collect the odd million in bonuses. What is the answer>? Free market? Nationalization? Let banks go to the wall? If you have a pension, chances are some of the money is in banks, some good, some bad. Some in property. The sad thing is, even if we round up the worst of the deals, the few who did con their companies and put them in Ford Open Prison, there will still be banks finding there balance sheet, or at least the security that they have loaned on is a bit smaller than it was last month. On the other hand if the government does take over failing banks thing will recover. They may even be better. Oh the housing market will not pick-up very fast, but that was part of the problem. But as loans are repaid and confidence returns it is unlikely that the tax payer will be out of pocket. I look forward to banks making smaller loans that can be repaid. Loans of 120%, with repayment amounting to 70% of the customers income was mad. It was the customers who wanted the mortgage, a big house, car. The salesmen who wanted their commission, who twisted the figures, and later said "the customer told me it was true". and the company who failed to ensure that the business was sound. Travis Yes I feel sorry for the banks, not the bankers.
Totally agree. I once had an argument with someone because I'm renting and he reckoned I could afford therefore I should buy .. my mortgage payments would be 3 times the cost of my rent, which is fine as we can stomach that, but the increase in energy prices, food bill, petrol etc would push us to the edge and so despite scorn I am more than happy to carry on with my situation! He's now unable to afford his magnificent mortgage, can't sell his house and has no money and is dreadfully unhappy! Just because you think you can doesn't mean you definitely should!
firstly no I don't feel sorry for the banks... however we have no optuion but to bail them out. If a major bank was to go bankrupt then all hell would let loose. Anyone with savings with that bank would lose their money. Anyone with a morgage for a house, would find the morgage is no invalid and they would need to start paying again as if it was day one. It would lead to each and everyone of us running to the banks and building societies to withdrawl our money and stuff it under our mattresses. This scenerio is quite obviously not good for anyone. What we do have to do is learn from this. Like all travel companies pay to be in ABTA, which basically secures holiday makers travel money or arrangements..then the banks need to all start to pay into a simuliar fund which will bail out innocent investors should a bank hit trouble.
No. They don't get "bailed-out" They now have time to consider that their almost criminal greed at no self risk was stupid. Fortunately, since the house of reps is shortly to go to election they did the biz and said "no". I await, with interest, just how the us gov will manage to fund a bankrupt financial system at no cost to the electorate. And also just how much control will they insist upon as payment for said bail-out. Hopefully, no more deliberate manipulation of an insecure system for quick no-cost profit. I have a dream...................................
Quote by deancannock firstly no I don't feel sorry for the banks... however we have no optuion but to bail them out. If a major bank was to go bankrupt then all hell would let loose. Anyone with savings with that bank would lose their money. Anyone with a morgage for a house, would find the morgage is no invalid and they would need to start paying again as if it was day one. It would lead to each and everyone of us running to the banks and building societies to withdrawl our money and stuff it under our mattresses. This scenerio is quite obviously not good for anyone. What we do have to do is learn from this. Like all travel companies pay to be in ABTA, which basically secures holiday makers travel money or arrangements..then the banks need to all start to pay into a simuliar fund which will bail out innocent investors should a bank hit trouble.
why is this the case? why would you have to pay as if it day one again,i have yearly statements that would say exactly how much i owe.
I hate them and this whole credit rubbish. Some idiot in US makes some wrong decisions and I loose my home? How does that work? Last year I employed 60 people in Bars, Property and invested my money into stocks for my pension. Today I employ no one. The Bars are shut as there are no customers, the properties are devalued by 30% bringing my loans up to 100% and my investments are down to 25%. What did I do except pay my tax, employ dozens of people and invest in the economy? So the Banks say I'm illiquid in their eyes, in their economy and ironically my tax bails them out when they go wrong. Not good.
I seriously believe that when the names for things that people do in life were being handed out, they started at the wrong end of the alphabet when considering bankers should have started with "W" Their own accounting systems are sh*t - no wonder they haven't got a clue where they are. And they insist that the poor small business man jumps through all sorts of hoops to get a measly loan at inflated rates. I see they are now starting to jump under trains, the cowards, rather than face the music after years of screwing customers out of their cash. :shock: No time for the weak livered, limp handed cretins. We should all go back to cutting notches in pieces of wood as well as bed heads
I heard that the first £30,000 in anyone bank is protected by law so you wouldn't lose all of your money if they went down and if you have more than that (lucky you) just open up enough accounts to cover it so no account has more than that in it. By distributing your money you are safe guarding it. I don't feel sorry for the banks and I do agree that by making the money available they have affectively driven the house prices up to the stupid level they are at and in turn they have made my life so much more difficult as there are so few men in their 30s who live on there own!!!! Everyone either lives with parents after a broken relationship or house shares!!! grrrr!!!!
Quote by venus68 I heard that the first £30,000 in anyone bank is protected by law so you wouldn't lose all of your money if they went down and if you have more than that (lucky you) just open up enough accounts to cover it so no account has more than that in it. By distributing your money you are safe guarding it. I don't feel sorry for the banks and I do agree that by making the money available they have affectively driven the house prices up to the stupid level they are at and in turn they have made my life so much more difficult as there are so few men in their 30s who live on there own!!!! Everyone either lives with parents after a broken relationship or house shares!!! grrrr!!!!
Can't remember where I read it but it's £35,000 per banking institution, meaning if you had £70,000 in two accounts at banks falling under the HBOS umbrella (for example) then only £35,000 is covered, whereas if you had £35,000 under HBOS and £35,000 under say Santander Group you would be protected for the full £70,000.
the Government is offering protection for savings accounts and not investments. Any bank or building society account with a link to shares, the Government will not act as guarantor for. The media is giving the impression that the Government is covering everything.
Quote by JTS the Government is offering protection for savings accounts and not investments. Any bank or building society account with a link to shares, the Government will not act as guarantor for. The media is giving the impression that the Government is covering everything.
Quote by GnV the Government is offering protection for savings accounts and not investments. Any bank or building society account with a link to shares, the Government will not act as guarantor for. The media is giving the impression that the Government is covering everything.
The Government are as bankrupt as the Banks... I think you mean policyrupt?
Calista thanks for posting on here , you make some valid and accurate points . "The banks" are of course a collective noun for a load of wankers ...but other than that they do not exist as a discrete entity in anything other than a legal sense(sense in the same sentence as banks ...thats an oxymoronic phrase sorry folks In reality "The Banks" are a collection of Public and Private investors in the shares of the bank ...an awful lot of those investors will be pension funds who will receive a massive double blow ...the income from dividends (which Gordon decided to tax many years ago )will dry up as profits are hit or used to prop up asset course the shares in the banks are now worth far less to the pension funds than they were ..or they were sold at considerably lower levels to mitigate losses in pension funds....so that means the guy in the street with private and company pensions may well see the impact of this some way down the line when his pension isnt as great as he thought it would be ...where's the government BAIL OUT of that impact?????????? Because "The banks" no longer have funds ...(yes because of the great credit booms of the last 10 years )mortgages are drying up ...and so house sales have dived ...and so house prices have tumbled ...and negative equity raises its spectre once again.(good job interest rates are stable or we would have a real disaster on our hands ...omg the thought noooooooo) The latest figures indicate mortgages advances were down 95% on the same month last year....well we will wait and see what happens to the figure next month because part of the reason for that is the disastorous way Brown and Darling handled the issue of stamp duty relief .in the end they did next to nothing on it but many people held back with house deals pending what the believed would be a major relief. Again if you were treating your home as a pension income intending to downsize ..you are suddenly looking at a significantly reduced lump sum equity release. So let me see..thats errr The public again suffering . Those people that had some money and decided to invest in bank shares ...well who would let a bank go to the wall....how much are they getting from the government in the nationalisation deals ????? (same goes for pension funds too ?? SO then theres the savers ...and Gordon's said all savings deposits will be safe and to be sure he keeps meaning to increase the bank guarantee....to £50k per institution (Calista's right so if the Lloyds Hbos merger takes place how much are you covered for ...be careful)....well he'll get around to making the increase one done the maths but he possibly could be guranteeing less at £50k than he was at £35k because of mergers and nationalisations if so that would mean the public dont have as much cover. Ok then there's the peeps with mortgages ..Deano you're a lovely guy but you haven't quite got this one right ...your mortgages will be taken on by someone or other as ongoing contracts. I assume if your mortgage is with a nationalised bank the government will sell them back ino the commercial banking system one day. There's the commercial buy to let guys who because of property prices may actually be sitting on some latter day capital losses should they need to shed properties ...but again as long as interest rates dont rise and they have strong demand from tennants if they have been prudent they should be able to weather the storm...and lets face it whose looking to buy property in a shrinking market ..However there are a number of buy to let fatcats that have helped fuel increasing property prices by buying what I think is avaricious amounts of property 50-60 100 properties thus shrinking the home market for the homeowning wannabee's(and thus pushing up prices)This will account for quite a few defaulters ...where tennants can't be found and they can no longer sell to pay off the mortgages they took out .Tut tut my sympathies aren't with you guys sorry. Then theres the people that lent the bank money apart from the savers ...the inter bankers ....well they may well not get all their money back...and hence the suspicion on inter bank loans ...however in trickle down economics ...that loss will end up in the public losing money on share ownership,and or pension funds losing wealth ...no So there you have it Joe Public will one way or another suffer the consequences of this crash ...thats you me and uncle john cobblers n all. Of course there's the employees of "The banks " too some of whom alas will be out of work ...some wont and some will be given golden goodbye's ..You can make a career out of getting sacked these days ...very lucrative too if your fat and resemble a pussy. I dont recall how the ordinary admin clerk losing their job is to be compensated ...wouldnt surprise me if they aren't victims too. I dont wish to worry people ..after all everything will be ok because Gordon Brown says it will...he will make sure it is and he will bail out any bank that is in trouble. ....even though he has not got a clue how much is at risk....and he runs the country's bank account on the principle if I spend it today I will earn it tomorrow ....so he will just pop across the atlantic to ask them to lend us the money ...oh hang on he can't do that George is temporarily out of money too ...well errrrrr ..I know he can always print the extra money it's been done before ....now if your insane or patient enough to have read this post to the end you will recall I was worried about interest rates rising but that won't happen will it nahhhhh... ...what makes interest rates rise ....inflation, what causes it amomgst other things ....printing money.
They weren't worried about us when we were being stung for charges at the rate of per transaction! So no, I don't feel sorry for the banks. I do however feel sorry for all of us caught up in this mess and the staff who are probably stressed to death.
Quote by jaymar They weren't worried about us when we were being stung for charges at the rate of per transaction! So no, I don't feel sorry for the banks. I do however feel sorry for all of us caught up in this mess and the staff who are probably stressed to death.
True Mar. I remember getting £35 charges for them bouncing a cheque, then they charged me another £25 for sending me a letter, telling me they had bounced my cheque. Lets see....£60 worth of charges for going overdrawn by 11 quid. No wonder they became so rich. They are getting what they deserve in my opinion. It makes me sick to think they will get bailed out, if they get into trouble. Maybe the next time I cannot pay my credit card payment, I should ask the bank to help me out a bit. The only help they would be willing to offer, is to take me to court if I do not pay. Maybe this limp wristed Government should have the guts and not come to their aid. But we all know, its not what you know but who you know. They are all in the same trough. Self serving pigs of Westminster, and self serving pigs at the banks. By the way niceguysdoexist, I found your post fascinating, and obviously a guy with a good head on his shoulders.
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