"We can't afford another stimulus package" Mervyn King
Discussion
mark_davies said:
Its all easy now to explain how all this could have been avoided after it happened , I COULD TELL YOU THAT, furthermore I think any 12 year old that would have listend to the news could tell you how all this could have been avoided .It's my opinion that im voicing here nothing more nothing less . I think im capable of seeing things for what they are and no person on the internet will convince me otherwise as long my brain still has some working cells in it 
you heard it here first G.Brown doesn't have the sense of a 12year old...Edited by mark_davies on Tuesday 24th March 23:11
mark_davies said:
Its all easy now to explain how all this could have been avoided after it happened
Nope, there were a lot of people many years before the house of cards came tumbling down were questioning what was going on.Here's the clue - the rise of the property market. It was obvious to an awful lot of people that a house cannot simply increase in price 15% year on year without the average wage increasing at a similar amount. Even my father was asking back in 2000 where on earth all this money for mortgages was coming from. There used to a time not that long ago where you had to wait for funds to become available before you got your mortgage for instance.
But of course, the little guy "doesn't know anything". We, as taxpayers, entrust the running of the country to people who supposedly know what is happening and can control it to a degree - but they knowingly did nothing about it.
Which part of £20k average incomes and £200k average house prices made sense?
Those assets that you speak of (re your father/mother/brother/sister/best friend's TV/BMW/house) do not belong to them if they cannot afford the debt they've taken out to pay for it so they should count themselves lucky they had a play with it unlike clever clogs here who refuses to borrow money or get into such debt that he'd be worried about losing his possessions. I have very little sympathy.
To summarise, it wasn't their stuff in the first place (legally-speaking, hence the debtors can rightly repossess stuff if a borrower can't afford the repayments).
It is this exact mentality which has f
ked up the economy. Stop blaming banks and politicians. Blame the weak-minded people.
To summarise, it wasn't their stuff in the first place (legally-speaking, hence the debtors can rightly repossess stuff if a borrower can't afford the repayments).
It is this exact mentality which has f
ked up the economy. Stop blaming banks and politicians. Blame the weak-minded people.Edited by ShadownINja on Tuesday 24th March 23:23
So this brings me back to demand and supply . WHY DID ANYONE THAT BOUGHT A HOUSE IN THE LAST 5 YEARS PAAID THE ASKING PRICE ? And how can you blame the goverment ? They did what most people thought its best to do , built new flats/houses galore to stabilise the pricing without interfering with the banks structure
Edited by mark_davies on Tuesday 24th March 23:23
mark_davies said:
So this brings me back to demand and supply . WHY DID ANYONE THAT BOUGHT A HOUSE IN THE LAST 5 YEARS PAAID THE ASKING PRICE ? And how can you blame the goverment ? They did what most people thought its best to do , built new flats/houses galore to stabilise the pricing without interfering with the banks structure
Greater fool theoryEdited by mark_davies on Tuesday 24th March 23:23
Personally, I don't blame the government for the initial problem. I think Clown's approach of "don't do nothing" is idiotic if the "something" is doing more of what got us in this mess in the first place - borrowing money. I knew it wouldn't work. It's obvious.
As they say, if you always do what you've done, you'll always get what you've got.
As they say, if you always do what you've done, you'll always get what you've got.
Edited by ShadownINja on Tuesday 24th March 23:26
mark_davies said:
I trully think it doesnt matter who would have been in power , we would be in the same situation. I really dont blame the goverment for what is happening ( im blaming the goverment for other things ) i blame greedy bankers and people living over their means
Sorry, I strongly disagree.When all is said and done the government sets the budget and can control the interest rates. They can control reserves (gold, which Brown sold off after announcing he would do it and thus driving the price down).
Banks make money by being greedy. That is the basis of capitalism. It works on the shop floor too as each man tries to get more overtime than the next, even if they believe Michael Foot and Tony Benn are the best politicians the world has ever seen.
But now that everybody has recovered from bursting into uncontrollable fits of laughter at the Tony Benn comment the fact is that somebody needs to take the blame for the mess Britain is in. The problem is not just at the Bank of England's feet, but everywhere in the system and no matter which area you blame it always ges back to the government that has been in power since 1997. Worse still, the head of that government was the man deciding what the tax and budget policies were. He got all of the credit when things went well and should take all of the responsibility for things going badly.
Fittster said:
Sums it up nicely. The daft thing is (1) many people who are alive today experienced the negative equity pain of the '80s (2) many people who are alive today experienced the stockmarket losses post-dotcom boom/bubble pop. How come so many financial experts, economists and politicians forgot?Edited by ShadownINja on Tuesday 24th March 23:29
GavinPearson said:
mark_davies said:
I trully think it doesnt matter who would have been in power , we would be in the same situation. I really dont blame the goverment for what is happening ( im blaming the goverment for other things ) i blame greedy bankers and people living over their means
Sorry, I strongly disagree.When all is said and done the government sets the budget and can control the interest rates. They can control reserves (gold, which Brown sold off after announcing he would do it and thus driving the price down).
Banks make money by being greedy. That is the basis of capitalism. It works on the shop floor too as each man tries to get more overtime than the next, even if they believe Michael Foot and Tony Benn are the best politicians the world has ever seen.
But now that everybody has recovered from bursting into uncontrollable fits of laughter at the Tony Benn comment the fact is that somebody needs to take the blame for the mess Britain is in. The problem is not just at the Bank of England's feet, but everywhere in the system and no matter which area you blame it always ges back to the government that has been in power since 1997. Worse still, the head of that government was the man deciding what the tax and budget policies were. He got all of the credit when things went well and should take all of the responsibility for things going badly.
Edited by mark_davies on Tuesday 24th March 23:39
ShadownINja said:
Personally, I don't blame the government for the initial problem. I think Clown's approach of "don't do nothing" is idiotic if the "something" is doing more of what got us in this mess in the first place - borrowing money. I knew it wouldn't work. It's obvious.
As they say, if you always do what you've done, you'll always get what you've got.
And where did all the money come from to lend to all the borrowers?As they say, if you always do what you've done, you'll always get what you've got.
Edited by ShadownINja on Tuesday 24th March 23:26
Fittster said:
ShadownINja said:
Personally, I don't blame the government for the initial problem. I think Clown's approach of "don't do nothing" is idiotic if the "something" is doing more of what got us in this mess in the first place - borrowing money. I knew it wouldn't work. It's obvious.
As they say, if you always do what you've done, you'll always get what you've got.
And where did all the money come from to lend to all the borrowers?As they say, if you always do what you've done, you'll always get what you've got.
Edited by ShadownINja on Tuesday 24th March 23:26
mark_davies said:
Fittster said:
ShadownINja said:
Personally, I don't blame the government for the initial problem. I think Clown's approach of "don't do nothing" is idiotic if the "something" is doing more of what got us in this mess in the first place - borrowing money. I knew it wouldn't work. It's obvious.
As they say, if you always do what you've done, you'll always get what you've got.
And where did all the money come from to lend to all the borrowers?As they say, if you always do what you've done, you'll always get what you've got.
Edited by ShadownINja on Tuesday 24th March 23:26
There is only one answer in the end. The moment Asda has no food on the shelves is the end of gummint of any recognisable kind. Therefore if we want to preserve the status quo we need to scrap the Royals and sack 95% of the civil service. Shoot the greens, scrap the WGBBC and start building roads and manufacturing goods double double quick. There really is no point in voting for public school failures regardless of their political shade. Tony Cammerblown, Gordon Blairon, Menzies Cammeron. It really does not matter, they would all fall in the 10th percentile when measured on the world stage of politicoes. This crappy little island is failing badly, we have squandered the oil money on unemployment benefits and NVQs. We continue to support 20 people for every job in the public sector. The civil service provides the wrong advice and strategy on every level of public policy. We have championed the rise of the workers revolutionery party in the form of the greens. Of course their goal of returning this land to the stone age is nicely being met by the current bunch of halfwitted morons who occupy the palace of Westminster or the knowlege free zone as I prefer to call it.
mark_davies said:
Dont get me wrong , the goverment is guilty of many things ( public spending and wate being at the top of the list among many others ) I just think they are the best solution for the current crissis thats all
If the basic, core problem is to much debt how does the government strategy get us out of the crisis? Reducing debt is a simply activity, you can:A)Increase your income (raise taxes)
B)Reduce spending.
The government isn't doing either of those so I don't see how the problem will be resolved. In fact the debt is still being added to and there is no reduction in spending.
There is option C if your a government, print lots more money but that tends to go a bit wrong.
mark_davies said:
Dont get me wrong , the goverment is guilty of many things ( public spending and wate being at the top of the list among many others ) I just think they are the best solution for the current crissis thats all
Stop whatever it is that you are smoking. This has been the most incompetent government in living memory (if not ever). Only challenged by the Labour government of the '70's, the Labour government of the '60's, the Labour government of the '40's/50's (at least they had some sort of excuse), the Labour government of the '30's....... Fittster said:
ShadownINja said:
Personally, I don't blame the government for the initial problem. I think Clown's approach of "don't do nothing" is idiotic if the "something" is doing more of what got us in this mess in the first place - borrowing money. I knew it wouldn't work. It's obvious.
As they say, if you always do what you've done, you'll always get what you've got.
And where did all the money come from to lend to all the borrowers?As they say, if you always do what you've done, you'll always get what you've got.
Edited by ShadownINja on Tuesday 24th March 23:26
Edited by ShadownINja on Wednesday 25th March 00:33
mark_davies said:
Its all easy now to explain how all this could have been avoided after it happened , I COULD TELL YOU THAT, furthermore I think any 12 year old that would have listend to the news could tell you how all this could have been avoided .It's my opinion that im voicing here nothing more nothing less . I think im capable of seeing things for what they are and no person on the internet will convince me otherwise as long my brain still has some working cells in it
New super hero, CAPITAL LETTER MAN!Edited by mark_davies on Tuesday 24th March 23:11
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