Derek Simpson, Marr now

[NoelWatson]

heebeegeetee said:

NoelWatson said:

heebeegeetee said:

NoelWatson said:

heebeegeetee said:

NoelWatson said:

heebeegeetee said:

There are scores of companys like Wonga. Who underwrites them all? Who underwrites the business model? I learned about Wonga last week when i watched somebody who has no money or regular income (and huge debts) borrow some money off them.

From their website

"We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital"

Can you provide me with the further detail you have please so I can dig further

Where does the money come from ultimately, if it doesn't come from us via the financial institutions?

Without knowing anything about the backers I don't know, but I'm sure you do

OK, i'm guilty of lumping the financial institutions of the world together under the generic title of 'banks'. I agree it's probably wrong to do so, but at least it's easier to type out.

Shall we agree on a title to give the financial institutions of the world?

Anyway - i remember the boom of the 1980's, which didn't last long before it all came crashing down. I clearly recall the values of classic cars, which i'm guessing have only recently returned or exceeded those levels.

What caused that, and what did it have to do with May 2nd 1997?

http://news.bbc.co.uk/onthisday/hi/dates/stories/may/2/newsid_2480000/2480505.stm

Gordon Brown became chancellor

How did that affect the boom and busts of the '80s, and the move into easy debt?

The 80's boom was but a molehill compared to the mountain of debt we have accumulated under Winky's reign.

[heebeegeetee]

NoelWatson said:

The 80's boom was but a molehill compared to the mountain of debt we have accumulated under Winky's reign.

Agreed - but it had to start somewhere, and i say it definitely didn't start in 1997.

Whatever was started and whenever it started, it was only ever going to get worse. I'm no apologist for any government but i don't really recall any government forcing anyone to do anything.

Nobody was forced to lend money to people who weren't going to pay it back.