Re: Anti- Austerity Doctrine Not Working : Tue Jul 14, 2015 9:31 pm  

I am not sure you can say that about Greece et al David Titan. This article from tonight's Standard sums up my take on it perfectly. This is a problem made in Germany and will need to end in Germany: http://www.standard.co.uk/business/mark ... 87730.html

I am not sure you can say that about Greece et al David Titan. This article from tonight's Standard sums up my take on it perfectly. This is a problem made in Germany and will need to end in Germany: http://www.standard.co.uk/business/mark ... 87730.html

Re: Anti- Austerity Doctrine Not Working : Wed Jul 15, 2015 4:41 am  

David Titan wrote:

Why is it everybody blames the financial crisis on banks and governments? It is people who chose to borrow money from the banks that they could not afford to pay back. It is people who voted for governments in the likes of Greece who promised to borrow money to fund the public sector. At the end of the day all that the banks and the governments of Greece, Ireland, Spain, Italy, France, UK etc did was give people what they wanted.

The financial crisis was caused by the greed and irresponsibility of ordinary people. Every single person who defaulted on their mortgage or couldn't pay off their credit card bills or didnt pay off their overdrafts or voted for political parties that promised to spend billions on the public sector through borrowing money should accept responsibility rather than trying to blame others. They should also apologise to the young for it is the young who have suffered the most from the crisis and who will be paying off the debts of their parents and grandparents for the rest of their lives.

Banks went bust because they didnt have sufficient reserves to cope when their regular source of liquidity dried up. Northern Rock didnt go bust because of mortgage default it went bust because it couldnt borrow in the market to pay back the huge loans it already had Nobody forced NR to lend this money it was pure greed and a flawed operational method that caused their demise

Re: Anti- Austerity Doctrine Not Working : Wed Jul 15, 2015 5:00 am  

David Titan wrote:

Some more ridiculous .

Re: Anti- Austerity Doctrine Not Working : Wed Jul 15, 2015 5:04 am  

David Titan wrote:

rubbish .

Re: Anti- Austerity Doctrine Not Working : Wed Jul 15, 2015 6:57 am  

Sal Paradise wrote:

Banks went bust because they didnt have sufficient reserves to cope when their regular source of liquidity dried up. Northern Rock didnt go bust because of mortgage default it went bust because it couldnt borrow in the market to pay back the huge loans it already had Nobody forced NR to lend this money it was pure greed and a flawed operational method that caused their demise

Their liquidity dried up because of so called sub-prime defaults in the USA and the risk of it on their loan book.

Re: Anti- Austerity Doctrine Not Working : Wed Jul 15, 2015 6:22 pm  

Sal Paradise wrote:

Banks went bust because they didnt have sufficient reserves to cope when their regular source of liquidity dried up. Northern Rock didnt go bust because of mortgage default it went bust because it couldnt borrow in the market to pay back the huge loans it already had Nobody forced NR to lend this money it was pure greed and a flawed operational method that caused their demise

Quite right, their 125% mortgage model didn't stand up to scrutiny in the final episode, to put it simply for the likes of Titan, they were left without a chair to sit down on when the music stopped.

Re: Anti- Austerity Doctrine Not Working : Thu Jul 16, 2015 6:45 am  

JerryChicken wrote:

Quite right, their 125% mortgage model didn't stand up to scrutiny in the final episode, to put it simply for the likes of Titan, they were left without a chair to sit down on when the music stopped.

So as he saI'd, the banks lent recklessly to give the punters what they wanted - money that was unlikely to be repaid and unlikely to be supported by security.

Re: Anti- Austerity Doctrine Not Working : Thu Jul 16, 2015 6:46 am  

JerryChicken wrote:

Quite right, their 125% mortgage model didn't stand up to scrutiny in the final episode, to put it simply for the likes of Titan, they were left without a chair to sit down on when the music stopped.

So as he saI'd, the banks lent recklessly to give the punters what they wanted - money that was unlikely to be repaid and unlikely to be supported by security.

Re: Anti- Austerity Doctrine Not Working : Thu Jul 16, 2015 8:53 am  

Sal Paradise wrote:

Banks went bust because they didnt have sufficient reserves to cope when their regular source of liquidity dried up. Northern Rock didnt go bust because of mortgage default it went bust because it couldnt borrow in the market to pay back the huge loans it already had Nobody forced NR to lend this money it was pure greed and a flawed operational method that caused their demise

It is worth remembering that Northern Rock went bust in the year before the world economic crash.

Re: Anti- Austerity Doctrine Not Working : Thu Jul 16, 2015 9:04 am  

David Titan wrote:

Why is it everybody blames the financial crisis on banks and governments? It is people who chose to borrow money from the banks that they could not afford to pay back. It is people who voted for governments in the likes of Greece who promised to borrow money to fund the public sector. At the end of the day all that the banks and the governments of Greece, Ireland, Spain, Italy, France, UK etc did was give people what they wanted.

The financial crisis was caused by the greed and irresponsibility of ordinary people. Every single person who defaulted on their mortgage or couldn't pay off their credit card bills or didnt pay off their overdrafts or voted for political parties that promised to spend billions on the public sector through borrowing money should accept responsibility rather than trying to blame others. They should also apologise to the young for it is the young who have suffered the most from the crisis and who will be paying off the debts of their parents and grandparents for the rest of their lives.

Well you make a fair point that Joe public should take some responsibility for the reasons you outlined however banks, civil service watchdogs and governments are equally guilty. In the case of Greece Demis public didn't like paying his taxes either.