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Author Topic: bradford and bingley is next...  (Read 3128 times)

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Nickbat

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Re: bradford and bingley is next...
« Reply #45 on: 28 September 2008, 23:15:19 »

Quote
The whole crisis has been originally caused, as many of you have stated, on pure greed, with individuals borrowing well beyond their means and the banks taking stupid risks to secure what they thought at the time would be easy profit.  Hence the sub-prime mortgage fiasco! >:( >:( >:( >:(  Bad loan decisions on bad risks, but attracting high interest rates sucked them all in line, hook and sinker! >:( >:(

This is capitalism at its worse, but of course when things are settled it is a system that does greatly aid our everyday lives in giving opportunities to us all to advance financially in our lives.  All of us, especially me who was right at the front of the Thatcher era consumerism and enjoying the riches as some "can do it all" business woman, must learn greater moral awareness and recognise we cannot have it all when we want! ::) ::) ::) ::)  That is the evil of our present society.

The current crisis will eventually come to an end like all things come to an end, but one chilling thought is that many top economists seem to be stating that this could develop into a full 1929 type Wall St. Crash.  It took until 1954 for the effects of that to be finally eradicated! :(

Not often I disagree with you Lizzie, you're normally on my wavelength.  :y

However, it would seem that the origins of this - as I have noted elsewhere - were not "greedy" banks but, US government interference in the market (albeit well-meaning interference) which began under Carter and were intensified under Clinton.

See http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949

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albitz

  • Guest
Re: bradford and bingley is next...
« Reply #46 on: 28 September 2008, 23:19:40 »

wouldnt be surprised if something similar has happened here at some point,and then got buried in the spin machine. :-/
people have been able to borrow ludicrous amounts of money in the last decade.
« Last Edit: 28 September 2008, 23:21:14 by albitz »
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Nickbat

  • Guest
Re: bradford and bingley is next...
« Reply #47 on: 28 September 2008, 23:21:03 »

Quote
wouldnt be surprised if something similar has happened here at some point,and then got buried in the spin machine. :-/

You never know.  :-/

Social-engineering is a major pastime in Whitehall.
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albitz

  • Guest
Re: bradford and bingley is next...
« Reply #48 on: 28 September 2008, 23:22:49 »

And at the Beeb/universitys/councils/schools etc. :y >:(
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Martin_1962

  • Guest
Re: bradford and bingley is next...
« Reply #49 on: 29 September 2008, 09:11:52 »

I think we wil have 3 or 4 super banks at this rate, I had accounts of some sort at about 3x as many companies - all now merged.

Fortis - my insurers

I didn't even noticed A&L getting purchased
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cem_devecioglu

  • Guest
Re: bradford and bingley is next...
« Reply #50 on: 29 September 2008, 11:58:30 »

Quote
Quote
The whole crisis has been originally caused, as many of you have stated, on pure greed, with individuals borrowing well beyond their means and the banks taking stupid risks to secure what they thought at the time would be easy profit.  Hence the sub-prime mortgage fiasco! >:( >:( >:( >:(  Bad loan decisions on bad risks, but attracting high interest rates sucked them all in line, hook and sinker! >:( >:(

This is capitalism at its worse, but of course when things are settled it is a system that does greatly aid our everyday lives in giving opportunities to us all to advance financially in our lives.  All of us, especially me who was right at the front of the Thatcher era consumerism and enjoying the riches as some "can do it all" business woman, must learn greater moral awareness and recognise we cannot have it all when we want! ::) ::) ::) ::)  That is the evil of our present society.

The current crisis will eventually come to an end like all things come to an end, but one chilling thought is that many top economists seem to be stating that this could develop into a full 1929 type Wall St. Crash.  It took until 1954 for the effects of that to be finally eradicated! :(

Not often I disagree with you Lizzie, you're normally on my wavelength.  :y

However, it would seem that the origins of this - as I have noted elsewhere - were not "greedy" banks but, US government interference in the market (albeit well-meaning interference) which began under Carter and were intensified under Clinton.

See http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949


Very good article Nickbat :y

I want to change this word "interference" with "mutual interference"..
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jereboam

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Re: bradford and bingley is next...
« Reply #51 on: 29 September 2008, 12:32:45 »

Quote
Any one know if there are any problems with the Yorkshire Building Society?

The Yorkshire Building Society are a Building Society - they don't do banking.  They told me that when I tried to open a foreign currency account with them a few months ago.  

I would imagine that makes them safe. Anyway, if your mortgage is with them, there shouldn't be any problems.  At least, I hope that's right - that's where my mortgage is too. :)
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I can be handy mending a fuse - but stuff the Isle of Wight

jereboam

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Re: bradford and bingley is next...
« Reply #52 on: 29 September 2008, 12:43:54 »

Quote
The problem is that all this negative talk makes for a self-fulfilling prophecy. The more the media speculates about institutions and plays on the fear factor, the more people will bring about that very situation. B&B had a default rate of around 1.8% on its own mortgages and did have a portfolio of debt with a >5% default rate, but it got shot of the latter last week. It wasn't too badly off, from what I can judge. The problem is that the media piranhas start to encircle the next victim and, bingo, millions of pounds are wiped of B&B's share values and withdrawn from accounts. Net result is a failed bank, but more importantly, even less confidence in the market place. So people spend less, companies make less money, lay-off workers  and more mortgages go into default. Bring on the next victim!

As I've said before, it's all a question of confidence. There's no science in all this, just emotion. There's still the same amount of money sloshing around the system as before, it just starts to freeze up when the doom-mongers take over.

Technically, we could be out of this in months, if the media put a more positive spin on things. However, with the BBC putting out pages entitled "What would financial Armageddon look like?", I don't hold out much hope in the short term.

Sorry, much as I detest the media and the band-waggon mentality, I dont think the current financial collywobbles can be laid at their door.  It seem to be market led, and I doubt very much if the serious players (pension funds and the like) really care very much about what the "experts" on The Sun and The Guardian are writing about.  

As for the Great British Public (and the Great American Public), I doubt if they hold enough privately owned shares to make any difference.  Most of them are there for the long term and won't go out and sell when the price is dropping anyway.  

I must declare an interest: I always wanted to be a fat cat.  Never had any capital, never saved any money. :(
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I can be handy mending a fuse - but stuff the Isle of Wight
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