Banker says we are all to blame for credit crunch!!!!

[grumpyjambo]

Tosser!!!!

 

http://thescotsman.scotsman.com/latestnews/Banker-blames-all-of-us.4534484.jp

 

This article has really got me angry, its my fault about dodgy loans, 120% mortgages, 5x income mortgages etc.

 

Its time for these institutions to take responsibilty and get themselves sorted as the man in the street only took what the banks sold them.

[Billy the Jambo]

People who take loans,mortgages and credit cards beyond their means have to take some of the blame ,Some banks offered customers mortgages 6 times their annual salary .I think that is just wrong . The French have a system that only gives you a mortgage 3 times a customers salary and you have put down a 20%deposit maybe banks here should try that .As far as i am aware its not a global credit crunch its only affecting Britain and America at the moment .I dont see or hear any where else in Europe for instance suffering as much as we are

[Wattie]

Tosser!!!!

 

http://thescotsman.scotsman.com/latestnews/Banker-blames-all-of-us.4534484.jp

 

This article has really got me angry, its my fault about dodgy loans, 120% mortgages, 5x income mortgages etc.

 

Its time for these institutions to take responsibilty and get themselves sorted as the man in the street only took what the banks sold them.

 

He's right.

 

Obviously if you have lived within your means, only borrowed as much as you can afford and maintained repayments then you have done nothing wrong and have been sensible, well done.

 

If you have taken out a 120% mortgage 6 times your salary, maxed out 4 credit cards and are now having your home repossessed to pay for it all - you've got nobody to blame but yourself. Of course, the bank should not have loaned so much money, but a gun was not held to the heads of these people.

 

Unfortunately, those of us that have been sensible will inevitably end up paying the price for others' stupidity.

[stevieC@pivot]

Aye, he gets his 1.25m salary and can say what he wants!!Anyone noticed just how little you are being asked to buy a loan recently????

Your mail was full of it recently,not now.Oh dear,can`t use our own money can we??Think about the shareholders.He`s got a cheek.Its not the consumers fault for buying whats on offer,if you bought a tv and it went south after 6 months and the company you bought it from was bust you would go mad,so whats the difference??

 

Sanctimonious g**s.

[coppercrutch]

He's right.

 

Obviously if you have lived within your means, only borrowed as much as you can afford and maintained repayments then you have done nothing wrong and have been sensible, well done.

 

If you have taken out a 120% mortgage 6 times your salary, maxed out 4 credit cards and are now having your home repossessed to pay for it all - you've got nobody to blame but yourself. Of course, the bank should not have loaned so much money, but a gun was not held to the heads of these people.

 

Unfortunately, those of us that have been sensible will inevitably end up paying the price for others' stupidity.

 

He would be right if he pointed out what you say above. I don't think he did though ? He just said everyone.

[stevieC@pivot]

He's right.

 

Obviously if you have lived within your means, only borrowed as much as you can afford and maintained repayments then you have done nothing wrong and have been sensible, well done.

 

If you have taken out a 120% mortgage 6 times your salary, maxed out 4 credit cards and are now having your home repossessed to pay for it all - you've got nobody to blame but yourself. Of course, the bank should not have loaned so much money, but a gun was not held to the heads of these people.

 

Unfortunately, those of us that have been sensible will inevitably end up paying the price for others' stupidity.

 

Thats the issue,they told you you could afford it by giving you it in the first place!!

 

It`s irresponsible lending and mismanagement,but hey,hold on those guys at Lheman bros got 2.5m each b4 they went south leaving all their employees with zilch,but that will be the employees fault for not spotting that they were working way beyond their means for a a bunch of legal rogues!!

 

keep reading the mail and the express !!!!

[grumpyjambo]

He's right.

 

Obviously if you have lived within your means, only borrowed as much as you can afford and maintained repayments then you have done nothing wrong and have been sensible, well done.

 

If you have taken out a 120% mortgage 6 times your salary, maxed out 4 credit cards and are now having your home repossessed to pay for it all - you've got nobody to blame but yourself. Of course, the bank should not have loaned so much money, but a gun was not held to the heads of these people.

 

Unfortunately, those of us that have been sensible will inevitably end up paying the price for others' stupidity.

 

Its the everyone bit that got me angry, my mortgage is finished, no credit card debt, some savings and investments and saved for retirement so how is it my fault?

[coppercrutch]

Its the everyone bit that got me angry, my mortgage is finished, no credit card debt, some savings and investments and saved for retirement so how is it my fault?

 

Exactly. He just assumes we are all greedy *******s. Some of us are not.

[grumpyjambo]

People who take loans,mortgages and credit cards beyond their means have to take some of the blame ,Some banks offered customers mortgages 6 times their annual salary .I think that is just wrong . The French have a system that only gives you a mortgage 3 times a customers salary and you have put down a 20%deposit maybe banks here should try that .As far as i am aware its not a global credit crunch its only affecting Britain and America at the moment .I dont see or hear any where else in Europe for instance suffering as much as we are

 

 

It is affecting others but not to the same degree, we seem to be more affected because of the special relationship that thatcher set up with reagan and tied us into the USA system.

[coppercrutch]

It is affecting others but not to the same degree, we seem to be more affected because of the special relationship that thatcher set up with reagan and tied us into the USA system.

 

As you say we will all be affected due to globalisation.

 

However it is simple to explain which countries will be impacted more than others.

 

Those that have huge personal/Government debt and a massive reliance on over inflated property prices will be hardest hit.

 

It really is that simple.

[Wattie]

Good point. I wrote that reply in a hurry before I set off to work, maybe could have worded it better. Saying EVERYONE is at fault is wrong.

 

Perhaps the point is that the media are blaming the banks for all the problems and painting them as big bad boys taking our money, whereas Joe Public that has been living the false high life for years and is now crippled with the debt they hadn't considered a problem last year, doesn't want to take responsibility for their own life and problems.

 

Pointing the finger gets us nowhere anyway, regardless of who's "to blame".

[coppercrutch]

Good point. I wrote that reply in a hurry before I set off to work, maybe could have worded it better. Saying EVERYONE is at fault is wrong.

 

Perhaps the point is that the media are blaming the banks for all the problems and painting them as big bad boys taking our money, whereas Joe Public that has been living the false high life for years and is now crippled with the debt they hadn't considered a problem last year, doesn't want to take responsibility for their own life and problems.

 

Pointing the finger gets us nowhere anyway, regardless of who's "to blame".

 

Indeed. All these plebs on TV sitting there with glum faces - saying how they can't cope. Almost always they are sitting in a flash new kitchen or have a monster flat screen behind them !!

 

*****.

[davemclaren]

Indeed. All these plebs on TV sitting there with glum faces - saying how they can't cope. Almost always they are sitting in a flash new kitchen or have a monster flat screen behind them !!

 

*****.

 

That's not schadenfruede I see, is it?

[Geoff Kilpatrick]

The "blame" really lies with central banks and politicians, in the sense that money was far too cheap for too long. It wasn't helped by governments changing the inflation measure to exclude housing altogether.

 

That allowed the multiple offers for credit cards with ridiculous credit limits (my MBNA card had a limit of ?18,000 at one point) and the 100% mortgages etc. Now it can be argued that people should have turned their nose up at that but it is pretty difficult to turn down "cheap" money, particularly when it was easy to service. In addition, the banks NEEDED consumers to take the loans and cards and spend them.

[coppercrutch]

That's not schadenfruede I see, is it?

 

I delight in the demise and misfortune of people - But only those that deserve it.

 

Half of the UK it seems fits into that category. Maybe if they hadn't spent ?800 on a new TV they could afford next months mortgage payment. They should stop whinging and get a grip.

 

**** them.

[coppercrutch]

The "blame" really lies with central banks and politicians, in the sense that money was far too cheap for too long. It wasn't helped by governments changing the inflation measure to exclude housing altogether.

 

That allowed the multiple offers for credit cards with ridiculous credit limits (my MBNA card had a limit of ?18,000 at one point) and the 100% mortgages etc. Now it can be argued that people should have turned their nose up at that but it is pretty difficult to turn down "cheap" money, particularly when it was easy to service. In addition, the banks NEEDED consumers to take the loans and cards and spend them.

 

I totally agree that the central banks and financial institutions are largely responsible for this. However as for what you say above it is very easy to turn down 'cheap money'. I have no problem myself and lots of people I know have no problem either.

 

It is the greedy people in this country who are to blame. Whether they are a 22 year old with an 'apartment' they can't afford or the head of a Bank who has sold stupid loans to idiots.

 

Greed is the common theme. **** them. I hope they lose their homes. They deserve it.

[Geoff Kilpatrick]

I totally agree that the central banks and financial institutions are largely responsible for this. However as for what you say above it is very easy to turn down 'cheap money'. I have no problem myself and lots of people I know have no problem either.

 

It is the greedy people in this country who are to blame. Whether they are a 22 year old with an 'apartment' they can't afford or the head of a Bank who has sold stupid loans to idiots.

 

Greed is the common theme. **** them. I hope they lose their homes. They deserve it.

 

Just to clarify, I am not exonerating people. I am just saying it is easy to throw stones at people in hindsight yet when people are living in a "buy now, pay later" culture, everyone wants on the bandwagon.

 

I do agree though that using your house as a cash machine was a recipe for disaster. It is one thing to have unsecured debt you can service, another entirely to have a secured debt that you are struggling to service.

[brownkg]

I totally agree that the central banks and financial institutions are largely responsible for this. However as for what you say above it is very easy to turn down 'cheap money'. I have no problem myself and lots of people I know have no problem either.

 

It is the greedy people in this country who are to blame. Whether they are a 22 year old with an 'apartment' they can't afford or the head of a Bank who has sold stupid loans to idiots.

 

Greed is the common theme. **** them. I hope they lose their homes. They deserve it.

 

Are yor mum and Dad in agreement with that?

[coppercrutch]

Just to clarify, I am not exonerating people. I am just saying it is easy to throw stones at people in hindsight yet when people are living in a "buy now, pay later" culture, everyone wants on the bandwagon.

 

I do agree though that using your house as a cash machine was a recipe for disaster. It is one thing to have unsecured debt you can service, another entirely to have a secured debt that you are struggling to service.

 

I agree that it was too easy for people to want to jump on the bandwagon. What this has taught us is that, when it comes to money, people are generally stupid. They can't be trusted. But then either can the Government or the financial institutions !!

 

Are yor mum and Dad in agreement with that?

 

Indeed. However they have lived within their means so they should be ok.

[maroonlegions]

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

President, Thomas Jefferson:cool:

[coppercrutch]

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

President, Thomas Jefferson:cool:

 

He is not the only one who has realised what is going on is one big con.

 

Two of the others were assassinated....

 

You will like that angle Maroonlegions...

[maroonlegions]

THE FINAL GLOBALIZATION OF THE U.S. BANKING SYSTEM

 

 

 

 

 

 

 

By Joan Veon

July 8, 2008

NewsWithViews.com

 

We live in a globalized world?a world without barriers or borders, which means every aspect of our economic structure has to change. A private corporation, we call the Federal Reserve, controls the majority of our monetary system. To understand the new set of powers being advanced by the U.S. Treasury Department to the Federal Reserve, we first must recognize that the Federal Reserve Act passed in 1913 never gave them (the Feds) total power over our economy.

 

To appreciate the importance of what is currently taking place, we must first realize that as a private corporation, the Federal Reserve is not required to make public who sits on their board of Directors nor who or what banks and corporations hold stock in their private company. Additionally, they are not required to publish an annual report, and I am told, they pay no taxes. So why is it that the American people cannot forgive themselves the interest on their debt? It is because it is owed to a private corporation!

 

The entire financial and business cycle of market highs and lows is controlled by how much money the Feds pump into or glean from the banking system. When they add money to the system, interest rates fall and the market rises and when they take money out of the system, interest rates rise and the stock market falls or corrects. In doing so, this private corporate structure allows for an elite group of people to literally buy low and sell high, thus transferring the wealth into their pockets while those who continue to hold take the ?hit.?

 

The globalization of our financial system goes hand in hand with the need for a global stock exchange and global accounting system to harmonize the cross-border activities of transnational corporations and banks. To facilitate this process is the interdependence, or mutual dependence between countries, which came about as the barriers fell. With a globalized stock exchange, insurance system, and accounting system, we will need a GLOBAL REGULATORY SYSTEM to accommodate the changes from national to international. This will all fit in with recent calls for a global central bank.

 

In June 1999, then Treasury Secretary Robert Rubin said, ?Reforming international financial institutions, strengthening the international financial architecture and maintaining open markets are not simply questions of economics but politics.? That same year, after a great deal of media and stock market hype and hysteria, Congress passed the ?Banking Modernization Act? also known as the Gramm-Leach-Bliley Act of 1999 (GLB Act) which tore down all the protections that the 1933 Glass-Steagall Act had put in place, including the separating of commercial banking from investment banking, designed to protect the investor. The GLB Act allows for U.S. banks to become ?financial conglomerates? meaning they can expand their services to sell insurance, stocks and bonds, as well as perform investment bank functions initially outlawed in 1933. Although the banking structure of other countries already had financial conglomerates, our system did not and had to be harmonized with theirs. This is why we have non-American names like AXA, Deutsche Bank, ABN, etc.

 

According to my analysis of the various activities, which are now referred to as the sub-prime crisis, the mortgage crisis, and the world liquidity crisis, our financial system, which reflects the last vestiges of national sovereignty, must be changed. The recent proposal by the Treasury Department called ?Blueprint for a Modernized Financial Regulatory Structure? is being touted as the antidote for our sick economy.

 

When the Blueprint was published at the end of March the stock market recovered for a week or two, but now there is a new and constant stream of market hype with some hysteria to ensure that all of its proposals are implemented as soon as possible. On July 10, history will take place when the U.S. Secretary of the Treasury, Hank Paulson (who?s roots are in Wall Street) and Federal Reserve Chairman Ben Bernanke sit on the SAME panel to testify before Congress. At that time they will provide enough data to secure the Blueprint?s immediate passage. Until Congress assures these financial tyrants of its passage, the stock market will continue to drop as a warning to their all encompassing power; then miraculously the stock market will have one of its largest rallies to commemorate victory. As an international reporter, this is a pattern I have observed time and time again since 1994.

 

The Blueprint states ?Foreign economies are maturing into market-based economies, contributing to global economic growth and stability and providing deep and liquid sources of capital outside the United States. The increasing interconnectedness of the global capital markets poses new challenges: an event in one jurisdiction may ripple through to other jurisdictions. The convergence of financial services providers [the Banking Modernization Act] and financial products has increased over the past decade. Financial intermediaries and trading platforms are converging. Financial products may have insurance, banking, securities, and futures components? (emphasis added). The Blueprint constitutes the final take-over by the Federal Reserve of our nation?s economy.

 

 

Advertisement

 

The Blueprint recommends changing the banking charter to include all financial institutions, thus effectively transferring, control over ?national banks, federal savings associations, and federal [and state] credit union charters, and be available to all corporate forms, including stock, mutual and ownership structures.? While the Fed was originally given power over the banking system, they were not given power over savings and loans, state chartered banks, or credit unions.

 

To give you a sense of the immense transfer of wealth that is taking place, understand that the U.S. insurers hold $6T in assets, the U.S. banking sector holds $12.6T, and the U.S. securities sector holds $12.4T, for a total of $31T in assets. Are you seeing what they see? Dollar signs and control?control of our financial future, control of where we can live, and control of how we will live. In Medieval times this was called feudalism.

 

Moreover, the Feds are to be given authority over the U.S. Payment and Settlement System thereby controlling the settlement process for securities, which is the three-day waiting period for the processing of payment, proper paper documentation and titling of the shares.

 

It is further stated that the Fed be given the role of Market Stability Regulator. This is highly unprecedented. By doing so, the Fed will have total control over what happens in the market; not just the amount of liquidity they funnel in and channel out. The Blueprint states the Fed should be given responsibility to: gather appropriate information, disclose information, collaborate with other regulators [international] on rule writing and take corrective actions when necessary in the ?interest of overall financial market stability?. ?This new role would replace its traditional role as a supervisor of certain banks and all bank holding companies. The Fed?s responsibilities would be broad, important and difficult to undertake.?

 

As our country is being federalized the rights of the individual states are also in the process of being eroded and reduced. In order to allow for America?s independence from a king who had total control, our Forefathers set up our country?s structure to allow the power of government to reside at the state level. It was the state that would provide services for its citizenry. Over the years, there has been a major transfer of powers from the state to the federal level.

 

The Blueprint also provides for the entire mortgage system of the U.S. to be federalized. This is as a result of the sub-prime crisis which appears to be an event that just happens to fit into the changes our national system needs in order to be globalized. The establishment of a new federal commission, The Mortgage Origination Commission, and its director would chair representatives from the Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration and the Conference of States Bank Supervisors. Among some of the changes in responsibility, the Blueprint states that the Feds ?enforcement authority for federal laws should be clarified and enhanced.? To understand how much their control is expanding, total mortgages outstanding, according to the 2006 U.S. Census, grew from $8,364B in 2002 to $13,306B in 2006, an increase of 59%!

 

Additionally, the Fed will be given a say in the insurance industry. For the past 135 years, the States have regulated all types of insurance with little involvement from the federal level of government. The Blueprint provides for the establishment of an Office of National Insurance within the Treasury to regulate those engaged in the business of insurance and for Congress to establish an Office of Insurance Oversight to address international regulatory issues. Essentially, in a globalized world what is then needed is a world central bank. Could the Fed be a world central bank or will all of the individual central banks merge to become the ?global central bank?? If that is the case then the Bank for International Settlements is a world (global) central bank and the Fed is a global-regional bank.

 

 

 

Some eye opening stuff there, these banks create money out of thin air then fecking CHARGE INTEREST ON MONEY THAT NEVER EXISTED IN THE FIRST PLACE , the biggest con on the human world is the monetary system.

[maroonlegions]

http://www.newswithviews.com/

[david mcgee]

This Lloyds TSB , HBOS entity is far from safe and his ill advised comments has just added to the perilous situation it is in.

 

He should take a leaf from RBS and say nothing.

Are the RBS on holiday? When the BBC shows banks share prices falling every bank bar the RBS is shown.

[coppercrutch]

This Lloyds TSB , HBOS entity is far from safe and his ill advised comments has just added to the perilous situation it is in.

 

He should take a leaf from RBS and say nothing.

Are the RBS on holiday? When the BBC shows banks share prices falling every bank bar the RBS is shown.

 

Never noticed that. Is this in articles or their website you are talking about ?

 

Buying ABN AMRO was one seriously big mistake. If a chump like me could see that at the time then why couldn't Fred !!

 

If they had held back their position right now would be incredible. Could probably buy up any bank they wanted. Instead they punted ?50 Billion on 'going global'. I am sure there are more cost effective ways to do that..

[BlackJAC?]

Surely the onus is on the banks to make sure their customers are in a position to pay back any monies they lend?

 

lets be realisitic here, no one can foresee ill health, redundancy etc, but lending someone over ?100k for a house, that already have huge personal debts and that only earn around ?20k-a-year is always going to be a major risk. The bank should shoulder the blame when things go tits-up with these type of customers. It doesn't take a genius to see when this sort of lending is done en masse it poses a major risk to the bank itself.

 

and that's not even taking into account the over expansion issues.